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 ICHI with a target price of Bt10.3Ichitan Green Tea Honey Lemon sales drove total ICHITAN portfolio to grew YoY and offset a drop in international sales</li>
<li>Squeezed margin dragged 2Q22 earnings  ICHI posted 2Q22 net profit of Bt153m (-8%YoY, +47%QoQ). 1H22 result accounted for 48% of our 2022E.</li>
<li>The YoY drop in earnings mainly pressured by contraction in gross profit margin to 18% from 21.3%YoY in 2Q21 as a result from rising packaging cost and raw material cost.</li>
</ul>


Maintain BUY recommendation for ICHI with a target price of Bt10.3Ichitan Green Tea Honey Lemon sales drove total ICHITAN portfolio to grew YoY and offset a drop in international sales
Squeezed margin dragged 2Q22 earnings  ICHI posted 2Q22 net profit of Bt153m (-8%YoY, +47%QoQ). 1H22 result accounted for 48% of our 2022E.
The YoY drop in earnings mainly pressured by contraction in gross profit margin to 18% from 21.3%YoY in 2Q21 as a result from rising packaging cost and raw material cost.


Ichitan Group

ICHI : Healthy Outlook in 2H22