OSP : Expect the Lowest Earnings Since Listed in 2Q22

OSP : OSP Is Losing Market Share in Thailand

OSP : Maintain Its Premium Products Strategy

OSP: Solid Performance Among COVID-19 Pandemic

OSP: OSP Is Aiming to Launch Cannabis Related Products in 1H22

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

Osotspa Public Company Limited / Equity Bottom-Up

<ul>
<li>We maintain BUY rating with target price at Bt36.50, based on 30xPE’22E, the three years average trading range.</li>
<li>We expect OSP to post 4Q21 net profit of Bt801m (-6%YoY, +38%QoQ), a recovery from 3Q21, the lowest level since listed. QoQ improvement will be supported by recovering beverage sales</li>
<li>We foresee 2022E earnings to hit record high at Bt3.6bn(+14%YoY)driven by 1) a solid revenue growth at +4.7%YoY from recovering sales in beverage sales in Thailand and new products launch </li>
</ul>


We maintain BUY rating with target price at Bt36.50, based on 30xPE’22E, the three years average trading range.
We expect OSP to post 4Q21 net profit of Bt801m (-6%YoY, +38%QoQ), a recovery from 3Q21, the lowest level since listed. QoQ improvement will be supported by recovering beverage sales
We foresee 2022E earnings to hit record high at Bt3.6bn(+14%YoY)driven by 1) a solid revenue growth at +4.7%YoY from recovering sales in beverage sales in Thailand and new products launch 


Osotspa Public Company Limited

OSP: Expect 4Q21 Earnings to Recover QoQ