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 BUY recommendation for M with a target price of Bt64. We expect the company to report 3Q22 net profit at Bt426m(-3%QoQ)and recovery from a loss of Bt257m in 3Q21.</li>
<li>Expect 3Q22 turn to profit but should be soften QoQ   We expect 3Q22 net profit to be at Bt426m (-3%QoQ), recovery from a loss of Bt257m in 3Q21.</li>
<li>Revenue in 3Q22 is expected at Bt4bn (+104%YoY,flat QoQ) supported by solid SSSG in three main brands(MK at +109%YoY,Yayoi at +85%YoY,LCS at +120%YoY)and the selling price adjustment in June 2022.  </li>
</ul>


Maintain BUY recommendation for M with a target price of Bt64. We expect the company to report 3Q22 net profit at Bt426m(-3%QoQ)and recovery from a loss of Bt257m in 3Q21.
Expect 3Q22 turn to profit but should be soften QoQ   We expect 3Q22 net profit to be at Bt426m (-3%QoQ), recovery from a loss of Bt257m in 3Q21.
Revenue in 3Q22 is expected at Bt4bn (+104%YoY,flat QoQ) supported by solid SSSG in three main brands(MK at +109%YoY,Yayoi at +85%YoY,LCS at +120%YoY)and the selling price adjustment in June 2022.  


MK Restaurants Group

M : Expect 3Q22 Profit to Remain Solid