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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

HTC had 4Q17 recurring EPS of Bt0.28 (+110%YoY, -24%QoQ). The FY2017 recurring EPS was Bt1.42 (+14%YoY) and was in line of our forecast. <ul>
<li>4Q17 net profit was Bt56m (+4%YoY) in line with our forecast.</li>
<li>Reported FY2017 net profit at 283m (+14%YoY).</li>
<li>Gross margin improve by economies of scale from second factory.</li>
<li>Upside from sugar price floating which do not include in our forecast yet.</li>
</ul>We rate HTC as a BUY with 2% upside to our target price of Bt27.0*<a href="https://www.smartkarma.com/insights/htc-soft-drink-king-rules-in-southern-thailand" target="_blank">HTC: Soft Drink King Rules in Southern Thailand</a>*We…

HTC had 4Q17 recurring EPS of Bt0.28 (+110%YoY, -24%QoQ). The FY2017 recurring EPS was Bt1.42 (+14%YoY) and was in line of our forecast. 
4Q17 net profit was Bt56m (+4%YoY) in line with our forecast.
Reported FY2017 net profit at 283m (+14%YoY).
Gross margin improve by economies of scale from second factory.
Upside from sugar price floating which do not include in our forecast yet.
We rate HTC as a BUY with 2% upside to our target price of Bt27.0*HTC: Soft Drink King Rules in Southern Thailand*We…

HTC: 4Q17 Result Was in Line but Floating Sugar Price Will Be an Upside

Haad Thip Public

HTC: 4Q17 Result Was in Line but Floating Sugar Price Will Be an Upside