SCGP : Weak Demand Pressured 3Q22 Results

SCGP : Time to Repack for Brighter 2H22 Outlook

SCGP : 2Q22 Results In-Line with Expectation

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

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 maintain our BUY call with a new target price of Bt61.00 (from Bt65.00) derived from a 30xPE’23E (de-rate from 33xPE’22E), its 3-years trailing average.</li>
<li>Gloomy 3Q22 earnings expected off softer margin We forecast 3Q22 core profit at Bt1.7bn (+25%YoY, -9%QoQ) based on the expected gross margin of 17.2% (flat YoY, -0.3ppts QoQ).</li>
<li>Primed for growth in 4Q22 after a rocky ride in 3Q22 We believe 4Q22 earnings momentum to pick up YoY as base effect kicks-in and QoQ from margin expansion, backed</li>
</ul>


We maintain our BUY call with a new target price of Bt61.00 (from Bt65.00) derived from a 30xPE’23E (de-rate from 33xPE’22E), its 3-years trailing average.
Gloomy 3Q22 earnings expected off softer margin We forecast 3Q22 core profit at Bt1.7bn (+25%YoY, -9%QoQ) based on the expected gross margin of 17.2% (flat YoY, -0.3ppts QoQ).
Primed for growth in 4Q22 after a rocky ride in 3Q22 We believe 4Q22 earnings momentum to pick up YoY as base effect kicks-in and QoQ from margin expansion, backed


SCGP : Lukewarm 3Q22 Earnings Amid Weak Demand

SCG Packaging

SCGP : Lukewarm 3Q22 Earnings Amid Weak Demand