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>We maintain our HOLD rating with a new TP of Bt3.70, down 5% from prior TP after roll over to 26.7xPE’23E (derived from its pre-pandemic levels).Despite, 2H22 earnings are expect</li>
<li>2H22 earnings to drop but still above pre-COVID We expect earnings trend continuing in downward trend in 2H22with revenue to drop HoH on the back of lower demand for COVID-19services</li>
<li>New projects in 2H22 and beyond   The company also plans to open two new hospitals (Shewarate and Chularat) in 2H22-1Q23 with a combined 150 beds or 19%of total bed </li>
</ul>


We maintain our HOLD rating with a new TP of Bt3.70, down 5% from prior TP after roll over to 26.7xPE’23E (derived from its pre-pandemic levels).Despite, 2H22 earnings are expect
2H22 earnings to drop but still above pre-COVID We expect earnings trend continuing in downward trend in 2H22with revenue to drop HoH on the back of lower demand for COVID-19services
New projects in 2H22 and beyond   The company also plans to open two new hospitals (Shewarate and Chularat) in 2H22-1Q23 with a combined 150 beds or 19%of total bed 


Chularat Hospital

CHG : 2H22 Earnings Trend to Slow Down