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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

<p>SQ reported 4Q17 recurring EPS of Bt0.01, which was (-94.1% YoY) but swung from losses of Bt0.04 in 3Q17. The company produced a 2017 recurring EPS of Bt0.32, which was (-18.1% YoY) and 4.0% under our estimate</p><ul>
<li>SQ reported 4Q17 net profit of Bt11m, fell from Bt176m in 4Q16 but swung from net losses of Bt42m in 3Q17. While the YoY plunge was from the 25% YoY revenue falling and 26.2 ppts GPM contraction, the QoQ turning black was thanks to seasonal effect, which let 20% QoQ increase in revenue.</li>
<li>SQ…</li>
</ul>

SQ reported 4Q17 recurring EPS of Bt0.01, which was (-94.1% YoY) but swung from losses of Bt0.04 in 3Q17. The company produced a 2017 recurring EPS of Bt0.32, which was (-18.1% YoY) and 4.0% under our estimate
SQ reported 4Q17 net profit of Bt11m, fell from Bt176m in 4Q16 but swung from net losses of Bt42m in 3Q17. While the YoY plunge was from the 25% YoY revenue falling and 26.2 ppts GPM contraction, the QoQ turning black was thanks to seasonal effect, which let 20% QoQ increase in revenue.
SQ…


SQ: 4Q17 Earnings Plunged YoY but Swung from Losses in 3Q17

Sahakol Equipment

SQ: 4Q17 Earnings Plunged YoY but Swung from Losses in 3Q17