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 with a target price of Bt64.M’s 3Q22 net profit came in at Bt408m(-7%QoQ)and recovery from a loss of Bt257m in 3Q21,in-line our forecast and BB consensus estimated.</li>
<li>Solid 3Q22 earnings amid rising food costs Its net profit came out at Bt257m(-7%QoQ) and recovery from a loss of Bt257m in 3Q21.The 9M22 result accounted for 68%of our 2022E.</li>
<li>The YoY recovery in earnings driven by solid SSSG in three main brands (MK at +105%YoY, Yayoi at +83%YoY, (Laem Charoen Seafood) LCS at +118%YoY)</li>
</ul>


Maintain BUY recommendation with a target price of Bt64.M’s 3Q22 net profit came in at Bt408m(-7%QoQ)and recovery from a loss of Bt257m in 3Q21,in-line our forecast and BB consensus estimated.
Solid 3Q22 earnings amid rising food costs Its net profit came out at Bt257m(-7%QoQ) and recovery from a loss of Bt257m in 3Q21.The 9M22 result accounted for 68%of our 2022E.
The YoY recovery in earnings driven by solid SSSG in three main brands (MK at +105%YoY, Yayoi at +83%YoY, (Laem Charoen Seafood) LCS at +118%YoY)


MK Restaurants Group

M : Solid 3Q22 Earnings as Expected