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>We expect its 4Q21 net profit to be the peak quarter at Bt1.95 bn (-17%YoY, +49%QoQ), driven by recovering contribution from equity income (HMPRO and QH) and  housing sales recognition</li>
<li>We expect earnings momentum to recover in 4Q21 supported by  5 new low-rise projects launch in 4Q21 (total value Bt8.9 bn) and secured backlog at Bt 6.5 bn. Moreover</li>
<li>We maintain our positive outlook toward  2022 earnings backed by more aggressive launch new projects worth Bt29 bn,(+46%YoY). Also, we expect revenue recognition from condominium project</li>
</ul>


We expect its 4Q21 net profit to be the peak quarter at Bt1.95 bn (-17%YoY, +49%QoQ), driven by recovering contribution from equity income (HMPRO and QH) and  housing sales recognition
We expect earnings momentum to recover in 4Q21 supported by  5 new low-rise projects launch in 4Q21 (total value Bt8.9 bn) and secured backlog at Bt 6.5 bn. Moreover
We maintain our positive outlook toward  2022 earnings backed by more aggressive launch new projects worth Bt29 bn,(+46%YoY). Also, we expect revenue recognition from condominium project


LH: 4Q21 Earnings Will Be the Peak Quarter This Year

Land & Houses PCL

LH: 4Q21 Earnings Will Be the Peak Quarter This Year