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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 Bt57.50 based on 21.3xPE’22E(+1S.D. of 5-year trading history).2Q22 net profit of Bt244m (-67% YoY,-33% QoQ) was under our expectations due to large FX losses.</li>
<li>2Q22 result below expectation but unlikely an issue Net profit was at Bt244m(-67% YoY,-33%QoQ).Both YoY and QoQ declined due to FX losses. Stripping FX losses, core profit was at Bt597m </li>
<li>Revenue was at Bt6.4bn (+5% YoY, +5% QoQ). QoQ and YoY growth was mainly due to Baht depreciation. QoQ also grew due to growth in IC Thailand segment.</li>
</ul>


We maintain BUY with TP of Bt57.50 based on 21.3xPE’22E(+1S.D. of 5-year trading history).2Q22 net profit of Bt244m (-67% YoY,-33% QoQ) was under our expectations due to large FX losses.
2Q22 result below expectation but unlikely an issue Net profit was at Bt244m(-67% YoY,-33%QoQ).Both YoY and QoQ declined due to FX losses. Stripping FX losses, core profit was at Bt597m 
Revenue was at Bt6.4bn (+5% YoY, +5% QoQ). QoQ and YoY growth was mainly due to Baht depreciation. QoQ also grew due to growth in IC Thailand segment.


Hana Microelectronics

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