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 target price of Bt2.54 based on 9.7xPE’2023E, implying 10% discount from its five-years trading average. We have positive view to its 2022 outlook backed </li>
<li>3Q22 earnings grew YoY and QoQ QH reported  3Q22’s net profit of Bt640m (+143%YoY, +24% QoQ), better than our forecast and market expectation.  The YoY increasing of net profit supported </li>
<li>3Q22 presales expanded YoY and QoQ QH reported 3Q22 presales at Bt2.3 bn (+71% YoY, +13% QoQ), representing Bt2.1bn of low-rise presales and Bt289m of condominium presales. 9M22 presales reached </li>
</ul>


Maintain BUY rating with a target price of Bt2.54 based on 9.7xPE’2023E, implying 10% discount from its five-years trading average. We have positive view to its 2022 outlook backed 
3Q22 earnings grew YoY and QoQ QH reported  3Q22’s net profit of Bt640m (+143%YoY, +24% QoQ), better than our forecast and market expectation.  The YoY increasing of net profit supported 
3Q22 presales expanded YoY and QoQ QH reported 3Q22 presales at Bt2.3 bn (+71% YoY, +13% QoQ), representing Bt2.1bn of low-rise presales and Bt289m of condominium presales. 9M22 presales reached 


Quality Houses

QH : 3Q22 Results Better than Expected