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

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<li>We maintain the BUY call with a new target price of Bt58.0,(6% up from previous, factoring in the 58%upward 2022E earnings revision).The 2Q22 net profit rose+143% YoY and +44% QoQ</li>
<li>Strong IOD performance drove 2Q22 profit The 2Q22 net profit rose to an all-time high of Bt20.3bn(+143%YoY,+44%QoQ),The result came out better than our expectation and beat the consensus by 83%.</li>
<li>Excluding onetime items, the recurring profit stood at Bt13.2bn (+99% YoY, +25% QoQ).The earnings growth was supported by the solid IOD (Integrated Oxides and Derivates) segment performance from newly contribution </li>
</ul>


We maintain the BUY call with a new target price of Bt58.0,(6% up from previous, factoring in the 58%upward 2022E earnings revision).The 2Q22 net profit rose+143% YoY and +44% QoQ
Strong IOD performance drove 2Q22 profit The 2Q22 net profit rose to an all-time high of Bt20.3bn(+143%YoY,+44%QoQ),The result came out better than our expectation and beat the consensus by 83%.
Excluding onetime items, the recurring profit stood at Bt13.2bn (+99% YoY, +25% QoQ).The earnings growth was supported by the solid IOD (Integrated Oxides and Derivates) segment performance from newly contribution 


IVL : Strong IOD Performance Drove 2Q22 Profit to New High

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IVL : Strong IOD Performance Drove 2Q22 Profit to New High