SCGP : Time to Repack for Brighter 2H22 Outlook

SCGP : 2Q22 Results In-Line with Expectation

SCGP : Lukewarm 3Q22 Earnings Amid Weak Demand

SCGP: 4Q21 Earnings Result In-Line with Expectation

SCGP: 3Q21 Result Dip QoQ, 10% Below Our Forecast

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 B66.00 (down 8% from previous TP),based on 30.8xPE’22E which is close to its -1SD of 3-years trailing average. We believe, SCGP’s 24%</li>
<li>We expect 1Q22E core profit to be the bottom quarter at Bt1.7bn (-21%YoY,-21%QoQ). Excluding one-time gain from the acquisition of Go-Pak adjustment, its recurring profit should rise 23%QoQ.</li>
<li>We believe earnings momentum to recover in  2Q22 onwards by raising product prices in wake of costs turbulence, but would drop YoY due to fall from high base. </li>
</ul>


Maintain BUY rating with a new TP of B66.00 (down 8% from previous TP),based on 30.8xPE’22E which is close to its -1SD of 3-years trailing average. We believe, SCGP’s 24%
We expect 1Q22E core profit to be the bottom quarter at Bt1.7bn (-21%YoY,-21%QoQ). Excluding one-time gain from the acquisition of Go-Pak adjustment, its recurring profit should rise 23%QoQ.
We believe earnings momentum to recover in  2Q22 onwards by raising product prices in wake of costs turbulence, but would drop YoY due to fall from high base. 


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

SCG Packaging

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