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

GLOBAL: Expect Earnings Increase QoQ from Seasonal Factor

GLOBAL : Expect 2Q22 Earnings to Flat YoY

GLOBAL: 4Q20 Earnings Came Out Below Expectation

GLOBAL: Expect Solid 2Q21 Earnings Has Already Priced In

GLOBAL: Expect 3Q21 Earnings to Continue to Grow YoY

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>We reiterate our BUY rating for GLOBAL with a target price of Bt29.0 based on 35xPE’22E, close to the average of the Thailand home-improvement subsector.</li>
<li>From the management guidance, GLOBAL plan to open two stores in 4Q21 (+3%QoQ) and 7-8 stores in 2022-23 (+9%CAGR). Management maintain its strategy: 1) focus on stores expansion and </li>
<li>We anticipate SSSG to continue positive at double digit growth in 4Q21 from +13% in 3Q21 supported by an increase in demand for construction materials.</li>
</ul>


We reiterate our BUY rating for GLOBAL with a target price of Bt29.0 based on 35xPE’22E, close to the average of the Thailand home-improvement subsector.
From the management guidance, GLOBAL plan to open two stores in 4Q21 (+3%QoQ) and 7-8 stores in 2022-23 (+9%CAGR). Management maintain its strategy: 1) focus on stores expansion and 
We anticipate SSSG to continue positive at double digit growth in 4Q21 from +13% in 3Q21 supported by an increase in demand for construction materials.


GLOBAL: Expect 4Q21 Earnings Grow Both QoQ and YoY

Siam Global House

GLOBAL: Expect 4Q21 Earnings Grow Both QoQ and YoY