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 maintain the BUY call with a TP of Bt17.5.We like PTG for its steady earnings growth of 55%/28%in 2022E/2023E from margin recovery,and sales growth driven by retail store expansion.</li>
<li>3Q22 profit improved YoY while dropped QoQ PTG reported 3Q22 net profit of Bt177m (+181% YoY, -71% QoQ), falling out lower than our expectation.</li>
<li>The YoY earnings surge was underpinned by improved oil sales volume, which grew 16% YoY to 1.3bn liters on the back of overall relaxation of COVID-19 restrictions.</li>
</ul>


We maintain the BUY call with a TP of Bt17.5.We like PTG for its steady earnings growth of 55%/28%in 2022E/2023E from margin recovery,and sales growth driven by retail store expansion.
3Q22 profit improved YoY while dropped QoQ PTG reported 3Q22 net profit of Bt177m (+181% YoY, -71% QoQ), falling out lower than our expectation.
The YoY earnings surge was underpinned by improved oil sales volume, which grew 16% YoY to 1.3bn liters on the back of overall relaxation of COVID-19 restrictions.


PTG : Seasonal Weak Sales Dragged 3Q22 Earnings

PTG Energy PCL

PTG : Seasonal Weak Sales Dragged 3Q22 Earnings