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>Upgrade to BUY with a TP of Bt3.9, based on 30xPE’22E,which is its pre-COVID bottom level.The 27% drop in share price from Jul 21 peak priced in concern over 3Q21</li>
<li>Expect 4Q21 earnings at Bt854m (+234%YoY,-45%QoQ), decline due to weak revenue growth, and narrow margin.</li>
<li>Foresee momentum in 1Q22 arising from the Omicron variant,given the amount of infection patients grew roughly to 7-13k cases per day.Along with vaccines rollout, which should be realize in 1Q22</li>
</ul>


Upgrade to BUY with a TP of Bt3.9, based on 30xPE’22E,which is its pre-COVID bottom level.The 27% drop in share price from Jul 21 peak priced in concern over 3Q21
Expect 4Q21 earnings at Bt854m (+234%YoY,-45%QoQ), decline due to weak revenue growth, and narrow margin.
Foresee momentum in 1Q22 arising from the Omicron variant,given the amount of infection patients grew roughly to 7-13k cases per day.Along with vaccines rollout, which should be realize in 1Q22


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