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

<ul>
<li>Maintain BUY rating with a new TP of Bt9.60 (revise up by 16%) as we roll forward valuation base to 30xPE’23E which is -1SD of 5-years trading mean. </li>
<li>We expect 1Q22E operation to be the bottom quarter at a net loss of Bt55m,ahead of earnings modestly gearing up in 2Q22 and onwards, on the back of tourism recovery.</li>
<li>In our view, recovery trend to continue into 2H22, based on full reopening country for foreign tourists post COVID crisis, with upside risk from new branches and products. </li>
</ul>


Maintain BUY rating with a new TP of Bt9.60 (revise up by 16%) as we roll forward valuation base to 30xPE’23E which is -1SD of 5-years trading mean. 
We expect 1Q22E operation to be the bottom quarter at a net loss of Bt55m,ahead of earnings modestly gearing up in 2Q22 and onwards, on the back of tourism recovery.
In our view, recovery trend to continue into 2H22, based on full reopening country for foreign tourists post COVID crisis, with upside risk from new branches and products. 


SPA: Keep Eye on Tourism Recovery Ahead of Soft 1Q22

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SPA: Keep Eye on Tourism Recovery Ahead of Soft 1Q22