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

Thai Foods Group Public Company Limited / Equity Bottom-Up

Thai Foods Group Public Company Limited (TFG TB)

<ul>
<li>We keep our BUY rating with a target price of Bt8.50. We are upbeat on the 4Q22 earnings trend, with our BUY call reflecting: (1) healthy growth prospect</li>
<li>Record high earnings for second straight quarter TFG reported another record high in 3Q22 earnings of Bt1.7bn,continued on the positive territory after a dip in a net loss of Bt456 </li>
<li>The 3Q22 earnings performance was 18% above ours and Bloomberg consensus. Behind the stronger-than-expected earnings was due to historic high revenue, as well as operating margin.</li>
</ul>


We keep our BUY rating with a target price of Bt8.50. We are upbeat on the 4Q22 earnings trend, with our BUY call reflecting: (1) healthy growth prospect
Record high earnings for second straight quarter TFG reported another record high in 3Q22 earnings of Bt1.7bn,continued on the positive territory after a dip in a net loss of Bt456 
The 3Q22 earnings performance was 18% above ours and Bloomberg consensus. Behind the stronger-than-expected earnings was due to historic high revenue, as well as operating margin.


Thai Foods Group Public Company Limited

TFG : Earnings Hit Another Record High