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

S Hotels & Resorts PCL / Equity Bottom-Up

<ul>
<li>Maintain BUY rating for SHR while rolled over target price to Bt5.20 (Previous TP:4.80). We expect the company to post positive net profit in 2H22 driven by self-managed Thailand portfolio</li>
<li>Positive earnings outlook in 2H22 UK portfolio:Solid performance is expected to carry on until winter season until year ended supported by pent-up demand for domestic travelers (90%guest contribution)together with recovery </li>
<li>Self-Managed Thai hotels: Positive recovery momentum is expected to continue throughout 2022 supported by foreign tourist inbound and domestic tourism stimulus package. July’22 occupancy rate for Thai hotels had gradually </li>
</ul>


Maintain BUY rating for SHR while rolled over target price to Bt5.20 (Previous TP:4.80). We expect the company to post positive net profit in 2H22 driven by self-managed Thailand portfolio
Positive earnings outlook in 2H22 UK portfolio:Solid performance is expected to carry on until winter season until year ended supported by pent-up demand for domestic travelers (90%guest contribution)together with recovery 
Self-Managed Thai hotels: Positive recovery momentum is expected to continue throughout 2022 supported by foreign tourist inbound and domestic tourism stimulus package. July’22 occupancy rate for Thai hotels had gradually 


SHR : Benefit from Its Well-Diversified Hotel Portfolio