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

NTV reported 1Q18 net profit of Bt107m (+38%YoY, +5%QoQ). The 1Q18 result was 27% of our full-year forecast and in line with our forecast.  <ul>
<li>1Q18 net profit was the record quarter driven by 15%YoY sales growth.</li>
<li>Gross profit margin was widen to 35% from 32% in 1Q17 due to manage cost of medical treatment.</li>
<li>Better product mix drove sales growth.</li>
</ul>We rate NTV as a BUY with 20% upside to our target price of Bt64.0*<a href="https://www.smartkarma.com/insights/ntv-health-provider-leads-care-in-northern-metro-bangkok" target="_blank">NTV: Health Provider Leads Care in Northern Metro Bangkok</a>*We make no changes to forecast…

NTV reported 1Q18 net profit of Bt107m (+38%YoY, +5%QoQ). The 1Q18 result was 27% of our full-year forecast and in line with our forecast.  
1Q18 net profit was the record quarter driven by 15%YoY sales growth.
Gross profit margin was widen to 35% from 32% in 1Q17 due to manage cost of medical treatment.
Better product mix drove sales growth.
We rate NTV as a BUY with 20% upside to our target price of Bt64.0*NTV: Health Provider Leads Care in Northern Metro Bangkok*We make no changes to forecast…

NTV: 15% Sales Growth Causes Increase Bottom Line Growth

Nonthavej Hospital

NTV: 15% Sales Growth Causes Increase Bottom Line Growth