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

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<li>We maintain BUY with TP of Bt45.00 based on 35.6xPE’1H23E (0.5S.D. of 5-year trading history). Analyst meeting came out with positive tone on the long-term growth trends from 5G</li>
<li>Large 3Q22E earnings is one-time and non-cash We expect 3Q22E earnings to be at Bt1.7bn (+200% YoY, +176% QoQ). The significant YoY and QoQ increase is due to a one-time </li>
<li>Stripping the large gain, 3Q22E recurring earnings is expected to be at Bt678m (+21% YoY, +9% QoQ). Both YoY and QoQ increase is mainly driven by sales growth led </li>
</ul>


We maintain BUY with TP of Bt45.00 based on 35.6xPE’1H23E (0.5S.D. of 5-year trading history). Analyst meeting came out with positive tone on the long-term growth trends from 5G
Large 3Q22E earnings is one-time and non-cash We expect 3Q22E earnings to be at Bt1.7bn (+200% YoY, +176% QoQ). The significant YoY and QoQ increase is due to a one-time 
Stripping the large gain, 3Q22E recurring earnings is expected to be at Bt678m (+21% YoY, +9% QoQ). Both YoY and QoQ increase is mainly driven by sales growth led 


COM7 : Continued Strong Demand Post-Covid

Com7

COM7 : Continued Strong Demand Post-Covid