GLOBAL: Expect Earnings Increase QoQ from Seasonal Factor

GLOBAL : Expect 2Q22 Earnings to Flat YoY

GLOBAL: Expect Solid 2Q21 Earnings Has Already Priced In

GLOBAL: Expect 3Q21 Earnings to Continue to Grow YoY

GLOBAL: Expect 4Q21 Earnings Grow Both QoQ and 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 BUY rating for GLOBAL with a lower target price of Bt27.0 (-7% from previous TP) based on 35xPE’22E, average of the Thailand home-improvement subsector</li>
<li>We expect GLOBAL to report 4Q21 net profit at Bt687m (+82%YoY, +4%QoQ), supported by (1) a solid SSSG at +15%YoY,and (2) gross profit margin expansion from a higher revenue contribution </li>
<li>YoY decrease in gross profit margin caused by a higher revenue contribution from low margin products and an increase in marketing promotion.</li>
</ul>


We reiterate BUY rating for GLOBAL with a lower target price of Bt27.0 (-7% from previous TP) based on 35xPE’22E, average of the Thailand home-improvement subsector
We expect GLOBAL to report 4Q21 net profit at Bt687m (+82%YoY, +4%QoQ), supported by (1) a solid SSSG at +15%YoY,and (2) gross profit margin expansion from a higher revenue contribution 
YoY decrease in gross profit margin caused by a higher revenue contribution from low margin products and an increase in marketing promotion.


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

Siam Global House

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