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 Bt25.4bn(+168%YoY) </li>
<li>2Q22 presales hit the highest level in 10 quarters ORI reported 2Q22 presales at Bt9.62 bn(+19%YoY,+19%QoQ),the highest level  in 10 quarters, mainly from ready-to move project (61% to total presales). </li>
<li>The total presales in 1H22 reached Bt17.7bn or 51%of company and our target.So,we view that2022 presales can achieve company and our target at Bt35bn,which will be the new high level</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 Bt25.4bn(+168%YoY) 
2Q22 presales hit the highest level in 10 quarters ORI reported 2Q22 presales at Bt9.62 bn(+19%YoY,+19%QoQ),the highest level  in 10 quarters, mainly from ready-to move project (61% to total presales). 
The total presales in 1H22 reached Bt17.7bn or 51%of company and our target.So,we view that2022 presales can achieve company and our target at Bt35bn,which will be the new high level


Origin Property

ORI : 2Q22 Result Will Grow YoY and QoQ