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>Regarding the concern over incapability of EASTW to extend concession water pipeline system belonged to the Treasury Department,we have concluded the impact under our base case scenario that the company</li>
<li>4Q21 net profit was at Bt184m (+16%YoY, -20%QoQ) while 2021 net profit reported at Bt1.1bn (+39%YoY), in line with our forecast and expectation.</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>
</ul>


Regarding the concern over incapability of EASTW to extend concession water pipeline system belonged to the Treasury Department,we have concluded the impact under our base case scenario that the company
4Q21 net profit was at Bt184m (+16%YoY, -20%QoQ) while 2021 net profit reported at Bt1.1bn (+39%YoY), in line with our forecast and expectation.
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).


EASTW: Negative Tone Towards Long-Term Earnings Outlook