SAPPE: Targets to Hit Revenue at Bt10bn by 2026

SAPPE : Solid Export Sales Drove 2Q22 Profit to New High

SAPPE : Continue Deliver Solid Earnings in 3Q22

SAPPE: Expect 2Q21 Earnings to Grow YoY and QoQ

SAPPE: Expect 3Q21 Earnings to Reach the 4-Year High

SAPPE: Strategic Partner Will Unlock Growth Opportunities 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 reiterate our BUY rating for SAPPE with a target price of Bt32.0 based on 22xPE’22E,close to its five-years average trading range and average of Asia-ex Japan consumer staple sector</li>
<li>SAPPE is beverage exporter with 65% of sales from oversea. In 2021, logistic cost surged to Bt341m (+251%YoY) as it provides a freight contract for distributors and pass most</li>
<li>Average container freight decreased to US$8800 per 40ft box in March 2022 from it peak at US$10,000 per 40ft box in Sep 2021. We believe freight rate to continues </li>
</ul>


We reiterate our BUY rating for SAPPE with a target price of Bt32.0 based on 22xPE’22E,close to its five-years average trading range and average of Asia-ex Japan consumer staple sector
SAPPE is beverage exporter with 65% of sales from oversea. In 2021, logistic cost surged to Bt341m (+251%YoY) as it provides a freight contract for distributors and pass most
Average container freight decreased to US$8800 per 40ft box in March 2022 from it peak at US$10,000 per 40ft box in Sep 2021. We believe freight rate to continues 


SAPPE: MOGU MOGU Boost Earnings Momentum in 2022-24

Sappe Pcl

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