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Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

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Pi Securities PCL, Thailand

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Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

<ul>
<li>The company report 2Q22 net profit at Bt154m. Stripping out, extra item worth around Bt60m under equity income,core earnings would hit five-quarter low at Bt105m,in-line with market and our expectation</li>
<li>Profit hit bottom in 2Q22 before recovering in 2H22 The company to post 2Q22 core profit at Bt105m. (-8%YoY,-7%QoQ),the lowest level in past five quarter. YoY and QoQ drop pressured </li>
<li>However, solid performance for transportation and distribution (30% of total revenue) and equity income from Vietnam operation (TMS) should be insufficient to absorb the impact from weak warehouse businesses.</li>
</ul>


The company report 2Q22 net profit at Bt154m. Stripping out, extra item worth around Bt60m under equity income,core earnings would hit five-quarter low at Bt105m,in-line with market and our expectation
Profit hit bottom in 2Q22 before recovering in 2H22 The company to post 2Q22 core profit at Bt105m. (-8%YoY,-7%QoQ),the lowest level in past five quarter. YoY and QoQ drop pressured 
However, solid performance for transportation and distribution (30% of total revenue) and equity income from Vietnam operation (TMS) should be insufficient to absorb the impact from weak warehouse businesses.


JWD : 2Q22 Earnings Result Should Be Bottom of This Year

JWD Infologistics

JWD : 2Q22 Earnings Result Should Be Bottom of This Year