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 with a higher target price of Bt22.5 (Previous TP:Bt22.0).Our new target price reflects 2023 earnings upward revision by 2% to factor in lower operating expense.</li>
<li>Expect 3Q22 earnings to remain strong YoY  Revenue in 3Q22 is expected to report at Bt8.3bn (+8%YoY,-10%QoQ) supported by benefit after stores renovation and recovery in sales from tourism destination.</li>
<li>Gross profit margin in 3Q22 should expand YoY to 25.4% backed by effective procurement process and efficiency inventory management,while QoQ should be soften due to lower margin from steel products.</li>
</ul>


Maintain BUY recommendation for GLOBAL with a higher target price of Bt22.5 (Previous TP:Bt22.0).Our new target price reflects 2023 earnings upward revision by 2% to factor in lower operating expense.
Expect 3Q22 earnings to remain strong YoY  Revenue in 3Q22 is expected to report at Bt8.3bn (+8%YoY,-10%QoQ) supported by benefit after stores renovation and recovery in sales from tourism destination.
Gross profit margin in 3Q22 should expand YoY to 25.4% backed by effective procurement process and efficiency inventory management,while QoQ should be soften due to lower margin from steel products.


GLOBAL : Expect 3Q22 Earnings to Remain Strong YoY

Siam Global House

GLOBAL : Expect 3Q22 Earnings to Remain Strong YoY