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 target price of Bt3.70,based on 26.7xPE’23E, the lowest level of pre-COVID level.We expect CHG to report a 3Q22 net profit at Bt498m (-68%YoY,-43%YoY).</li>
<li>Weak across all verticals in 3Q22 We forecast 3Q22E earnings at Bt498m, continuing to witness a sharp fall of 68%YoY and 43%QoQ.The 9M22 will account for 88% of our 2022E</li>
<li>We expect CHG’s revenue to book atBt2.3bn(-48%YoY,-18%QoQ).The YoY trend is anticipated to nosedive off a high base effect in 3Q21when the company gained from an uptick in new infection patients. </li>
</ul>


We maintain our HOLD rating with a target price of Bt3.70,based on 26.7xPE’23E, the lowest level of pre-COVID level.We expect CHG to report a 3Q22 net profit at Bt498m (-68%YoY,-43%YoY).
Weak across all verticals in 3Q22 We forecast 3Q22E earnings at Bt498m, continuing to witness a sharp fall of 68%YoY and 43%QoQ.The 9M22 will account for 88% of our 2022E
We expect CHG’s revenue to book atBt2.3bn(-48%YoY,-18%QoQ).The YoY trend is anticipated to nosedive off a high base effect in 3Q21when the company gained from an uptick in new infection patients. 


Chularat Hospital

CHG : A Long Sail Before Growth Resumes