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 ILM with a target price of Bt21. ILM’s 2Q22 net profit was at Bt162m (+61%YoY,+1%QoQ),the highest level in the past eleven-quarters and better than our expectation.</li>
<li>Healthy margin boost 2Q22 earnings grew YoY ILM reported a net profit of Bt162m in 2Q22(+61%YoY,+1%QoQ),the highest level in the past eleven-quarters.The 1H22 result accounted for 55% of our 2022E.</li>
<li>The YoY and QoQ growth in 2Q22 earnings supported by healthy margin and SSSG of +3.4%YoY.</li>
</ul>


Maintain BUY recommendation for ILM with a target price of Bt21. ILM’s 2Q22 net profit was at Bt162m (+61%YoY,+1%QoQ),the highest level in the past eleven-quarters and better than our expectation.
Healthy margin boost 2Q22 earnings grew YoY ILM reported a net profit of Bt162m in 2Q22(+61%YoY,+1%QoQ),the highest level in the past eleven-quarters.The 1H22 result accounted for 55% of our 2022E.
The YoY and QoQ growth in 2Q22 earnings supported by healthy margin and SSSG of +3.4%YoY.


Index Livingmall PCL

ILM : 2Q22 Earnings Hit 11-Quarters High