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

Supalai Public Company / Equity Bottom-Up

<ul>
<li>Maintain our BUY rating with  a  TP of Bt24.0, based on 6.8xPE23, or its 5-year trading average.  Our rating reflects strong expected annual earnings in 22E-24E of around Bt7bn</li>
<li>Positive view from analyst meetingReal estate sales grewYoYin both low-rise and high rise segment and management expect real estate transfers value will be the new high level in this year</li>
<li>SPALI plan to launch new projects in 4Q22 worth Bt10.7bn,including 10 low-rise projects and 1 condominium project. Low-rise presales growth in Bangkok should  increase in 4Q22  from high projects launch.</li>
</ul>


Maintain our BUY rating with  a  TP of Bt24.0, based on 6.8xPE23, or its 5-year trading average.  Our rating reflects strong expected annual earnings in 22E-24E of around Bt7bn
Positive view from analyst meetingReal estate sales grewYoYin both low-rise and high rise segment and management expect real estate transfers value will be the new high level in this year
SPALI plan to launch new projects in 4Q22 worth Bt10.7bn,including 10 low-rise projects and 1 condominium project. Low-rise presales growth in Bangkok should  increase in 4Q22  from high projects launch.


SPALI : 3Q22 Result Will Expand YoY and QoQ