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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

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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

<p>SORKON had 4Q17 recurring net profit of Bt33m (-32%YoY, -12%QoQ). The FY2017 recurring net profit was Bt109m (+50%YoY) and 20% better our forecast </p><ul>
<li>Processed food’s sales grew 3%YoY and contributed 86% of total sales.</li>
<li>Sales from Franchises and delivery services grew 22%YoY and contributed 10% of its total gross profit.</li>
<li>Announced a full-year dividend payment of Bt2.2 (XD on 4 April), which is equivalent to 2.7% upcoming dividend yield.</li>
</ul><p>We rank SORKON as a BUY with 39% upside to our target price of…</p>

SORKON had 4Q17 recurring net profit of Bt33m (-32%YoY, -12%QoQ). The FY2017 recurring net profit was Bt109m (+50%YoY) and 20% better our forecast 
Processed food’s sales grew 3%YoY and contributed 86% of total sales.
Sales from Franchises and delivery services grew 22%YoY and contributed 10% of its total gross profit.
Announced a full-year dividend payment of Bt2.2 (XD on 4 April), which is equivalent to 2.7% upcoming dividend yield.
We rank SORKON as a BUY with 39% upside to our target price of…

SORKON: Franchises and Delivery Services Drove 50% 2017 Net Profit

S Khonkaen Foods

SORKON: Franchises and Delivery Services Drove 50% 2017 Net Profit