GLOBAL : Expect 3Q22 Earnings to Remain Strong YoY

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

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 target price of Bt22. GLOBAL’s 2Q22 earnings came in at Bt1bn (+6%YoY, -11%QoQ), better than our forecast and 5% above BB consensus estimated. </li>
<li>Healthy margin boost 2Q22 earnings grew YoY GLOBAL reported a net profit of Bt1bn in 2Q22 (+6%YoY, -11%QoQ).</li>
<li>The YoY growth in 2Q22 earnings supported by a record high of gross profit margin at 26.4% and an increase in revenue.</li>
</ul>


Maintain BUY recommendation for GLOBAL with a target price of Bt22. GLOBAL’s 2Q22 earnings came in at Bt1bn (+6%YoY, -11%QoQ), better than our forecast and 5% above BB consensus estimated. 
Healthy margin boost 2Q22 earnings grew YoY GLOBAL reported a net profit of Bt1bn in 2Q22 (+6%YoY, -11%QoQ).
The YoY growth in 2Q22 earnings supported by a record high of gross profit margin at 26.4% and an increase in revenue.


Siam Global House

GLOBAL : Margin Beats Our Expectation