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>Reiterate HOLD rating with a TP of B3.90, derived from 15xPE’22E, which is close to -2SD of 10-years trading mean. Although 22E earnings on a downhill path</li>
<li>We estimate 1Q22E earnings to be the peak quarter at Bt1.3bn (+418%YoY,-28%QoQ) underpin by YoY growth in COVID-revenue, but QoQ fall from weaker EBIT margin.</li>
<li>We believe earnings momentum to slow down in 2Q22, pressured by lower COVID-19 contribution, as a result of lower infection patients and stopped RT-PCR requirement.</li>
</ul>


Reiterate HOLD rating with a TP of B3.90, derived from 15xPE’22E, which is close to -2SD of 10-years trading mean. Although 22E earnings on a downhill path
We estimate 1Q22E earnings to be the peak quarter at Bt1.3bn (+418%YoY,-28%QoQ) underpin by YoY growth in COVID-revenue, but QoQ fall from weaker EBIT margin.
We believe earnings momentum to slow down in 2Q22, pressured by lower COVID-19 contribution, as a result of lower infection patients and stopped RT-PCR requirement.


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