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>Downgrade to SELL from HOLD rating and cut TP by 41% to Bt14, derived from 1.4xPBV’22E, Asia ex-Japan Materials sector. We believe the valuation remains demanding with the stock trading</li>
<li>Its 4Q21 core profit was at Bt175m (-83%YoY,-71%QoQ), plunged due to narrow margin, following crude price surged and higher OPEX.</li>
<li>Excluding extraordinary items, 2021 core profit was at Bt2.9bn, increased 9%YoY, attributed to better EBIT margin from lower SG&amp;A-to-sales ratio</li>
</ul>


Downgrade to SELL from HOLD rating and cut TP by 41% to Bt14, derived from 1.4xPBV’22E, Asia ex-Japan Materials sector. We believe the valuation remains demanding with the stock trading
Its 4Q21 core profit was at Bt175m (-83%YoY,-71%QoQ), plunged due to narrow margin, following crude price surged and higher OPEX.
Excluding extraordinary items, 2021 core profit was at Bt2.9bn, increased 9%YoY, attributed to better EBIT margin from lower SG&amp;A-to-sales ratio


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