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 performance</li>
<li>2Q22 earning grew YoY and QoQ LH reported 2Q22’s net profit of Bt2.1bn (+14%YoY, +11% QoQ),better than our expectation at 7%. The YoY enhancing of net profit supported</li>
<li>Expect 3Q22 results to grow YoY and QoQ We expect 3Q22 earnings of LH to grow YoY and QoQ, supported by (1) 8 new project launch in 3Q22 worth Bt11.2bn.</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 performance
2Q22 earning grew YoY and QoQ LH reported 2Q22’s net profit of Bt2.1bn (+14%YoY, +11% QoQ),better than our expectation at 7%. The YoY enhancing of net profit supported
Expect 3Q22 results to grow YoY and QoQ We expect 3Q22 earnings of LH to grow YoY and QoQ, supported by (1) 8 new project launch in 3Q22 worth Bt11.2bn.


Land & Houses PCL

LH : 2Q22 Results Expanded YoY and QoQ