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>PM reported the 1Q18 earnings of Bt101m (-30%YoY and +49%QoQ). The 1Q18 earnings result was in line with our forecast and accounted for 20% of our full-year forecast.</strong></p><ul class="">
<li>1Q18 revenue from sale and service dropped 3% due to a decrease in export volume of food manufacturing segment.</li>
<li>Gross profit margin slightly dropped due lower contribution from food manufacturing segment.</li>
<li>SG&amp;A expenses also increased 12% amid a decline in sales which majority came from consolidation of expense from organic coffee…</li>
</ul>

PM reported the 1Q18 earnings of Bt101m (-30%YoY and +49%QoQ). The 1Q18 earnings result was in line with our forecast and accounted for 20% of our full-year forecast.
1Q18 revenue from sale and service dropped 3% due to a decrease in export volume of food manufacturing segment.
Gross profit margin slightly dropped due lower contribution from food manufacturing segment.
SG&amp;A expenses also increased 12% amid a decline in sales which majority came from consolidation of expense from organic coffee…


PM: 1Q18 Earnings Trimmed Due to a Surge in SG&A and a Fall in Margins

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PM: 1Q18 Earnings Trimmed Due to a Surge in SG&A and a Fall in Margins