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>We maintain the HOLD recommendation with a TP of Bt3.30. IRPC’s 3Q22 earnings turned to a loss of Bt2.5bn (compared to a profit both YoY an QoQ),</li>
<li>3Q22 earning hit by weak GIM and stock loss The 3Q22 earnings turned to a loss of Bt2.5bn (compared to a profit of Bt2.2bn in 3Q21 and Bt3.8bn in 2Q22).</li>
<li>The accounting gross integrated margin (accounting GIM) fall to US$0.73/bbl (-95% YoY, -96% QoQ), underwritten by weak market GIM on top of hedging and stock loss.</li>
</ul>


We maintain the HOLD recommendation with a TP of Bt3.30. IRPC’s 3Q22 earnings turned to a loss of Bt2.5bn (compared to a profit both YoY an QoQ),
3Q22 earning hit by weak GIM and stock loss The 3Q22 earnings turned to a loss of Bt2.5bn (compared to a profit of Bt2.2bn in 3Q21 and Bt3.8bn in 2Q22).
The accounting gross integrated margin (accounting GIM) fall to US$0.73/bbl (-95% YoY, -96% QoQ), underwritten by weak market GIM on top of hedging and stock loss.


IRPC : Weak GIM and Stock Loss Dragged 3Q22 Profit

IRPC PCL

IRPC : Weak GIM and Stock Loss Dragged 3Q22 Profit