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>Yesterday analyst meeting come out in a positive tone. EA kick started the EV business in 3Q21 and booked sales of 77 E-buses. We see the growing EV sales,and commencement</li>
<li>We expect the growing E-bus sales to underpin the recurring profit growth in 4Q21. With approximately Bt400m bottom line contribution from the EV segment (from 300 to 400-unit sales),the 4Q21 </li>
<li>Positive 2021-25E outlook as we expect a 15% CAGR net profit growth on the back of incrementing contribution from new EV-ESS businesses (commencing on 2H21),viz., EV car/bus/truck sales and ESS</li>
</ul>


Yesterday analyst meeting come out in a positive tone. EA kick started the EV business in 3Q21 and booked sales of 77 E-buses. We see the growing EV sales,and commencement
We expect the growing E-bus sales to underpin the recurring profit growth in 4Q21. With approximately Bt400m bottom line contribution from the EV segment (from 300 to 400-unit sales),the 4Q21 
Positive 2021-25E outlook as we expect a 15% CAGR net profit growth on the back of incrementing contribution from new EV-ESS businesses (commencing on 2H21),viz., EV car/bus/truck sales and ESS


EA: The EV-ESS Chain All Set to Outperform

Energy Absolute

EA: The EV-ESS Chain All Set to Outperform