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>Yesterday analyst meeting came out with a positive tone. SSSG turned to positive at double digit growth in 4QTD. We upgrade recommendation to BUY from HOLD rating with higher TP:Bt21.0</li>
<li>The re-rating PE multiple reflects; 1) strong earnings momentum, 2) growing demand for furniture after The Bank of Thailand eased the loan-to-value (LTV)</li>
<li>We expect its 4Q21 earnings to hit the highest record in the past nine quarters supported by 1) an increase in revenue, thanks to stores sales recovery solid online sales</li>
</ul>


Yesterday analyst meeting came out with a positive tone. SSSG turned to positive at double digit growth in 4QTD. We upgrade recommendation to BUY from HOLD rating with higher TP:Bt21.0
The re-rating PE multiple reflects; 1) strong earnings momentum, 2) growing demand for furniture after The Bank of Thailand eased the loan-to-value (LTV)
We expect its 4Q21 earnings to hit the highest record in the past nine quarters supported by 1) an increase in revenue, thanks to stores sales recovery solid online sales


ILM: Positive Earnings Outlook and Attractive Valuation

Index Livingmall PCL

ILM: Positive Earnings Outlook and Attractive Valuation