MAJOR : Entering Low Season in 3Q22 Before Hitting High in 4Q22

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 rating for MAJOR with a target price of Bt21.40. The company report 3Q22 net profit at Bt21m in 3Q22,(-99%YoY,-84%QoQ), The result came out below market and our expectation. </li>
<li>3Q22 core earnings fell 42%QoQ The company report 3Q22 net profit at Bt21m. (-99%YoY -84%QoQ) Stripping out extra items </li>
<li>Revenue hit 11-quarter high at Bt1.7bn (+5%QoQ +951%YoY) QoQ increase supported by high-margin advertising segment, bowling and concession revenue. YoY surge in revenue will be supported by an increase </li>
</ul>


Maintain BUY rating for MAJOR with a target price of Bt21.40. The company report 3Q22 net profit at Bt21m in 3Q22,(-99%YoY,-84%QoQ), The result came out below market and our expectation. 
3Q22 core earnings fell 42%QoQ The company report 3Q22 net profit at Bt21m. (-99%YoY -84%QoQ) Stripping out extra items 
Revenue hit 11-quarter high at Bt1.7bn (+5%QoQ +951%YoY) QoQ increase supported by high-margin advertising segment, bowling and concession revenue. YoY surge in revenue will be supported by an increase 


MAJOR : Accumulate on Weakening 3Q22 Earnings

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MAJOR : Accumulate on Weakening 3Q22 Earnings