SCCC : Equity Income Was Key Driver to 2Q22 Result

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

SCCC: Cement Sets to Swing into Recovery Mode in 2022

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>Maintain BUY rating with a new TP of B185.00 (down 9% from previous TP) derived from 13.2xPE’22E which is close to -1SD of 10-years trading average.</li>
<li>Excluding extraordinary items, 1Q22 core profit was at Bt1.5bn (+45%YoY, +20%QoQ), The YoY rose on solid revenue growth (+21%YoY), and equity income (+23%YoY).</li>
<li>We expect earnings trend to gear down QoQ in 2Q22, drag by mounting cost pressures behind the surging input costs upon the unfavorable macro dynamics and seasonality.</li>
</ul>


Maintain BUY rating with a new TP of B185.00 (down 9% from previous TP) derived from 13.2xPE’22E which is close to -1SD of 10-years trading average.
Excluding extraordinary items, 1Q22 core profit was at Bt1.5bn (+45%YoY, +20%QoQ), The YoY rose on solid revenue growth (+21%YoY), and equity income (+23%YoY).
We expect earnings trend to gear down QoQ in 2Q22, drag by mounting cost pressures behind the surging input costs upon the unfavorable macro dynamics and seasonality.


Siam City Cement

SCCC: Gradual Recovery Intact