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 reaffirm our HOLD rating with a TP of Bt3.90, based on an unchanged 15xPE’22E. Despite, 22E earnings are expected to continue normalizing in 2H22</li>
<li>Weak QoQ anticipated in 2Q22 We forecast 2Q22E core profit to deliver at Bt781m, surge 36%YoY but drop 42%QoQ, based on the assumed gross margin contraction of 41.3%, down 0.5ppts</li>
<li>Earnings cycle poised to decelerate in 2H22 Looking ahead, we believe that 2H22 earnings momentum is poised to drop both YoY and HoH, following pandemic-related contribution fades off high base</li>
</ul>


We reaffirm our HOLD rating with a TP of Bt3.90, based on an unchanged 15xPE’22E. Despite, 22E earnings are expected to continue normalizing in 2H22
Weak QoQ anticipated in 2Q22 We forecast 2Q22E core profit to deliver at Bt781m, surge 36%YoY but drop 42%QoQ, based on the assumed gross margin contraction of 41.3%, down 0.5ppts
Earnings cycle poised to decelerate in 2H22 Looking ahead, we believe that 2H22 earnings momentum is poised to drop both YoY and HoH, following pandemic-related contribution fades off high base


Chularat Hospital

CHG : 2Q22 Earnings to Fall QoQ