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 higher target price of Bt18 (Previous TP: Bt17).Our new target price reflects 2023 earnings upward revision by 6% to factor in higher gross </li>
<li>3Q22 slightly above our forecast HMPRO reported a net profit of Bt1.5bn in 3Q22 (+76%YoY, +1%QoQ). The 9M22 result accounted for 72% of our 2022E.</li>
<li>3Q22 revenue was at Bt16.3bn (+22%YoY, -2%QoQ), driven by 1) products sales increased to Bt15.9bn (+20.7%YoY) driven by a recovery in sales from tourism destination revenue generate from Homepro</li>
</ul>


Maintain BUY recommendation for HMPRO with a higher target price of Bt18 (Previous TP: Bt17).Our new target price reflects 2023 earnings upward revision by 6% to factor in higher gross 
3Q22 slightly above our forecast HMPRO reported a net profit of Bt1.5bn in 3Q22 (+76%YoY, +1%QoQ). The 9M22 result accounted for 72% of our 2022E.
3Q22 revenue was at Bt16.3bn (+22%YoY, -2%QoQ), driven by 1) products sales increased to Bt15.9bn (+20.7%YoY) driven by a recovery in sales from tourism destination revenue generate from Homepro


HMPRO : 3Q22 Earnings Slightly Above Our Forecast

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HMPRO : 3Q22 Earnings Slightly Above Our Forecast