SAPPE: New Products Support 4Q20 Earnings to Grow YoY

SAPPE: Better Performance in Both Domestic and International

SAPPE: Expect 2Q21 Earnings to Grow YoY and QoQ

SAPPE: Excise Taxes Continues to Burden 1Q20 Earnings

SAPPE: 3Q20 Earnings Back on Track to YoY Growth

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

<p><strong>Yesterday analyst meeting came out with a neutral tone. We still expect 4Q20 earnings to drop QoQ from low season but still grow YoY, resulting in  the successful in introducing new products.</strong></p><div>• Reduce excise tax rate from 10% to 3%</div><div>• Growth drivers coming from new products in 4Q20</div><div>• We maintain our positive long-term outlook supported by the company will continue to launch new product and market expansion in CLMV and Korea in the next three years.</div><p></p><p><strong>We maintain BUY rating with target price of Bt25.4 based on 16.9xPE’21E, which is its three-year trading average.</strong></p>

Yesterday analyst meeting came out with a neutral tone. We still expect 4Q20 earnings to drop QoQ from low season but still grow YoY, resulting in  the successful in introducing new products.• Reduce excise tax rate from 10% to 3%• Growth drivers coming from new products in 4Q20• We maintain our positive long-term outlook supported by the company will continue to launch new product and market expansion in CLMV and Korea in the next three years.We maintain BUY rating with target price of Bt25.4 based on 16.9xPE’21E, which is its three-year trading average.

SAPPE: Expect 4Q20 Earnings to Grow Slightly YoY

Sappe Pcl

SAPPE: Expect 4Q20 Earnings to Grow Slightly YoY