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

SiS Distribution (Thailand) PCL / Equity Bottom-Up

<ul>
<li>We maintain our BUY rating and roll-over our TP to Bt31.75(-3% from previous TP) based on 12.9xPE’23E (+0.5S.D. of 5-year trading history). 3Q22 earnings was disappointing and below our expectation</li>
<li>3Q22 earnings was impacted by inflation 3Q22 net profit was at Bt186m (-14% YoY, -4% QoQ). Stripping FX gains, core profit stood at Bt 144m (-19%YoY, -17%QoQ) a nine-quarter low.</li>
<li>Revenue in 3Q22 registered at Bt6.7bn (-21% YoY, -11% QoQ). YoY and QoQ decline was caused by lower Phone and Consumer sales. We believe that SIS’s retail-serving clients</li>
</ul>


We maintain our BUY rating and roll-over our TP to Bt31.75(-3% from previous TP) based on 12.9xPE’23E (+0.5S.D. of 5-year trading history). 3Q22 earnings was disappointing and below our expectation
3Q22 earnings was impacted by inflation 3Q22 net profit was at Bt186m (-14% YoY, -4% QoQ). Stripping FX gains, core profit stood at Bt 144m (-19%YoY, -17%QoQ) a nine-quarter low.
Revenue in 3Q22 registered at Bt6.7bn (-21% YoY, -11% QoQ). YoY and QoQ decline was caused by lower Phone and Consumer sales. We believe that SIS’s retail-serving clients


SiS Distribution (Thailand) PCL

SIS : 2023 Outlook Remains Bright