LH : 3Q22 Results Better than Our Forecast from Forex Gain

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 15.2xPE’23E which is +1.5SD from its five years trading average. Our rating reflects strong recovery </li>
<li>Expect 3Q22 presales to grow YoY and QoQ We expect 3Q22 presales at Bt9.16 bn (+36% YoY, +24% QoQ), representing Bt8.5bn (+34%YoY,+27%QoQ) in low-rise and Bt675m (+147%YoY,-10%QoQ)</li>
<li>Moreover, we expect presales should remain strong in 2022 and inline with management guidance at Bt31bn (+8%YoY), drivened by 4 new projects launch in 4Q22E worth Bt4.4bn</li>
</ul>


Maintain our BUY rating with  a  TP of Bt11.20, derived from SOTP method, implying 15.2xPE’23E which is +1.5SD from its five years trading average. Our rating reflects strong recovery 
Expect 3Q22 presales to grow YoY and QoQ We expect 3Q22 presales at Bt9.16 bn (+36% YoY, +24% QoQ), representing Bt8.5bn (+34%YoY,+27%QoQ) in low-rise and Bt675m (+147%YoY,-10%QoQ)
Moreover, we expect presales should remain strong in 2022 and inline with management guidance at Bt31bn (+8%YoY), drivened by 4 new projects launch in 4Q22E worth Bt4.4bn


Land & Houses PCL

LH : 3Q22 Result Will Expand YoY