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

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<li>Earnings is expected to improve QoQ in 4Q22 and recover YoY in 2023 support by higher consumer purchasing power causing by adjustment of minimum daily wages, higher consumption from FIFA</li>
<li>Core business performance should be recover QoQ   Domestic sales (35% of total sales): Strong revenue growth momentum for domestic energy drinks to persist in 4Q22 and throughout 2023 supported </li>
<li>CLMV sales(30% of total sales)is expected to recover both YoY and QoQ in 4Q22 to Bt1.5bn or two-years average sales in CLMV,driven by a recovery in Cambodia sales after flood </li>
</ul>


Earnings is expected to improve QoQ in 4Q22 and recover YoY in 2023 support by higher consumer purchasing power causing by adjustment of minimum daily wages, higher consumption from FIFA
Core business performance should be recover QoQ   Domestic sales (35% of total sales): Strong revenue growth momentum for domestic energy drinks to persist in 4Q22 and throughout 2023 supported 
CLMV sales(30% of total sales)is expected to recover both YoY and QoQ in 4Q22 to Bt1.5bn or two-years average sales in CLMV,driven by a recovery in Cambodia sales after flood 


CBG : Key Positive Catalyst Should Depend on Sales Performance from Vietnam

Carabao Group

CBG : Key Positive Catalyst Should Depend on Sales Performance from Vietnam