ILINK: 4Q17 Earnings Fell on Extra Expenses and Tighten Margin

SIS: Total IT Provider with Feet on the Ground Eyes Profits in the Clouds

CCET: Global Player in Downstream Electronics Industry

SMPC: Top-Three of Global LPG Cylinder Manufacturers

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

Pi Research

Thai Equity - Bottom-up - Equities

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Pi Securities PCL, Thailand

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Equity Bottom-Up

Cal Comp Electronics Thailand / Equity Bottom-Up

CCET had 4Q17 EPS of Bt0.007 (-90%YoY and -85%QoQ) The company reported 2017 EPS of Bt0.21, which was down 21%YoY and was 34% under our full-year forecast<ul>
<li>4Q17 SG&amp;A to sales rose 290 basis points YoY to 7.4%</li>
<li>Higher than expected on 4Q17 loss contribution from investment in associates</li>
<li>Fast recovery in 4Q17 gross margin to 8.4% the highest in a decade</li>
<li>Announced an interim dividend payment of Bt0.04 (XD on 21 March), which is equivalent to 1.5% upcoming dividend yield.</li>
</ul>We rank CCET as a BUY with 92%…

CCET had 4Q17 EPS of Bt0.007 (-90%YoY and -85%QoQ) The company reported 2017 EPS of Bt0.21, which was down 21%YoY and was 34% under our full-year forecast
4Q17 SG&amp;A to sales rose 290 basis points YoY to 7.4%
Higher than expected on 4Q17 loss contribution from investment in associates
Fast recovery in 4Q17 gross margin to 8.4% the highest in a decade
Announced an interim dividend payment of Bt0.04 (XD on 21 March), which is equivalent to 1.5% upcoming dividend yield.
We rank CCET as a BUY with 92%…

CCET: Huge Surge in SG&A Sank Down 4Q17 Profit