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

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<li>Maintain BUY recommendation for HMPRO with a target price of Bt17.Analyst meeting came with a slightly positive tone.We maintain our net profit growth projections of10% in 2022 and 7%in 2023. </li>
<li>2H22 outlook still intact HMPRO’s SSSG turned to positive at double digit growth in July 2022 from -1.1% in 2Q22, see on Pic3, page 3.</li>
<li>2H22, HMPRO plan to expand 6 stores (+5%YoY) comprise of one store for Homepro large store format and 5 stores for Mega home, see on Pic 1, Page2.</li>
</ul>


Maintain BUY recommendation for HMPRO with a target price of Bt17.Analyst meeting came with a slightly positive tone.We maintain our net profit growth projections of10% in 2022 and 7%in 2023. 
2H22 outlook still intact HMPRO’s SSSG turned to positive at double digit growth in July 2022 from -1.1% in 2Q22, see on Pic3, page 3.
2H22, HMPRO plan to expand 6 stores (+5%YoY) comprise of one store for Homepro large store format and 5 stores for Mega home, see on Pic 1, Page2.


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HMPRO : Strong 3Q22 Performance Outlook