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

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<li>3Q22 net profit came out better than market and our expectation at Bt1.3bn(-10%YoY, -19%QoQ).YoY andQoQ decrease in earnings dragged by a drop in average TC rate to five-quarter low atUS$19,840 </li>
<li>3Q22 profit fell QoQ and YoY but above our expectation PSL reports 3Q22 net profit at Bt1.3bn (-10%YoY,-19%QoQ).A drop in earnings was pressured by contraction in in PSL’s average earnings</li>
<li>However, average market TC rate for Supramax and Handy-sized are reported at US19,728 (-33%YoY -32%QoQ) and US$18,709(-42%YoY -32%QoQ). Handy-sized segment remained discount to market due to smaller fleet size relative </li>
</ul>


3Q22 net profit came out better than market and our expectation at Bt1.3bn(-10%YoY, -19%QoQ).YoY andQoQ decrease in earnings dragged by a drop in average TC rate to five-quarter low atUS$19,840 
3Q22 profit fell QoQ and YoY but above our expectation PSL reports 3Q22 net profit at Bt1.3bn (-10%YoY,-19%QoQ).A drop in earnings was pressured by contraction in in PSL’s average earnings
However, average market TC rate for Supramax and Handy-sized are reported at US19,728 (-33%YoY -32%QoQ) and US$18,709(-42%YoY -32%QoQ). Handy-sized segment remained discount to market due to smaller fleet size relative 


PSL : Demand for Dry Bulk Trading Should Remain Supportive

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PSL : Demand for Dry Bulk Trading Should Remain Supportive