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 reported 1Q18 net profit of Bt88m (+3%YoY, +56%QoQ). The 1Q18 result was 25% of our full-year forecast and was in line with our forecast.<ul class="">
<li>Sales grew (+6%YoY, +10%QoQ) due to demand growth.</li>
<li>Gross profit margin widened to 32.8% from 31.5% in 1Q17 due to economies of scale.</li>
<li>Rising utilization of the second factory continues to be a major contributor for both sales growth and margin expansion.</li>
</ul>We rate HTC as a BUY with 31% upside to our target price of Bt27.0*Please refer to our previous report: …

HTC reported 1Q18 net profit of Bt88m (+3%YoY, +56%QoQ). The 1Q18 result was 25% of our full-year forecast and was in line with our forecast.
Sales grew (+6%YoY, +10%QoQ) due to demand growth.
Gross profit margin widened to 32.8% from 31.5% in 1Q17 due to economies of scale.
Rising utilization of the second factory continues to be a major contributor for both sales growth and margin expansion.
We rate HTC as a BUY with 31% upside to our target price of Bt27.0*Please refer to our previous report: …

HTC: Second Factory Drove Both Sales Growth and Margin Expansion

Haad Thip Public

HTC: Second Factory Drove Both Sales Growth and Margin Expansion