EASTW: Negative Tone Towards Long-Term Earnings Outlook

EASTW: Expect Earnings to Expand 123% YoY in 2Q21 from a Low Base

EASTW: Expect Earnings to Expand 71% YoY in 3Q21 from a Low Base

EASTW: Surging Electricity Cost Pressured Margin at Least Until 4Q19

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

Eastern Water Resources Development and Management / Equity Bottom-Up

Eastern Water Resources Development and Management (EASTW TB)

Eastern Water Resources Development and Management

<ul>
<li>We expect the company to report 4Q21 net profit at Bt169m (+7%YoY, -26%QoQ).YoY expansion will be supported by benefit from selling price adjustment for raw water (kicked of 1Q21). However</li>
<li>4Q21 raw water sales volume reported at 59.3 million m3 (+1%YoY -6%QoQ). Tap water sales volume contracted to 23.0 million m3 (-5%YoY -6%QoQ) </li>
<li>For 2021, raw water sales volume recovered 15%YoY to 264 million m3 while tap water dropped 1%YoY to 97 million m3 </li>
</ul>


We expect the company to report 4Q21 net profit at Bt169m (+7%YoY, -26%QoQ).YoY expansion will be supported by benefit from selling price adjustment for raw water (kicked of 1Q21). However
4Q21 raw water sales volume reported at 59.3 million m3 (+1%YoY -6%QoQ). Tap water sales volume contracted to 23.0 million m3 (-5%YoY -6%QoQ) 
For 2021, raw water sales volume recovered 15%YoY to 264 million m3 while tap water dropped 1%YoY to 97 million m3 


EASTW: Expect 4Q21 Earnings to Expand YoY but Drop QoQ