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>Maintain HOLD recommendation for MAKRO with a target price of Bt37.5, its 3Q22 net profit came in at Bt1.6bn (+2%YoY, +2%QoQ), in-line with our forecast and BB consensus estimated.</li>
<li>3Q22 earnings grew both YoY and QoQ Its net profit came out at Bt1.6bn (+2%YoY, +2%QoQ). 9M22 result accounted for 75% of full-year net profit in 2022.</li>
<li>Its sales were at Bt110bn (+110%YoY, -3%QoQ) driven by the consolidation of its retail business (Lotus’s) and on solid revenue growth at the wholesale business</li>
</ul>


Maintain HOLD recommendation for MAKRO with a target price of Bt37.5, its 3Q22 net profit came in at Bt1.6bn (+2%YoY, +2%QoQ), in-line with our forecast and BB consensus estimated.
3Q22 earnings grew both YoY and QoQ Its net profit came out at Bt1.6bn (+2%YoY, +2%QoQ). 9M22 result accounted for 75% of full-year net profit in 2022.
Its sales were at Bt110bn (+110%YoY, -3%QoQ) driven by the consolidation of its retail business (Lotus’s) and on solid revenue growth at the wholesale business


MAKRO : Solid Operations Offset by Rising Financial Cost

CP Axtra

MAKRO : Solid Operations Offset by Rising Financial Cost