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 upgrade our rating to BUY while rolling-over and raising our TP to Bt45.00 (up 16% from previous TP) based on 35.6xPE’1H23E (0.5S.D. of 5-year trading history).</li>
<li>2Q22 earnings dropped further than expected QoQ 2Q22 earnings was at Bt620m (+6% YoY, -21%QoQ). YoY growth was from robust revenue growth. QoQ decline was caused by higher SG&amp;A </li>
<li>Sales in 2Q22 was at Bt14bn (+25% YoY, flat QoQ). Robust YoY growth was led by continued demand of Apple and Realme products,supported by the addition of 109 stores YoY. </li>
</ul>


We upgrade our rating to BUY while rolling-over and raising our TP to Bt45.00 (up 16% from previous TP) based on 35.6xPE’1H23E (0.5S.D. of 5-year trading history).
2Q22 earnings dropped further than expected QoQ 2Q22 earnings was at Bt620m (+6% YoY, -21%QoQ). YoY growth was from robust revenue growth. QoQ decline was caused by higher SG&amp;A 
Sales in 2Q22 was at Bt14bn (+25% YoY, flat QoQ). Robust YoY growth was led by continued demand of Apple and Realme products,supported by the addition of 109 stores YoY. 


COM7 : Low 2Q22 but Bright Long-Term Outlook

Com7

COM7 : Low 2Q22 but Bright Long-Term Outlook