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 downgrade our recommendation from BUY to HOLD with a target price of Bt14.1 (Previous TP:Bt22).Our new target price reflects 2023 earnings downward revision by 36%to factor in lower margin </li>
<li>Expect 3Q22 earnings to be bottom of the year Revenue in 3Q22 is expected to post at Bt7.5bn (+24%YoY,-5%QoQ). YoY growth in revenue will mainly drive by SSSG at 7%YoY</li>
<li>We assume gross profit margin in 3Q22 to contract to 14%,the lowest level in the past 15 quarters mainly pressured by lower margin from steel products,clearance sales in decoration materials</li>
</ul>


We downgrade our recommendation from BUY to HOLD with a target price of Bt14.1 (Previous TP:Bt22).Our new target price reflects 2023 earnings downward revision by 36%to factor in lower margin 
Expect 3Q22 earnings to be bottom of the year Revenue in 3Q22 is expected to post at Bt7.5bn (+24%YoY,-5%QoQ). YoY growth in revenue will mainly drive by SSSG at 7%YoY
We assume gross profit margin in 3Q22 to contract to 14%,the lowest level in the past 15 quarters mainly pressured by lower margin from steel products,clearance sales in decoration materials


DOHOME : Expect the Lowest Earnings Since Listed in 3Q22

Dohome PCL

DOHOME : Expect the Lowest Earnings Since Listed in 3Q22