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>CENTEL report 3Q22 net loss in 3Q22 at Bt78m. Stripping out extra items mainly from unrealized foreign exchange loss on foreign currency loans, core profit should be at Bt27m compared </li>
<li>Solid recovery in hospitality business as expected Hotel revenue hit ten quarter high at Bt1.5bn on the back of strong demand for hotels in Thailand where RevPar for Bangkok hotels</li>
<li>Food revenue hit 11 quarter high at Bt2.9bn (+52%YoY+2%QoQ) as SSSG expanded 43% compared with -30% and +19% in 3Q21 and 2Q22 respectively. This will be supported by pent-up demand</li>
</ul>


CENTEL report 3Q22 net loss in 3Q22 at Bt78m. Stripping out extra items mainly from unrealized foreign exchange loss on foreign currency loans, core profit should be at Bt27m compared 
Solid recovery in hospitality business as expected Hotel revenue hit ten quarter high at Bt1.5bn on the back of strong demand for hotels in Thailand where RevPar for Bangkok hotels
Food revenue hit 11 quarter high at Bt2.9bn (+52%YoY+2%QoQ) as SSSG expanded 43% compared with -30% and +19% in 3Q21 and 2Q22 respectively. This will be supported by pent-up demand


CENTEL : 3Q22 Missed Our and Market Estimates but Expect 4Q22 Profit to Be Solid

Central Plaza Hotel

CENTEL : 3Q22 Missed Our and Market Estimates but Expect 4Q22 Profit to Be Solid