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 HMPRO with a target price of Bt17.HMPRO’s 2Q22 net profit came in at Bt1.5bn(+6%YoY, +1%QoQ),in-line with our forecast and BB consensus estimated. The YoY and QoQ</li>
<li>2Q22 results in-line with our forecast HMPRO reported a net profit of Bt1.5bn in 2Q22 (+6%YoY, +1%QoQ). The 1H22 result accounted for 51% of our 2022E.</li>
<li>The YoY and QoQ growth in 2Q22 earnings supported by an increased in promotional activities with vendors in both at stores and online channels,higher rental income and new store expansion(BangnaKm.1)</li>
</ul>


Maintain BUY recommendation for HMPRO with a target price of Bt17.HMPRO’s 2Q22 net profit came in at Bt1.5bn(+6%YoY, +1%QoQ),in-line with our forecast and BB consensus estimated. The YoY and QoQ
2Q22 results in-line with our forecast HMPRO reported a net profit of Bt1.5bn in 2Q22 (+6%YoY, +1%QoQ). The 1H22 result accounted for 51% of our 2022E.
The YoY and QoQ growth in 2Q22 earnings supported by an increased in promotional activities with vendors in both at stores and online channels,higher rental income and new store expansion(BangnaKm.1)


HMPRO : 2Q22 Earnings to Grow YoY as Expected

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HMPRO : 2Q22 Earnings to Grow YoY as Expected