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 upgrade to HOLD (from Sell) with a new TP of Bt16.00, based on 1.50xPBV’23E. The key pillars to our call are (1) an earnings growth recovery in 2023-24 </li>
<li>3Q22 core profit declined YoY and QoQ Excluding extra items,its 3Q22 core profit came in at Bt380m(-5%YoY,-42%QoQ).This put its 9M22 core profit at Bt1.3bn (-28%YoY),accounting for74% of our full-year forecast.</li>
<li>74% of our full-year forecast. The weak QoQ results were attributed to the squeezed margin of 9.7% (2Q22: 13.4%). This was primarily caused by (1) a rise in inventory costs</li>
</ul>


We upgrade to HOLD (from Sell) with a new TP of Bt16.00, based on 1.50xPBV’23E. The key pillars to our call are (1) an earnings growth recovery in 2023-24 
3Q22 core profit declined YoY and QoQ Excluding extra items,its 3Q22 core profit came in at Bt380m(-5%YoY,-42%QoQ).This put its 9M22 core profit at Bt1.3bn (-28%YoY),accounting for74% of our full-year forecast.
74% of our full-year forecast. The weak QoQ results were attributed to the squeezed margin of 9.7% (2Q22: 13.4%). This was primarily caused by (1) a rise in inventory costs


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