TOA: Expect Earnings to Recover Slowly in 2022

TOA: Squeeze Margin Pressured 1H22 Earnings

TOA : Rising Raw Material Cost Already in the Price

TOA: Gradual Growth Through Total Solution Services

TOA: Increase in Raw Material Costs Pressures 2Q21 Profit

TOA: Painting Growth in a New Colorful Market

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>Analyst meeting came out with a neutral tone. We expect 4Q21 earnings to recover QoQ but flat YoY caused by rising cost.</li>
<li>We expect 4Q21 earnings to improve QoQ supported by 1) an increase in products selling prices by 4%-5% in 3Q21,2) a solid demand for decorative paint both Thailand and Vietnam</li>
<li>We expect 3Q21 GPM should be bottom quarter supported by 1) an increase in products selling prices and 2) a decrease in raw material price (more than 50% of COGS </li>
</ul>


Analyst meeting came out with a neutral tone. We expect 4Q21 earnings to recover QoQ but flat YoY caused by rising cost.
We expect 4Q21 earnings to improve QoQ supported by 1) an increase in products selling prices by 4%-5% in 3Q21,2) a solid demand for decorative paint both Thailand and Vietnam
We expect 3Q21 GPM should be bottom quarter supported by 1) an increase in products selling prices and 2) a decrease in raw material price (more than 50% of COGS 


TOA: Recovering Demand for Decorative Paint Drive 4Q21 Earnings

TOA Paint (Thailand)

TOA: Recovering Demand for Decorative Paint Drive 4Q21 Earnings