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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

INOX reported 4Q17 recurring EPS of Bt0.01 (-46% YoY, +550% QoQ) The company produced a FY2017 EPS of Bt0.04 which is 4% better than our forecast.<ul>
<li>INOX reported 4Q17 net profit of Bt111m, dropped 41% YoY but swung from loss of Bt78m in 3Q17.</li>
<li>INOX FY2017 net profit was Bt316m (-46% YoY), eroded by profitability shortfall and one-time expenses on tax adjustment.</li>
<li>INOX announced a dividend payment of Bt0.0266 (XD on 7-Mar-18), which is equivalent to 2.0% upcoming dividend yield.</li>
</ul>We rate INOX as a BUY…

INOX reported 4Q17 recurring EPS of Bt0.01 (-46% YoY, +550% QoQ) The company produced a FY2017 EPS of Bt0.04 which is 4% better than our forecast.
INOX reported 4Q17 net profit of Bt111m, dropped 41% YoY but swung from loss of Bt78m in 3Q17.
INOX FY2017 net profit was Bt316m (-46% YoY), eroded by profitability shortfall and one-time expenses on tax adjustment.
INOX announced a dividend payment of Bt0.0266 (XD on 7-Mar-18), which is equivalent to 2.0% upcoming dividend yield.
We rate INOX as a BUY…

INOX: 4Q17 Performance Confirmed Business Turnaround

Posco Thainox

INOX: 4Q17 Performance Confirmed Business Turnaround