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

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<li>We keep our SELL rating with a new TP of Bt14.50(+4% from prior TP),as we rollover to 1.41xPBV’23E, which is -2SD of its 5-yrs trading mean.Strong QoQ growth in  2Q22</li>
<li>2Q22 core profit posted strong QoQ Excluding extra items, its core profit was at Bt622m (-14%YoY, +250%QoQ). The strong QoQ rise was far above our expectation</li>
<li>Neutral tone from the analyst meeting The management reaffirmed its sales volume guidance for asphalt at 1.20m tons in 2022E (-3%YoY), while its 1H22 volume is at 0.56m tons.</li>
</ul>


We keep our SELL rating with a new TP of Bt14.50(+4% from prior TP),as we rollover to 1.41xPBV’23E, which is -2SD of its 5-yrs trading mean.Strong QoQ growth in  2Q22
2Q22 core profit posted strong QoQ Excluding extra items, its core profit was at Bt622m (-14%YoY, +250%QoQ). The strong QoQ rise was far above our expectation
Neutral tone from the analyst meeting The management reaffirmed its sales volume guidance for asphalt at 1.20m tons in 2022E (-3%YoY), while its 1H22 volume is at 0.56m tons.


Tipco Asphalt

TASCO : Earnings to Slow Down in 2H22