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 reiterate our HOLD rating with a new target price of Bt3.50 (down 5% from the prior TP), reflecting earnings downgrade. We stay neutral based on the following</li>
<li>4Q22 outlook and beyond CHG's 4Q22 earnings are expected to decline YoY off last year's high base, and QoQ from a sharp drop in pandemic-related contributions.</li>
<li>Organic growth will rise due to a pent-up demand despite COVID receding with lower number of infection cases.As a result,the management expects double-digit revenue growth for A-class units from 4Q22 </li>
</ul>


We reiterate our HOLD rating with a new target price of Bt3.50 (down 5% from the prior TP), reflecting earnings downgrade. We stay neutral based on the following
4Q22 outlook and beyond CHG's 4Q22 earnings are expected to decline YoY off last year's high base, and QoQ from a sharp drop in pandemic-related contributions.
Organic growth will rise due to a pent-up demand despite COVID receding with lower number of infection cases.As a result,the management expects double-digit revenue growth for A-class units from 4Q22 


CHG : As COVID Recedes, Core Operation Continues Improving

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CHG : As COVID Recedes, Core Operation Continues Improving