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 2022 outlook onward backed by  higher projects launch in 2022</li>
<li>3Q22 core profit expanded  YoY and QoQ ORI reported 3Q22’s net profit of Bt848m (+20%YoY, -26%QoQ).The results was in line with market expectation but lower than our forecast at 6%</li>
<li>The YoY growth of core profit drivened by (1) higher GPM to 44.6%(+9.8 ppts YoY) mainly from high GPM of real estates sale,(2) rising other income (+61%YoY) from hotel business</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 2022 outlook onward backed by  higher projects launch in 2022
3Q22 core profit expanded  YoY and QoQ ORI reported 3Q22’s net profit of Bt848m (+20%YoY, -26%QoQ).The results was in line with market expectation but lower than our forecast at 6%
The YoY growth of core profit drivened by (1) higher GPM to 44.6%(+9.8 ppts YoY) mainly from high GPM of real estates sale,(2) rising other income (+61%YoY) from hotel business


Origin Property

ORI : 3Q22 Core Profit Grew YoY and QoQ