ORI: 1Q22 Earnings In-Line with Our Forecast

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>Maintain our BUY rating with a TP of Bt13.00,based on 9.8xPE’22E,its 5 years trading average.We have positive view to its 2022outlook backed by higher projects launch in 2H22E worth Bt25bn(+168%YoY)</li>
<li>2Q22 earnings grew QoQ and YoY ORI reported 2Q22’s net profit of Bt1.15bn (+36%YoY,+57% QoQ),above our forecast and market expectation at 18% and 19% respectively,caused by extra profits of Bt611m.</li>
<li>The YoY drop of normalized profit dragged by lower revenue recognition from real estates sale to Bt2.9bn (-6%YoY) and higher SG&amp;A to Bt741m (+37%YoY)</li>
</ul>


Maintain our BUY rating with a TP of Bt13.00,based on 9.8xPE’22E,its 5 years trading average.We have positive view to its 2022outlook backed by higher projects launch in 2H22E worth Bt25bn(+168%YoY)
2Q22 earnings grew QoQ and YoY ORI reported 2Q22’s net profit of Bt1.15bn (+36%YoY,+57% QoQ),above our forecast and market expectation at 18% and 19% respectively,caused by extra profits of Bt611m.
The YoY drop of normalized profit dragged by lower revenue recognition from real estates sale to Bt2.9bn (-6%YoY) and higher SG&amp;A to Bt741m (+37%YoY)


Origin Property

ORI : 2Q22 Result Grew YoY and QoQ