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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

FTE reported 4Q17 recurring EPS of Bt0.063 (-11% YoY, -10% QoQ) The company produced a FY2017 EPS of Bt0.25 which is 8% better than our forecast.<ul>
<li>FTE reported 4Q17 net profit of Bt36m, grew 14% YoY but decreased 10% QoQ.</li>
<li>FTE FY2017 net profit was Bt131m (+54% YoY), thanks to both revenue growth (+19% YoY) and better operating margin (+2.7 ppts)</li>
<li>FTE announced a dividend payment of Bt0.126 (XD on 17-Apr-18), which is equivalent to 3.9% upcoming dividend yield.</li>
</ul>We rank FTE as a BUY with 25% upside to…

FTE reported 4Q17 recurring EPS of Bt0.063 (-11% YoY, -10% QoQ) The company produced a FY2017 EPS of Bt0.25 which is 8% better than our forecast.
FTE reported 4Q17 net profit of Bt36m, grew 14% YoY but decreased 10% QoQ.
FTE FY2017 net profit was Bt131m (+54% YoY), thanks to both revenue growth (+19% YoY) and better operating margin (+2.7 ppts)
FTE announced a dividend payment of Bt0.126 (XD on 17-Apr-18), which is equivalent to 3.9% upcoming dividend yield.
We rank FTE as a BUY with 25% upside to…

FTE: Strong 4Q17 Performance with Attractive Dividend

Firetrade Engineering

FTE: Strong 4Q17 Performance with Attractive Dividend