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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 maintain BUY with TP of Bt52.50 based on 21.3xPE’1H23E (+1S.D. of 10-year trading history).3Q22 earnings was at Bt417m(-26% YoY, +71% QoQ)due to large FX and derivative losses worth Bt423m</li>
<li>3Q22 net profit suffered but core remains intact Its 3Q22 earnings was at Bt417m (-26% YoY,+71% QoQ) due to large FX and derivative losses worth Bt423m. These losses are likely </li>
<li>Stripping out FX and derivative losses, core profit stood at Bt840m (+20% YoY, +41% QoQ).Both YoY and QoQ increase was led by revenue growth, but QoQ growth was further supported</li>
</ul>


We maintain BUY with TP of Bt52.50 based on 21.3xPE’1H23E (+1S.D. of 10-year trading history).3Q22 earnings was at Bt417m(-26% YoY, +71% QoQ)due to large FX and derivative losses worth Bt423m
3Q22 net profit suffered but core remains intact Its 3Q22 earnings was at Bt417m (-26% YoY,+71% QoQ) due to large FX and derivative losses worth Bt423m. These losses are likely 
Stripping out FX and derivative losses, core profit stood at Bt840m (+20% YoY, +41% QoQ).Both YoY and QoQ increase was led by revenue growth, but QoQ growth was further supported


HANA : 3Q22 Earnings Impacted by FX Items