RS : 2H22 Earnings Recovery Remains Challenging

RS : 3Q22 Earnings Show Sign of Positive Recovery

RS: Invest in Product Manufacture Company

RS: New Utility Token to Support Organic Earnings Growth in 2022

RS: Rising for Sustainable Growth in 2022

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 have a positive view toward the acquisition of Unilever’s direct sales business as it align with the company's business strategy to strengthen Entertainmerce business especially on outbound sales. Excluding </li>
<li>Our expectation over earnings recovery in 2022E will be driven by 1.) 35% revenue growth supported by recovery of existing MPC segments and consolidation of ULife,2.) an absence of heavy </li>
<li>We expect RS to post 4Q21 net loss at Bt10m (compared with Bt0.9m loss in 3Q21 and Bt103m profit in 4Q20).</li>
</ul>


We have a positive view toward the acquisition of Unilever’s direct sales business as it align with the company's business strategy to strengthen Entertainmerce business especially on outbound sales. Excluding 
Our expectation over earnings recovery in 2022E will be driven by 1.) 35% revenue growth supported by recovery of existing MPC segments and consolidation of ULife,2.) an absence of heavy 
We expect RS to post 4Q21 net loss at Bt10m (compared with Bt0.9m loss in 3Q21 and Bt103m profit in 4Q20).


RS: Strengthening Entertainmerce Portfolio

RS PCL

RS: Strengthening Entertainmerce Portfolio