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> 4Q17 EPS was at Bt0.11 (+37%YoY and -35%QoQ). The company reports FY17 EPS of Bt0.85 (+47%YoY) and 6% lower than our forecast</strong></p><ul>
<li>4Q17 net profit was at Bt68m, increased 37% YoY but dropped 35% QoQ.</li>
<li>4Q17 SG&amp;A to sales ratio picked up from 12.7% in 4Q16 to 18.5% in 4Q17 mainly due to higher spending in human resources and marketing expenses</li>
<li>An improvement in FY17 core earning was mainly due to removal of Premier enterprise PCL which contributed Bt61m loss in 2016</li>
<li>PM announced an interim dividend payment…</li>
</ul>

 4Q17 EPS was at Bt0.11 (+37%YoY and -35%QoQ). The company reports FY17 EPS of Bt0.85 (+47%YoY) and 6% lower than our forecast
4Q17 net profit was at Bt68m, increased 37% YoY but dropped 35% QoQ.
4Q17 SG&amp;A to sales ratio picked up from 12.7% in 4Q16 to 18.5% in 4Q17 mainly due to higher spending in human resources and marketing expenses
An improvement in FY17 core earning was mainly due to removal of Premier enterprise PCL which contributed Bt61m loss in 2016
PM announced an interim dividend payment…


PM: 4Q17 Slightly Trimmed Due to a Surge in SG&A

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PM: 4Q17 Slightly Trimmed Due to a Surge in SG&A