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>Analyst meeting came out with negative tone regarding 22E outlook.We cut our TP by 7% to Bt95.8,derived from 38.4xPE’22E (+1SD of 5Y trading average), to factor in earnings downgrade. But</li>
<li>Recent drop in share price factored in concern on rising material costs and delay in launching new factory which should be a short-term issue and should provide opportunity share accumulation</li>
<li>We cut our 22E earnings forecast down by 7% to factor in lower margin due to rising copper material costs and lower revenue due to delay in launching new factory.</li>
</ul>


Analyst meeting came out with negative tone regarding 22E outlook.We cut our TP by 7% to Bt95.8,derived from 38.4xPE’22E (+1SD of 5Y trading average), to factor in earnings downgrade. But
Recent drop in share price factored in concern on rising material costs and delay in launching new factory which should be a short-term issue and should provide opportunity share accumulation
We cut our 22E earnings forecast down by 7% to factor in lower margin due to rising copper material costs and lower revenue due to delay in launching new factory.


KCE: Revise 2022 TP Down by 7% to Reflect Short-Term Issues

KCE Electronics PCL

KCE: Revise 2022 TP Down by 7% to Reflect Short-Term Issues