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 12.5xPE’23E, its five years trading average. Our rating reflects strong recovery in 2022-23</li>
<li>3Q22 earning grew YoY and QoQ LH reported 3Q22’s net profit of Bt2.25bn (+72%YoY, +5%QoQ),better than our forecast and market expectation.</li>
<li>The YoY enhancing of net profit supported by;(1) Revenue growth to Bt8.8bn(+28%YoY)from increasing real estate transfer to Bt7.5bn(+15%YoY)mainly from higher condominium transfer and higher income from hotel business to Bt937m(+458%YoY) </li>
</ul>


Maintain our BUY rating with  a  TP of Bt11.20, derived from SOTP method, implying 12.5xPE’23E, its five years trading average. Our rating reflects strong recovery in 2022-23
3Q22 earning grew YoY and QoQ LH reported 3Q22’s net profit of Bt2.25bn (+72%YoY, +5%QoQ),better than our forecast and market expectation.
The YoY enhancing of net profit supported by;(1) Revenue growth to Bt8.8bn(+28%YoY)from increasing real estate transfer to Bt7.5bn(+15%YoY)mainly from higher condominium transfer and higher income from hotel business to Bt937m(+458%YoY) 


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

Land & Houses PCL

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