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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>Maintain BUY recommendation for CBG with a target price of Bt125. Management targets its branded own products GPM in 2H22 should improve slightly to 38%-40% from 38% in 2Q22</li>
<li>Positive catalyst from 5-6 new products launch in 2022 2Q22 energy drinks sales in UK market surged to Bt46m(+45%YoY)driven by a launch of new flavor (Mango)in new packaging (PET bottle).</li>
<li>The positive news from last week analyst meeting is an introduction of “Kanzou X2”in August 2022,the premium energy drinks with health benefits(liver nourishment)at a retail price of Bt15 per bottle.</li>
</ul>


Maintain BUY recommendation for CBG with a target price of Bt125. Management targets its branded own products GPM in 2H22 should improve slightly to 38%-40% from 38% in 2Q22
Positive catalyst from 5-6 new products launch in 2022 2Q22 energy drinks sales in UK market surged to Bt46m(+45%YoY)driven by a launch of new flavor (Mango)in new packaging (PET bottle).
The positive news from last week analyst meeting is an introduction of “Kanzou X2”in August 2022,the premium energy drinks with health benefits(liver nourishment)at a retail price of Bt15 per bottle.


Carabao Group

CBG : Waiting for GPM Recovery