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.We maintain BUY rating with a target price of Bt21.0, derived from 18xPE’22E,+1SD from three years average trading range or 50% discount</li>
<li>We expect earnings to grow to Bt764m in 2024E or +19%CAGR (2022-24E) from -5%CAGR(2019-21), driven by 1) solid SSSG and online sales, 2) solid recovery in rental income</li>
<li>To implement a more aggressive strategy after COVID-19, the management aims to expand 1-2 new stores per year from 2023 onwards.</li>
</ul>


Yesterday analyst meeting came out with a positive tone.We maintain BUY rating with a target price of Bt21.0, derived from 18xPE’22E,+1SD from three years average trading range or 50% discount
We expect earnings to grow to Bt764m in 2024E or +19%CAGR (2022-24E) from -5%CAGR(2019-21), driven by 1) solid SSSG and online sales, 2) solid recovery in rental income
To implement a more aggressive strategy after COVID-19, the management aims to expand 1-2 new stores per year from 2023 onwards.


ILM: Positive Earnings Outlook in 2022-24

Index Livingmall PCL

ILM: Positive Earnings Outlook in 2022-24