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: Expect 4Q21 Earnings to Expand YoY but Drop QoQ

TTW: Largest Private Tap-Water Producer in Thailand

EASTW: Water Monopoly to Ride Wave of Growth Along Eastern Seaboard

ATP30: Substantial Surge in Sales Growth Along with Margin Expansion

BR: This Duck’s Tale Is About to Take Wing

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

EASTW reported 1Q18 net profit at Bt303m (-16%YoY, +32%QoQ). The 1Q18 result was in line with our forecast and accounted for 25% of our full-year forecast.<ul class="">
<li>1Q18 core revenue dropped 7%YoY on the back of declining raw water sales volume that fell 13% YoY</li>
<li>Gross profit margin slightly decreased to 46.7% due to lower contribution of household customers and rising  maintenance and depreciation expenses.</li>
<li>Tap water sales volume remained flat YoY at 23.8 million m3.</li>
</ul>We maintain a BUY rating for EASTW with a…

EASTW reported 1Q18 net profit at Bt303m (-16%YoY, +32%QoQ). The 1Q18 result was in line with our forecast and accounted for 25% of our full-year forecast.
1Q18 core revenue dropped 7%YoY on the back of declining raw water sales volume that fell 13% YoY
Gross profit margin slightly decreased to 46.7% due to lower contribution of household customers and rising  maintenance and depreciation expenses.
Tap water sales volume remained flat YoY at 23.8 million m3.
We maintain a BUY rating for EASTW with a…

EASTW: Mild Drop in Sales of Raw Water and a Slight Fall in Margins