SCCC : Equity Income Was Key Driver to 2Q22 Result

SCCC : 3Q22 Earnings Disappoint, but to Improve in 4Q22

SCCC: Negative Outlook Should Already Priced In

SCCC: Cost Control Helped Offsetting Weak Cement Demand

SCCC: Expect 3Q21 Earnings to Be Bottom Quarter

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>Reiterate BUY rating with TP of Bt202 based on 14.4xPE’22E,which is close to -1SD of its 10-years mean. Our rating factors in robust outlook on cement demand recovery, hence offering</li>
<li>Its 4Q21 net profit was at 1.1bn (+14%YoY, +57%QoQ), rebound fueled by strong revenue growth, together with margin expansion.</li>
<li>Foresee 1Q22 earnings to remain strong QoQ, backed by demand recovery post-lockdown and heighten cement prices in local and overseas market.</li>
</ul>


Reiterate BUY rating with TP of Bt202 based on 14.4xPE’22E,which is close to -1SD of its 10-years mean. Our rating factors in robust outlook on cement demand recovery, hence offering
Its 4Q21 net profit was at 1.1bn (+14%YoY, +57%QoQ), rebound fueled by strong revenue growth, together with margin expansion.
Foresee 1Q22 earnings to remain strong QoQ, backed by demand recovery post-lockdown and heighten cement prices in local and overseas market.


SCCC: Cement Sets to Swing into Recovery Mode in 2022

Siam City Cement

SCCC: Cement Sets to Swing into Recovery Mode in 2022