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

Global Green Chemicals / Equity Bottom-Up

<ul>
<li>We downgrade to SELL from HOLD and roll over TP to Bt12.80(-2% from previous TP), derived from 1.2xPBV’23E.Given cloudy 2H22 and 2023E earnings momentum from weaker CPO and CPKO prices</li>
<li>Fatty alcohol was a key driver to 2Q22 profit GGC’s 2Q22 core profit was at Bt264m, jumped489%YoY but weakened 3%QoQ,which was slightly stronger-than-expected. Behind the strong YoY growth was underpinned </li>
<li>Incoming rain with cloudy outlook in 2H22 1H22 accounted 92% of the 2022E projection, which we will revise after the analyst meeting on 16 August, but expect no impact </li>
</ul>


We downgrade to SELL from HOLD and roll over TP to Bt12.80(-2% from previous TP), derived from 1.2xPBV’23E.Given cloudy 2H22 and 2023E earnings momentum from weaker CPO and CPKO prices
Fatty alcohol was a key driver to 2Q22 profit GGC’s 2Q22 core profit was at Bt264m, jumped489%YoY but weakened 3%QoQ,which was slightly stronger-than-expected. Behind the strong YoY growth was underpinned 
Incoming rain with cloudy outlook in 2H22 1H22 accounted 92% of the 2022E projection, which we will revise after the analyst meeting on 16 August, but expect no impact 


GGC : 2Q22 Core Profit Grew YoY and Drop QoQ