Blitzkrieg Meetings with GOLD, Glue, and Debt Collectors

GOLD: FY4Q18 Grew Both YoY and QoQ, with Upside from Sale of FYI CENTER to GVREIT

New J. Hutton Exploration Report (Week Ending 01/02/19)

GOLD: Determined Plan to Reach Top Five in Thai Property

Sector Briefing: Beer in Vietnam (Production, Imports and Exports + Competitive Landscape) - Part 2

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

Golden Land Property Development / Equity Bottom-Up

Golden Land Property Development (GOLD TB)

<p>GOLD reported FY2Q18 net profit of Bt465m (+53%YoY, -25%QoQ). The FY1H18 result was 51% of our full-year forecast and in line with our forecast.  </p><ul>
<li>FY2Q18 sales grew 39%YoY but dropped 15%QoQ due mainly to the success from new projects launched during 2017 to early 2018 together with on-going projects.</li>
<li>Gross profit margin was widen to 33.6% from 33% in FY2Q17 due to economies of scales and better secured land cost.</li>
<li>SG&amp;A to sales drop to 18% YoY in FY1H18 due to no impairment of assets and provision…</li>
</ul>

GOLD reported FY2Q18 net profit of Bt465m (+53%YoY, -25%QoQ). The FY1H18 result was 51% of our full-year forecast and in line with our forecast.  
FY2Q18 sales grew 39%YoY but dropped 15%QoQ due mainly to the success from new projects launched during 2017 to early 2018 together with on-going projects.
Gross profit margin was widen to 33.6% from 33% in FY2Q17 due to economies of scales and better secured land cost.
SG&amp;A to sales drop to 18% YoY in FY1H18 due to no impairment of assets and provision…


GOLD:  39% Sales Growth Along with Margin Expansion