LH: Expect 2Q21 Presales to Soften Down QoQ and YoY

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

LH: Most Secure Property Developer in Thailand

ORI: Expect Flat 3Q20 Earnings but Strong Recovery in 4Q20

AWC: Fastest-Growing Hotel Chain in Thailand

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

<p><strong>Expect 4Q20 earnings to reach the highest level of this year driven by; 1.) higher profit contribution from associates driven mainly by HMPRO as SSSG picked up strongly, 2.) recovery of recurring income from hotel and commercial property, and, 3.) transfer revenue from The Room Phayathai (43% sold of total project value Bt3.9bn). There is an earnings upside from divestment in assets in USA, we estimated one-time gain at Bt900-Bt1.1bn (Not include in our earnings forecast in 2020E.)</strong></p><div><strong>• Expect 4Q20 presales in property business to soften down</strong></div><div><strong>• Revise earnings up by 5-13% in 2020-22E</strong></div><p></p><p><strong>We maintain LH with a BUY rating and a new target price of Bt8.60 (previous TP: Bt8.50) after revised EPS up 5% in 2021E. Our target derived from an SOTP methodology while implies 13.2xPE’21E, average of Thailand Real Estate sector.</strong></p>

Expect 4Q20 earnings to reach the highest level of this year driven by; 1.) higher profit contribution from associates driven mainly by HMPRO as SSSG picked up strongly, 2.) recovery of recurring income from hotel and commercial property, and, 3.) transfer revenue from The Room Phayathai (43% sold of total project value Bt3.9bn). There is an earnings upside from divestment in assets in USA, we estimated one-time gain at Bt900-Bt1.1bn (Not include in our earnings forecast in 2020E.)• Expect 4Q20 presales in property business to soften down• Revise earnings up by 5-13% in 2020-22EWe maintain LH with a BUY rating and a new target price of Bt8.60 (previous TP: Bt8.50) after revised EPS up 5% in 2021E. Our target derived from an SOTP methodology while implies 13.2xPE’21E, average of Thailand Real Estate sector.

LH: Expect 4Q20 Core Earnings to Be the Highest Level of 2020

Land & Houses PCL

LH: Expect 4Q20 Core Earnings to Be the Highest Level of 2020