TOA: Squeeze Margin Pressured 1H22 Earnings

TOA : Rising Raw Material Cost Already in the Price

TOA : Promising 4Q22 Outlook but Limited Upside

TOA: Gradual Growth Through Total Solution Services

TOA: Increase in Raw Material Costs Pressures 2Q21 Profit

TOA: Recovering Demand for Decorative Paint Drive 4Q21 Earnings

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

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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 believe a high raw material cost will not be sustain given U.S. Energy Information Administration (EIA) forecasts crude oil prices to decline in 2022.We reiterate BUY rating for TOA</li>
<li>We expect TOA to report 4Q21 net profit at Bt365m (-26%YoY, +36%QoQ),</li>
<li>We forecast 2022E earnings to hit Bt2bn (+13%YoY) supported by 1) demand for painting and construction materials from hotel, restaurants, and other related tourism destinations (re-painting demand)</li>
</ul>


We believe a high raw material cost will not be sustain given U.S. Energy Information Administration (EIA) forecasts crude oil prices to decline in 2022.We reiterate BUY rating for TOA
We expect TOA to report 4Q21 net profit at Bt365m (-26%YoY, +36%QoQ),
We forecast 2022E earnings to hit Bt2bn (+13%YoY) supported by 1) demand for painting and construction materials from hotel, restaurants, and other related tourism destinations (re-painting demand)


TOA: Expect Earnings to Recover Slowly in 2022

TOA Paint (Thailand)

TOA: Expect Earnings to Recover Slowly in 2022