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>Upgrade to BUY from HOLD rating and raise TP by 6%to Bt2.66 based on 11.8xPE’2022E, +1SD from its five-years trading average. Our rating factor in benefit from easing LTV policy</li>
<li>We expect the peak quarter profit in 4Q21 at Bt522 m (-10%YoY, +99%QoQ), driven by higher housing revenue recognition and rising equity income especially from  HMPRO</li>
<li>Core operation in 4Q21 will be backed  by secured  backlog in 3Q21 worth Bt830m</li>
</ul>


Upgrade to BUY from HOLD rating and raise TP by 6%to Bt2.66 based on 11.8xPE’2022E, +1SD from its five-years trading average. Our rating factor in benefit from easing LTV policy
We expect the peak quarter profit in 4Q21 at Bt522 m (-10%YoY, +99%QoQ), driven by higher housing revenue recognition and rising equity income especially from  HMPRO
Core operation in 4Q21 will be backed  by secured  backlog in 3Q21 worth Bt830m


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

Quality Houses

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