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 with a new TP of Bt13.00 (previous at Bt13.70), based on 9.8xPE’22E, 5% discount from its 5 years trading average.We have positive view to its 2022 outlook </li>
<li>We expect  1Q22 net profit at Bt723 m (-12%YoY,-10%QoQ), pressured by 1)  Lower revenue recognition from real estate sales to Bt 3.15 bn (-9%YoY) 2) loss contribution from equity income </li>
<li>Strong 1Q22 presales imply strong earnings momentum. Strong backlog and new project launch will support 2022 earning</li>
</ul>


We maintain BUY with a new TP of Bt13.00 (previous at Bt13.70), based on 9.8xPE’22E, 5% discount from its 5 years trading average.We have positive view to its 2022 outlook 
We expect  1Q22 net profit at Bt723 m (-12%YoY,-10%QoQ), pressured by 1)  Lower revenue recognition from real estate sales to Bt 3.15 bn (-9%YoY) 2) loss contribution from equity income 
Strong 1Q22 presales imply strong earnings momentum. Strong backlog and new project launch will support 2022 earning


Origin Property

ORI: 1Q22 Earnings Will Drop YoY and QoQ