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

<p><strong>PK posted a net profit of Bt3m (-97%YoY, -94%QoQ) in 1Q18. 1Q18 earnings accounted for 0.9% of our 2018E full-year forecast. We are revising our 2018E projection and target price downwards.</strong></p><ul class="">
<li>PK reported a net profit of Bt3m (-97%YoY, -94%QoQ) in 1Q18, down from a net profit of Bt79m in 1Q17 and Bt48m in 4Q17.</li>
<li>Its 1Q18 revenue was Bt1.05bn (-14%YoY and QoQ), mainly eroded by the 29%YoY revenue decrease in the Ice Machine and Industrial Refrigeration Machine Business.</li>
<li>While the gross profit margin was…</li>
</ul>

PK posted a net profit of Bt3m (-97%YoY, -94%QoQ) in 1Q18. 1Q18 earnings accounted for 0.9% of our 2018E full-year forecast. We are revising our 2018E projection and target price downwards.
PK reported a net profit of Bt3m (-97%YoY, -94%QoQ) in 1Q18, down from a net profit of Bt79m in 1Q17 and Bt48m in 4Q17.
Its 1Q18 revenue was Bt1.05bn (-14%YoY and QoQ), mainly eroded by the 29%YoY revenue decrease in the Ice Machine and Industrial Refrigeration Machine Business.
While the gross profit margin was…


PK: Falling Profit Due to High Operating Leverage

Patkol PCL

PK: Falling Profit Due to High Operating Leverage