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

<ul>
<li>Maintain HOLD recommendation for PRM but raised target price to Bt6.60 (Previous TP: Bt6.30) after revised earnings up by 16-25% in 2022-23E. We are positive toward 2H22 fleet expansion plan</li>
<li>2Q22 core profit dropped QoQ and YoY Report 2Q22 net profit at Bt199m. Excluding FX item,core earnings would be at Bt262m (-38%YoY -2%QoQ) YoY drop was due to high base </li>
<li>Core revenue hit all-time high at Bt1.7bn along with fleet expansion(59 vessels as of 2Q22)and an increase in transportation volume for domestic trading business (45% of total revenue in 2Q22)</li>
</ul>


Maintain HOLD recommendation for PRM but raised target price to Bt6.60 (Previous TP: Bt6.30) after revised earnings up by 16-25% in 2022-23E. We are positive toward 2H22 fleet expansion plan
2Q22 core profit dropped QoQ and YoY Report 2Q22 net profit at Bt199m. Excluding FX item,core earnings would be at Bt262m (-38%YoY -2%QoQ) YoY drop was due to high base 
Core revenue hit all-time high at Bt1.7bn along with fleet expansion(59 vessels as of 2Q22)and an increase in transportation volume for domestic trading business (45% of total revenue in 2Q22)


Prima Marine PCL

PRM : Excited Fleet Expansion Plan