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>We upgrade PSL with BUY rating and target price of Bt18.0.We anticipate a strong recovery in dry bulk freight rate in 4Q22 to 1Q23 following an improvement in market conditions</li>
<li>3Q22 profit is expected to drop to five quarter low We expect PSL to post 3Q22 net profit at Bt1.1bn (-29%YoY, -36%QoQ), the lowest level in the past five quarter.</li>
<li>However, average market TC rate for Supramax and Handy-sized should be reported at US$19,728 and US$18,709 per day (-42%YoY -32%QoQ) A discount to market is due to smaller fleet size </li>
</ul>


We upgrade PSL with BUY rating and target price of Bt18.0.We anticipate a strong recovery in dry bulk freight rate in 4Q22 to 1Q23 following an improvement in market conditions
3Q22 profit is expected to drop to five quarter low We expect PSL to post 3Q22 net profit at Bt1.1bn (-29%YoY, -36%QoQ), the lowest level in the past five quarter.
However, average market TC rate for Supramax and Handy-sized should be reported at US$19,728 and US$18,709 per day (-42%YoY -32%QoQ) A discount to market is due to smaller fleet size 


PSL : Demand Should Recover Firmly in 4Q22

Precious Shipping

PSL : Demand Should Recover Firmly in 4Q22