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

MAJOR : Accumulate on Weakening 3Q22 Earnings

MAJOR: Expect EBITDA to Turn Positive from 4Q21 and Onward to 2022

MAJOR: Sell 30% Investment in SF for Bt7.8bn

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. We expect the company to post Bt95m core profit in 2Q22,(vs. losses of Bt83m in 1Q22 and Bt240m in 2Q21)</li>
<li>Impressive recovery in profit in 2Q22 Expect the company to report2Q22net profit at Bt165m,four-quarter high.Stripping out extra gain from fire insurance claim recognized in 2Q22,core profit should be at Bt95m   </li>
<li>Revenue is expected to hit 10-quarter high at Bt1.6bn following an increase in traffic at theatres(estimated at around 5.5 million vs. 2.8 million in 1Q22 and 0.9 million in 2Q21)</li>
</ul>


Maintain BUY rating for MAJOR with target price of Bt23.70. We expect the company to post Bt95m core profit in 2Q22,(vs. losses of Bt83m in 1Q22 and Bt240m in 2Q21)
Impressive recovery in profit in 2Q22 Expect the company to report2Q22net profit at Bt165m,four-quarter high.Stripping out extra gain from fire insurance claim recognized in 2Q22,core profit should be at Bt95m   
Revenue is expected to hit 10-quarter high at Bt1.6bn following an increase in traffic at theatres(estimated at around 5.5 million vs. 2.8 million in 1Q22 and 0.9 million in 2Q21)


Major Cineplex Group

MAJOR : Still in Recovery Path