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

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<li>ERW reported 3Q22 net loss at Bt12m, the lowest loss in the past 11 quarter.The result came out above our and market estimates while lower-than-expected operating cost from hotel business </li>
<li>Net loss in 3Q22 improved significantly Loss from core operation reduced to Bt12m (vs. Bt623m loss in 3Q21 and Bt139m loss in 2Q22)on the back of revenue that hit 11-quarter</li>
<li>Effective control for cost from operations and benefit from high operating leverage play a vital role as gross profit margin expanded to 11-quarter high at35.5%while SG&amp;At sales decreased to 11-quarter </li>
</ul>


ERW reported 3Q22 net loss at Bt12m, the lowest loss in the past 11 quarter.The result came out above our and market estimates while lower-than-expected operating cost from hotel business 
Net loss in 3Q22 improved significantly Loss from core operation reduced to Bt12m (vs. Bt623m loss in 3Q21 and Bt139m loss in 2Q22)on the back of revenue that hit 11-quarter
Effective control for cost from operations and benefit from high operating leverage play a vital role as gross profit margin expanded to 11-quarter high at35.5%while SG&amp;At sales decreased to 11-quarter 


ERW : Much Quicker Recovery Relative to Peers but Mostly Priced In

Erawan Group

ERW : Much Quicker Recovery Relative to Peers but Mostly Priced In