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 BUY rating and maintaion TP at Bt45.00 based on 35.6xPE’1H23E (+0.5S.D. of 5-year trading history).3Q22 core earnings was 7% above our forecast due to strong iPhone 14 </li>
<li>3Q22 earnings resisted inflationary impact 3Q22 core earnings was at Bt721m (+29% YoY, +16% QoQ).Strong YoY growth was underlined by revenue growth while QoQ growth was led by gross margin </li>
<li>Sales in 3Q22 was at Bt15bn (+48% YoY, +3% QoQ). YoY revenue surged due to robust demand for iPhone 14 and other synergizing products like the Macbook and Apple</li>
</ul>


We maintain our BUY rating and maintaion TP at Bt45.00 based on 35.6xPE’1H23E (+0.5S.D. of 5-year trading history).3Q22 core earnings was 7% above our forecast due to strong iPhone 14 
3Q22 earnings resisted inflationary impact 3Q22 core earnings was at Bt721m (+29% YoY, +16% QoQ).Strong YoY growth was underlined by revenue growth while QoQ growth was led by gross margin 
Sales in 3Q22 was at Bt15bn (+48% YoY, +3% QoQ). YoY revenue surged due to robust demand for iPhone 14 and other synergizing products like the Macbook and Apple


Com7

COM7 : 3Q22 Earnings Beat Our Forecast