GLOBAL : Expect 3Q22 Earnings to Remain Strong YoY

GLOBAL: Expect 4Q21 Earnings to Remain Strong QoQ and YoY

GLOBAL: Expect 4Q21 Earnings Grow Both QoQ and YoY

GLOBAL: Expect Earnings Increase QoQ from Seasonal Factor

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

<ul>
<li>Maintain BUY recommendation for GLOBAL and roll over target price to Bt22. Our new target price reflects PE de-rating and 2023 earnings downward revision by 7%. We expect the company </li>
<li>Expect 2Q22 earnings to flat YoY We expect 2Q22 net profit to be at Bt960m(-1%YoY, -17%QoQ)as a result of rising products costs, lower margin from steel products and QoQ drop</li>
<li>We expect GLOBAL to post 2Q22 revenue at Bt9bn (+2%YoY, -6%QoQ). The YoY growth in revenue driven by SSSG of +1% and new stores expansion during the past 12 months. </li>
</ul>


Maintain BUY recommendation for GLOBAL and roll over target price to Bt22. Our new target price reflects PE de-rating and 2023 earnings downward revision by 7%. We expect the company 
Expect 2Q22 earnings to flat YoY We expect 2Q22 net profit to be at Bt960m(-1%YoY, -17%QoQ)as a result of rising products costs, lower margin from steel products and QoQ drop
We expect GLOBAL to post 2Q22 revenue at Bt9bn (+2%YoY, -6%QoQ). The YoY growth in revenue driven by SSSG of +1% and new stores expansion during the past 12 months. 


GLOBAL : Expect 2Q22 Earnings to Flat YoY

Siam Global House

GLOBAL : Expect 2Q22 Earnings to Flat YoY