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 the BUY call with a target price of Bt58.0. We like IVL for its recession proof downstream petrochemical portfolio having 3 to 4% CAGR demand growth outlook for 2022-25.</li>
<li>Margin pressure dragged 3Q22 profit QoQ Excluding one-time items,the recurring profit stood at Bt10.3bn (+74% YoY, -22% QoQ).The YoY earnings growth was supported by strong performance of C-PET from steady</li>
<li>While,a marginal decline of sales and product margin of combined PET segment as a result of lower demand in Europe,and declined operating rates due to lower MEG production under IOD </li>
</ul>


Maintain the BUY call with a target price of Bt58.0. We like IVL for its recession proof downstream petrochemical portfolio having 3 to 4% CAGR demand growth outlook for 2022-25.
Margin pressure dragged 3Q22 profit QoQ Excluding one-time items,the recurring profit stood at Bt10.3bn (+74% YoY, -22% QoQ).The YoY earnings growth was supported by strong performance of C-PET from steady
While,a marginal decline of sales and product margin of combined PET segment as a result of lower demand in Europe,and declined operating rates due to lower MEG production under IOD 


IVL : Positive 2023 Outlook from Softening Energy Cost

Indorama Ventures

IVL : Positive 2023 Outlook from Softening Energy Cost