Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

<ul>
<li>We upgrade our recommendation for CBG from HOLD to BUY with a new target price of Bt115 (-9% from previous TP), derived from 35xPE’22E, the average of the Thai energy </li>
<li>We forecast 2022E earnings to recover to Bt3.3bn (+16%YoY) supported by (1) recovering sales in CLMV market, (2) Solid liquor’s distribution revenue growth, and (3) new product launches in Thailand.</li>
<li>Expect earnings to bounce back to roughly Bt800m in 2Q22,while we believe gross profit margin had already bottomed in 4Q21and expecting it to recover in 1Q22,supported by higher sales contribution </li>
</ul>


We upgrade our recommendation for CBG from HOLD to BUY with a new target price of Bt115 (-9% from previous TP), derived from 35xPE’22E, the average of the Thai energy 
We forecast 2022E earnings to recover to Bt3.3bn (+16%YoY) supported by (1) recovering sales in CLMV market, (2) Solid liquor’s distribution revenue growth, and (3) new product launches in Thailand.
Expect earnings to bounce back to roughly Bt800m in 2Q22,while we believe gross profit margin had already bottomed in 4Q21and expecting it to recover in 1Q22,supported by higher sales contribution 


CBG: Expect Earnings to Recover YoY Supported by New Product Launches

Carabao Group

CBG: Expect Earnings to Recover YoY Supported by New Product Launches