CPALL : Positive Catalyst from Tourism Recovery

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>Maintain BUY recommendation with a target price of Bt72.00. The company’s 3Q22 net profit came in at Bt3.68bn (+146%YoY, +22%QoQ), 12% above BB consensus estimated. The strong earnings mainly driven</li>
<li>Solid 3Q22 profit thanks to healthy non-food margin   Its core profit came out at Bt3.8bn (+159%YoY, +24%QoQ),the highest in the past three quarters. The 9M22 result accounted for 73% </li>
<li>The YoY and QoQ growth in earnings driven by 1) an increase in revenue from all business (convenience stores business, grocery wholesaling and retailing business) </li>
</ul>


Maintain BUY recommendation with a target price of Bt72.00. The company’s 3Q22 net profit came in at Bt3.68bn (+146%YoY, +22%QoQ), 12% above BB consensus estimated. The strong earnings mainly driven
Solid 3Q22 profit thanks to healthy non-food margin   Its core profit came out at Bt3.8bn (+159%YoY, +24%QoQ),the highest in the past three quarters. The 9M22 result accounted for 73% 
The YoY and QoQ growth in earnings driven by 1) an increase in revenue from all business (convenience stores business, grocery wholesaling and retailing business) 


CPALL : Impressive 3Q22 Earnings Driven by Healthy Margin

CP ALL PCL

CPALL : Impressive 3Q22 Earnings Driven by Healthy Margin