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 rating but cut TP by 6% to Bt174  by roll-over target PE to 12.8xPE’23E,which is pegged to -1SD of its 10-yrs trailing mean.With challenging near-term outlook </li>
<li>2Q22 core profit grew both YoY and QoQ Excluding Bt353m loss from extra items, its 2Q22 core profit was at Bt1.7bn (+16%YoY,+13%QoQ).The YoY growth was driven by gross margin expansion</li>
<li>Neutral tone from the analyst’s meeting We foresee 3Q22 core profit to decline QoQ due to seasonal rout during the raining season but to grow YoY, as base effect kicks </li>
</ul>


We maintain our BUY rating but cut TP by 6% to Bt174  by roll-over target PE to 12.8xPE’23E,which is pegged to -1SD of its 10-yrs trailing mean.With challenging near-term outlook 
2Q22 core profit grew both YoY and QoQ Excluding Bt353m loss from extra items, its 2Q22 core profit was at Bt1.7bn (+16%YoY,+13%QoQ).The YoY growth was driven by gross margin expansion
Neutral tone from the analyst’s meeting We foresee 3Q22 core profit to decline QoQ due to seasonal rout during the raining season but to grow YoY, as base effect kicks 


SCCC : Equity Income Was Key Driver to 2Q22 Result

Siam City Cement

SCCC : Equity Income Was Key Driver to 2Q22 Result