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 method, implying 16xPE’22E which is +1.5SD from its five years trading average. Our rating reflects strong recovery in 2022-23 </li>
<li>We Expect slightly drop in  2Q22 presales We expect 2Q22 presales at Bt7.48 bn(-4% YoY, -7% QoQ),including Bt6.75bn(-3%YoY)for low-rise and Bt723m (+54%YoY)for condomenium segment.Meanwhile, 1H22 presales should reachBt14.7bn or 50%</li>
<li>However, we expect presales should remain strong in 2022 and inline with management guidance at Bt31bn(+8%YoY),driving by10new projects launch in 2H22E worth Bt18.73bn and strong demand in mid-to-high low-rise projects.</li>
</ul>


Maintain our BUY rating with  a  TP of Bt11.20,derived from SOTP method, implying 16xPE’22E which is +1.5SD from its five years trading average. Our rating reflects strong recovery in 2022-23 
We Expect slightly drop in  2Q22 presales We expect 2Q22 presales at Bt7.48 bn(-4% YoY, -7% QoQ),including Bt6.75bn(-3%YoY)for low-rise and Bt723m (+54%YoY)for condomenium segment.Meanwhile, 1H22 presales should reachBt14.7bn or 50%
However, we expect presales should remain strong in 2022 and inline with management guidance at Bt31bn(+8%YoY),driving by10new projects launch in 2H22E worth Bt18.73bn and strong demand in mid-to-high low-rise projects.


Land & Houses PCL

LH : 2Q22 Result Will Expand YoY and QoQ