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

SQ: Top Mining Contractor Seeking Regional Opportunities

SQ: Little Impact from Landslide at Mae Moh

FTE: Strong 4Q17 Performance with Attractive Dividend

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><strong>SQ posted net losses in 1Q18 of Bt39m, from net profit of Bt226m in 1Q17 and Bt11m in 4Q17. We are under-reviewing our 2018E projection and target price.</strong></p><ul>
<li>SQ posted net losses in 1Q18 of Bt39m, from net profit of Bt226m in 1Q17 and Bt11m in 4Q17. The main pressure came from the losses in Mae Moh 8 project.</li>
<li>Its 1Q18 revenue was Bt831m (-18%YoY, +25% QoQ) and its gross profit margin was narrow at 7.9%, compared to 38.8% in 1Q17 and 14.6% in 4Q17, eroded by the decrease in the average excavation wages…</li>
</ul>

SQ posted net losses in 1Q18 of Bt39m, from net profit of Bt226m in 1Q17 and Bt11m in 4Q17. We are under-reviewing our 2018E projection and target price.
SQ posted net losses in 1Q18 of Bt39m, from net profit of Bt226m in 1Q17 and Bt11m in 4Q17. The main pressure came from the losses in Mae Moh 8 project.
Its 1Q18 revenue was Bt831m (-18%YoY, +25% QoQ) and its gross profit margin was narrow at 7.9%, compared to 38.8% in 1Q17 and 14.6% in 4Q17, eroded by the decrease in the average excavation wages…


SQ: Negative Surprise, but Too Cheap to Sell

Sahakol Equipment

SQ: Negative Surprise, but Too Cheap to Sell