QH: 4Q21 Earnings Will Be the Peak Quarter in 2021

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 BUY rating with a new target price of Bt2.54 based on9.7xPE’2023E,implying 10% discount from its five-years trading average.We have positive view to its 2022 outlook backed by 4 projects </li>
<li>2Q22 earnings grew YoY QH reported  2Q22’s net profit of Bt515m (+7%YoY, -12% QoQ),lower than our forecast at 10%. The YoY increasing of net profit supported </li>
<li>1H22 presales remain strong We expect 2Q22 presales at Bt2.1 bn (-4% YoY, +2% QoQ), and 1H22 presales at Bt4.1bn(+5%YoY) or 45% of company and our target representing </li>
</ul>


Maintain BUY rating with a new target price of Bt2.54 based on9.7xPE’2023E,implying 10% discount from its five-years trading average.We have positive view to its 2022 outlook backed by 4 projects 
2Q22 earnings grew YoY QH reported  2Q22’s net profit of Bt515m (+7%YoY, -12% QoQ),lower than our forecast at 10%. The YoY increasing of net profit supported 
1H22 presales remain strong We expect 2Q22 presales at Bt2.1 bn (-4% YoY, +2% QoQ), and 1H22 presales at Bt4.1bn(+5%YoY) or 45% of company and our target representing 


Quality Houses

QH : 2Q22 Results Grew YoY