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>Downgrade recommendation to HOLD from BUY with a lower target price of Bt105 (Previous TP: Bt120). Our new target price reflects 2023 earnings downward revision by 12% to factored</li>
<li>3Q22 earnings fell both YoY and QoQ  Its net profit came out at Bt475m (-21%YoY, -36%QoQ). After earnings revision,the 9M22 result accounted for 75% of full-year net profit in 2022.</li>
<li>Revenue remained solid at Bt4.7bn (+19%YoY, -11%QoQ) supported by 1) an increase in sales of Carabao dang energy drinks by 19%YoY in domestic market</li>
</ul>


Downgrade recommendation to HOLD from BUY with a lower target price of Bt105 (Previous TP: Bt120). Our new target price reflects 2023 earnings downward revision by 12% to factored
3Q22 earnings fell both YoY and QoQ  Its net profit came out at Bt475m (-21%YoY, -36%QoQ). After earnings revision,the 9M22 result accounted for 75% of full-year net profit in 2022.
Revenue remained solid at Bt4.7bn (+19%YoY, -11%QoQ) supported by 1) an increase in sales of Carabao dang energy drinks by 19%YoY in domestic market


CBG : Weak Margin Pressured on 3Q22 Results

Carabao Group

CBG : Weak Margin Pressured on 3Q22 Results