SCGP : Lukewarm 3Q22 Earnings Amid Weak Demand

SCGP : Weak Demand Pressured 3Q22 Results

SCGP: Elevated Product Prices to Drive Core Profit in 1Q22

SCGP : Time to Repack for Brighter 2H22 Outlook

SCGP: 4Q21 Earnings Result In-Line with Expectation

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 retain our BUY rating with TP of Bt66 derived from 33xPE’22E which is close to its 3-years trailing mean.We recommend investors to accumulate ahead of brighter2H22 outlook and beyond</li>
<li>Moderate recovery in 2Q22 as expected Its 2Q22 core profit was in-line at Bt1.9bn (-9%YoY, +11%QoQ), driven QoQ by gross margin expansion to 17.6% (+0.4ppts QoQ) backed by stronger fibrous </li>
<li>Neutral tone from the analyst’s meeting The company has raised target revenue to Bt150bn, or 7% above our forecast. However,the management flag concerns over the spiking energy prices that should</li>
</ul>


We retain our BUY rating with TP of Bt66 derived from 33xPE’22E which is close to its 3-years trailing mean.We recommend investors to accumulate ahead of brighter2H22 outlook and beyond
Moderate recovery in 2Q22 as expected Its 2Q22 core profit was in-line at Bt1.9bn (-9%YoY, +11%QoQ), driven QoQ by gross margin expansion to 17.6% (+0.4ppts QoQ) backed by stronger fibrous 
Neutral tone from the analyst’s meeting The company has raised target revenue to Bt150bn, or 7% above our forecast. However,the management flag concerns over the spiking energy prices that should


SCGP : 2Q22 Results In-Line with Expectation

SCG Packaging

SCGP : 2Q22 Results In-Line with Expectation