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

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<li>We maintain our BUY call with a target price of Bt55.0. The 3Q22 net profit improved 56% YoY and 2% QoQ to Bt2.2bn,which came out in line with our expectations. </li>
<li>Positive 3Q22 results RATCH’s 3Q22 net profit came in line with our expectations at Bt2.2bn, which strongly increased 56% YoY (+2% QoQ).</li>
<li>Excluding one-time gains, the recurring profit stood at Bt2.1bn (+56% YoY, +10% QoQ).  The YoY growth was driven by improved contribution from IPPs. While the QoQ growth </li>
</ul>


We maintain our BUY call with a target price of Bt55.0. The 3Q22 net profit improved 56% YoY and 2% QoQ to Bt2.2bn,which came out in line with our expectations. 
Positive 3Q22 results RATCH’s 3Q22 net profit came in line with our expectations at Bt2.2bn, which strongly increased 56% YoY (+2% QoQ).
Excluding one-time gains, the recurring profit stood at Bt2.1bn (+56% YoY, +10% QoQ).  The YoY growth was driven by improved contribution from IPPs. While the QoQ growth 


Ratch Group PCL

RATCH : Robust Growth Outlook in 2023