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

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<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 backed </li>
<li>3Q22 presales hit the highest level since covid-19 pandemic ORI reported  3Q22 presales at Bt11.6bn(+64%YoY,+21%QoQ), the highest level  since covid-19 pandemic, mainly from on Going projects (56% of total presales).</li>
<li>Total presales in 9M22 reached Bt29.4bn or 84% of company target. We expect presales should remain strong in 2022 and can above the company target at Bt35bn.</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 backed 
3Q22 presales hit the highest level since covid-19 pandemic ORI reported  3Q22 presales at Bt11.6bn(+64%YoY,+21%QoQ), the highest level  since covid-19 pandemic, mainly from on Going projects (56% of total presales).
Total presales in 9M22 reached Bt29.4bn or 84% of company target. We expect presales should remain strong in 2022 and can above the company target at Bt35bn.


Origin Property

ORI : 3Q22 Result Will Enhance YoY