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 our BUY rating with  a  TP of Bt11.20, derived from SOTP and implies 13.4xPE’22E, +0.5SD from its five years trading average. Our rating reflects strong recovery in 2022 performance </li>
<li>We expect  1Q22 net profit to grow YoY at Bt1.94 bn(+11%YoY, -3.6%QoQ), driven by higher revenue recognition from real estate business at Bt 7.7 bn (+8.1%YoY) and higher equity income</li>
<li>New projects Launch to support  1Q22. Earnings momentum will continue in remaining quarters.</li>
</ul>


Maintain our BUY rating with  a  TP of Bt11.20, derived from SOTP and implies 13.4xPE’22E, +0.5SD from its five years trading average. Our rating reflects strong recovery in 2022 performance 
We expect  1Q22 net profit to grow YoY at Bt1.94 bn(+11%YoY, -3.6%QoQ), driven by higher revenue recognition from real estate business at Bt 7.7 bn (+8.1%YoY) and higher equity income
New projects Launch to support  1Q22. Earnings momentum will continue in remaining quarters.


Land & Houses PCL

LH: 1Q22 Earnings Will Grow YoY