SYNEX : Weak 4Q22 but Positive 2023 Outlook

SYNEX : Limited Inflationary Impact on 2Q22 Earnings

SYNEX: Maintain Healthy 22E Growth Despite Uncertainties

SYNEX: 4Q21 Net Profit Will Be an All-Time High

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>We maintain our BUY rating and TP of Bt24.25 based on 21.1xPE’23E(+1.0S.D of 10-year trading history).3Q22earnings was higher than expected and reaffirms our belief that reliance on technology in Thailand</li>
<li>3Q22 earnings grew amidst high inflation 3Q22 net profit was at Bt215m(+11%YoY, +5%QoQ),growing YoY from strong sales growth,while QoQ was led by both good sales performance and gross margin expansion.</li>
<li>9M22 comprises 70.4% of our full year 22E forecast. We expect strong 4Q22 performance due to seasonality, especially with the iPhone 14 remaining popular</li>
</ul>


We maintain our BUY rating and TP of Bt24.25 based on 21.1xPE’23E(+1.0S.D of 10-year trading history).3Q22earnings was higher than expected and reaffirms our belief that reliance on technology in Thailand
3Q22 earnings grew amidst high inflation 3Q22 net profit was at Bt215m(+11%YoY, +5%QoQ),growing YoY from strong sales growth,while QoQ was led by both good sales performance and gross margin expansion.
9M22 comprises 70.4% of our full year 22E forecast. We expect strong 4Q22 performance due to seasonality, especially with the iPhone 14 remaining popular


SYNEX : Cheap Valuation, High Dividend Yield

Synnex Thailand

SYNEX : Cheap Valuation, High Dividend Yield