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 reiterate a BUY rating for CBG but trim down target price after EPS downward revision to Bt131(-18% from previous TP) based on 35xPE’22E, the average of the Thailand energy</li>
<li>We foresee 4Q21 earnings to drop YoY but improve QoQ supported by (1) recovering sales in Thailand and CLMV market, (2) Solid liquor’s distribution revenue growth</li>
<li>Revised down 2021-22 earnings by 6%-17% to factor in an increase in raw material cost(aluminum coil).</li>
</ul>


We reiterate a BUY rating for CBG but trim down target price after EPS downward revision to Bt131(-18% from previous TP) based on 35xPE’22E, the average of the Thailand energy
We foresee 4Q21 earnings to drop YoY but improve QoQ supported by (1) recovering sales in Thailand and CLMV market, (2) Solid liquor’s distribution revenue growth
Revised down 2021-22 earnings by 6%-17% to factor in an increase in raw material cost(aluminum coil).


CBG: Medium to Long-Term Outlook Remain Solid

Carabao Group

CBG: Medium to Long-Term Outlook Remain Solid