SQ: Negative Surprise, but Too Cheap to Sell

SQ: Top Mining Contractor Seeking Regional Opportunities

SQ: Little Impact from Landslide at Mae Moh

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

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

We maintain our BUY rating on SQ with a new 1H19E target price of Bt3.4 (from previous Bt6.4). Even though SQ’s stock has lost its attractiveness, since  the two dramatic events, including losing bidding for Mae Moh 9 project and Mae Mohlandslide, the company should still have some value from the backlog on hand and being one of the few mine experts in the region.
The story:
Posted net loss of Bt58m in 2Q18, compared to Bt166m profit in 2Q17 and Bt39m loss in 1Q18
Trimmed 2018E earnings forecast by 88% and 2019-20E by 10-13%
Back on track after the crisis
Expected earnings to plunged in 2018E, but will recover back in 2019E
Risks:  Coal-price fluctuations and unstable revenue from mining services

Please refer to our recent report on: <a href="https://www.smartkarma.com/insights/sq-top-mining-contractor-seeking-regional-opportunities" target="_blank">SQ: Top Mining Contractor Seeking Regional Opportunities</a>

We maintain our BUY rating on SQ with a new 1H19E target price of Bt3.4 (from previous Bt6.4). Even though SQ’s stock has lost its attractiveness, since  the two dramatic events, including losing bidding for Mae Moh 9 project and Mae Mohlandslide, the company should still have some value from the backlog on hand and being one of the few mine experts in the region.
The story:
Posted net loss of Bt58m in 2Q18, compared to Bt166m profit in 2Q17 and Bt39m loss in 1Q18
Trimmed 2018E earnings forecast by 88% and 2019-20E by 10-13%
Back on track after the crisis
Expected earnings to plunged in 2018E, but will recover back in 2019E
Risks:  Coal-price fluctuations and unstable revenue from mining services

Please refer to our recent report on: SQ: Top Mining Contractor Seeking Regional Opportunities

Sahakol Equipment

SQ: After the Storm Comes a Calm