SMPC:  25% Sales Growth Causes a Stable 2017 Net Profit

ARROW: Revenue to Flow Down the Pipe Amid Product Expansion

SMPC: Top-Three of Global LPG Cylinder Manufacturers

SNC: Cool Breeze Brings in 2018 Earnings and Core Business Revival

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

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Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

Sahamitr Pressure Container / Equity Bottom-Up

SMPC reported 1Q18 net profit of Bt117m (-4%YoY, -23%QoQ) below our expectation. The 1Q18 result accounts for 16% of our full-year forecast. Accelerating raw material prices compared to product price adjustment lead 1Q18 gross margin to drop to 19.7%, the lowest in twelve quarters<ul>
<li>Sales was at Bt1.2bn (+24%YoY, +1%QoQ), the recorded level. Demand grew ahead in Asia-Pacific and Africa were main drivers for sales growth.</li>
<li>Capex rose 400%QoQ at roughly Bt100m from buying for capacity expansion.</li>
</ul>We…

SMPC reported 1Q18 net profit of Bt117m (-4%YoY, -23%QoQ) below our expectation.  The 1Q18 result accounts for 16% of our full-year forecast. Accelerating raw material prices compared to product price adjustment lead 1Q18 gross margin to drop to 19.7%, the lowest in twelve quarters
Sales was at Bt1.2bn (+24%YoY, +1%QoQ), the recorded level. Demand grew ahead in Asia-Pacific and Africa were main drivers for sales growth.
Capex rose 400%QoQ at roughly Bt100m from buying for capacity expansion.
We…

SMPC:  Sales Was the Record Level but GPM Drop at Lowest Twelve Quarter