GGC: Upside Potential Is Limited in the Medium Term

GGC : 2Q22 Core Profit Grew YoY and Drop QoQ

GGC: An Increase in CPO Price to Decelerate in March

GGC: Expect 3Q21 Earnings to Reach 3-Quarter High

GGC: Improve Volume to Drive 4Q21 Earnings

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>Downgrade to HOLD rating due to limited upside from current market price, with a TP of Bt14.60 based on 1.4xPBV’22E, which is ASIA ex-Japan Material sector. In our view</li>
<li>We expect 4Q21 earnings at Bt310m (-45%YoY,+27%QoQ), on the back of revenue growth, together with margin expansion.</li>
<li>Maintain 2022 positive view, following better biodiesel and fatty alcohol demand volume after lockdown easing, upswing in personal healthcare products, and new Bio-complex project.</li>
</ul>


Downgrade to HOLD rating due to limited upside from current market price, with a TP of Bt14.60 based on 1.4xPBV’22E, which is ASIA ex-Japan Material sector. In our view
We expect 4Q21 earnings at Bt310m (-45%YoY,+27%QoQ), on the back of revenue growth, together with margin expansion.
Maintain 2022 positive view, following better biodiesel and fatty alcohol demand volume after lockdown easing, upswing in personal healthcare products, and new Bio-complex project.


Global Green Chemicals

GGC: Growth Momentum in 4Q21 Priced In