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>Maintain BUY for ONEE but cut target price to Bt11.50. (Previous TP: 11.60) after revised down earnings by 5% in 2023E due to higher-than-expected operating cost.</li>
<li>We expect the company to report 3Q22 net profit at Bt162m(-3%YoY -9%QoQ). Disappointed earnings should be pressured by contraction in gross profit margin to the lowest level since listed at40.8%</li>
<li>Concert and artist management (20% of revenue in 3Q22E) are the key revenue drivers as there were number of fan meetup and concert events held after easing all COVID-19</li>
</ul>


Maintain BUY for ONEE but cut target price to Bt11.50. (Previous TP: 11.60) after revised down earnings by 5% in 2023E due to higher-than-expected operating cost.
We expect the company to report 3Q22 net profit at Bt162m(-3%YoY -9%QoQ). Disappointed earnings should be pressured by contraction in gross profit margin to the lowest level since listed at40.8%
Concert and artist management (20% of revenue in 3Q22E) are the key revenue drivers as there were number of fan meetup and concert events held after easing all COVID-19


ONEE : Reaccumulate on Weak 3Q22 Earnings