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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>We maintain BUY rating and roll over target price to Bt56 (+8% from previous TP) based on 25xPE’22E, a 15% discount from Thai health care peers.</li>
<li>We expect MEGA revenue growth rate to slow down to 4%YoY in 2022 caused by relieved customers concern over COVID-19 pandemic and high base effect.</li>
<li>Looking forward to 2023,  We foresee MEGA revenue to continues to grow at moderate level at 9%CAGR in 2023-2025E, close to the global dietary supplements market growth at 8.6%CAGR(2021-2028) </li>
</ul>


We maintain BUY rating and roll over target price to Bt56 (+8% from previous TP) based on 25xPE’22E, a 15% discount from Thai health care peers.
We expect MEGA revenue growth rate to slow down to 4%YoY in 2022 caused by relieved customers concern over COVID-19 pandemic and high base effect.
Looking forward to 2023,  We foresee MEGA revenue to continues to grow at moderate level at 9%CAGR in 2023-2025E, close to the global dietary supplements market growth at 8.6%CAGR(2021-2028) 


MEGA: Expect Growth Rate to Slow Down in 2022

Mega Lifesciences

MEGA: Expect Growth Rate to Slow Down in 2022