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

One Enterprise Public Co Ltd / Equity Bottom-Up

<ul>
<li>We reiterate ONEE with a BUY rating, based on a new target price of Bt12.70 (previous TP:11.80)derived from 26.7xPE’22E,which is the average for the stocks in Thailand’s communication services sector</li>
<li>We expect the company to report 4Q21 net profit at Bt221m (-15%YoY +32%QoQ). Excluding deferred tax item in 4Q20, core earnings would grow 17%YoY, all-time high level.</li>
<li>Ads spending via TV look resilient relative to overall media</li>
</ul>


We reiterate ONEE with a BUY rating, based on a new target price of Bt12.70 (previous TP:11.80)derived from 26.7xPE’22E,which is the average for the stocks in Thailand’s communication services sector
We expect the company to report 4Q21 net profit at Bt221m (-15%YoY +32%QoQ). Excluding deferred tax item in 4Q20, core earnings would grow 17%YoY, all-time high level.
Ads spending via TV look resilient relative to overall media


ONEE: Expect Core Earnings to Hit All-Time High Level