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

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<li>We anticipate strong earnings recovery along with slowdown in number of COVID-19 cases.We reiterate BUY rating for M with a target price of Bt61.0 based on 25xPE’22E Asia ex-Japan consumer</li>
<li>We expect M to report net profit of Bt224m (-36%YoY) in 4Q21 from a loss in 2Q21-3Q21 supported by 1) recovery in SSSG after lockdown while resuming dine-in services together </li>
<li>Same-Stores-Sales-Growth (SSSG) in three main brands are likely to recover in 4Q21.</li>
</ul>


We anticipate strong earnings recovery along with slowdown in number of COVID-19 cases.We reiterate BUY rating for M with a target price of Bt61.0 based on 25xPE’22E Asia ex-Japan consumer
We expect M to report net profit of Bt224m (-36%YoY) in 4Q21 from a loss in 2Q21-3Q21 supported by 1) recovery in SSSG after lockdown while resuming dine-in services together 
Same-Stores-Sales-Growth (SSSG) in three main brands are likely to recover in 4Q21.


M: Expect 4Q21 Performance to Turn Profit

MK Restaurants Group

M: Expect 4Q21 Performance to Turn Profit