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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

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

SORKON had 1Q18 recurring net profit of Bt32m (+53%YoY, +50%QoQ). The 1Q18 result was 30% of our full-year forecast and better than our expectation.<ul>
<li>Processed food’s sales grew 12%YoY and contributed 55% of total sales and contributed 61% of its total gross profit.</li>
<li>Sales from seafood balls grew 2%YoY to Bt233m or 35% of total sales and contributed 27% of its total gross profit.</li>
</ul>We rank SORKON as a BUY with 42% upside to our target price of Bt104*<a href="https://www.smartkarma.com/insights/sorkon-biggest-player-in-thai-traditional-processed-food" target="_blank">SORKON: Biggest Player in Thai Traditional Processed</a>…

SORKON had 1Q18 recurring net profit of Bt32m (+53%YoY, +50%QoQ). The 1Q18 result was 30% of our full-year forecast and better than our expectation.
Processed food’s sales grew 12%YoY and contributed 55% of total sales and contributed 61% of its total gross profit.
Sales from seafood balls grew 2%YoY to Bt233m or 35% of total sales and contributed 27% of its total gross profit.
We rank SORKON as a BUY with 42% upside to our target price of Bt104*SORKON: Biggest Player in Thai Traditional Processed…

SORKON: Processed Food Is the Main Driver of 53% YoY Earnings Growth

S Khonkaen Foods

SORKON: Processed Food Is the Main Driver of 53% YoY Earnings Growth