SCGP : 2Q22 Results In-Line with Expectation

SCGP : Lukewarm 3Q22 Earnings Amid Weak Demand

SCGP : Weak Demand Pressured 3Q22 Results

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

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 a TP of Bt66 derived from 33xPE’22E which is close to its 3-years trailing mean. We recommend investors to increase position in SCGP ahead </li>
<li>Modest recovery in 2Q22, post 1Q22 bottom : We estimate 2Q22 core profit at Bt1.9bn (-8%YoY, +12%QoQ) based on assuming gross margin of 17.4% (-3.1ppts YoY, +0.3ppts QoQ). </li>
<li>Likewise, we forecast the company to register revenue at Bt38.1bn (+28%YoY, +4%QoQ). The YoY rise is attributed to healthier demand volume and M&amp;Ps contribution, upon the resumption of economic activities </li>
</ul>


We retain our BUY rating with a TP of Bt66 derived from 33xPE’22E which is close to its 3-years trailing mean. We recommend investors to increase position in SCGP ahead 
Modest recovery in 2Q22, post 1Q22 bottom : We estimate 2Q22 core profit at Bt1.9bn (-8%YoY, +12%QoQ) based on assuming gross margin of 17.4% (-3.1ppts YoY, +0.3ppts QoQ). 
Likewise, we forecast the company to register revenue at Bt38.1bn (+28%YoY, +4%QoQ). The YoY rise is attributed to healthier demand volume and M&amp;Ps contribution, upon the resumption of economic activities 


SCGP : Time to Repack for Brighter 2H22 Outlook

SCG Packaging

SCGP : Time to Repack for Brighter 2H22 Outlook