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 target price of Bt23.70. The company report 2Q22 net profit at Bt131m. Stripping out extra items on fair value adjustment and fire insurance claim</li>
<li>Impressive recovery in profit in 2Q22 Revenue reached 10-quarter high at Bt1.6bn following an increase in traffic at theatres(estimated at around 5.5 million vs.2.8 million in 1Q22and 0.9million in 2Q21)</li>
<li>Well-Managed cost from operation to be remained, resulted in improvement in gross profit margin to 26.8% compared with 11.1% in 1Q22 and -30.7% in 2Q21.</li>
</ul>


Maintain BUY rating for MAJOR with target price of Bt23.70. The company report 2Q22 net profit at Bt131m. Stripping out extra items on fair value adjustment and fire insurance claim
Impressive recovery in profit in 2Q22 Revenue reached 10-quarter high at Bt1.6bn following an increase in traffic at theatres(estimated at around 5.5 million vs.2.8 million in 1Q22and 0.9million in 2Q21)
Well-Managed cost from operation to be remained, resulted in improvement in gross profit margin to 26.8% compared with 11.1% in 1Q22 and -30.7% in 2Q21.


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

Major Cineplex Group

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