MEGA : Attractive Valuation with Sustainable Growth Outlook

MEGA : 3Q22 Profit Reach to All-Time-High Level

MEGA: Expect Growth Rate to Slow Down in 2022

MEGA: 3Q18 Result Is Slightly Below Our Expectation

VIBHA: Large Hospital Chain at the Cheapest Price

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>Downgrade our recommendation from BUY to HOLD with a target price of Bt54. Despite the challenges in Myanmar. MEGA reported 2Q22 net profit of Bt570m (+13%YoY, -7%QoQ), in-line our expectation </li>
<li>Another strong quarterly performance Excluding extraordinary items, core profit was at Bt544m (+16%YoY, -13%QoQ). The 1H22 result accounted for 56% of our 2022E.</li>
<li>The YoY growth in earnings supported by 1) Mega We care’s sales grew to Bt2bn (+19%YoY)and close to the highest level in 3Q21,and 2) gross profit margin expanded to 42.6% </li>
</ul>


Downgrade our recommendation from BUY to HOLD with a target price of Bt54. Despite the challenges in Myanmar. MEGA reported 2Q22 net profit of Bt570m (+13%YoY, -7%QoQ), in-line our expectation 
Another strong quarterly performance Excluding extraordinary items, core profit was at Bt544m (+16%YoY, -13%QoQ). The 1H22 result accounted for 56% of our 2022E.
The YoY growth in earnings supported by 1) Mega We care’s sales grew to Bt2bn (+19%YoY)and close to the highest level in 3Q21,and 2) gross profit margin expanded to 42.6% 


MEGA : Strong Performance Amid Uncertainty

Mega Lifesciences

MEGA : Strong Performance Amid Uncertainty