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

Central Retail Corp Ltd / Equity Bottom-Up

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<li>Maintain HOLD recommendation with a target price of Bt43 due to limited upside to our target price.CRC’s 3Q22 net profit came in at Bt1.2bn (turnaround from a loss of Bt2.2bn,-21%QoQ)</li>
<li>3Q22 profit thanks to strong recover in fashion business   Excluding extraordinary items, core profit was at Bt1.29bn (turnaround from a loss of Bt2.1bn,-30%QoQ). The 9M22 result accounted for 70%</li>
<li>Food business (39% sales contribution), Food revenue was at Bt21bn (+26%YoY, +3%QoQ), following strong SSSG in Thailand (+3%YoY) and Vietnam (+54%YoY), supported by a recovery in customer traffic in stores </li>
</ul>


Maintain HOLD recommendation with a target price of Bt43 due to limited upside to our target price.CRC’s 3Q22 net profit came in at Bt1.2bn (turnaround from a loss of Bt2.2bn,-21%QoQ)
3Q22 profit thanks to strong recover in fashion business   Excluding extraordinary items, core profit was at Bt1.29bn (turnaround from a loss of Bt2.1bn,-30%QoQ). The 9M22 result accounted for 70%
Food business (39% sales contribution), Food revenue was at Bt21bn (+26%YoY, +3%QoQ), following strong SSSG in Thailand (+3%YoY) and Vietnam (+54%YoY), supported by a recovery in customer traffic in stores 


Central Retail Corp Ltd

CRC : 3Q22 Performance Turned to Profit