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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

<p><strong>1Q18 net profit was at Bt17.8m (-62%YoY and -71%QoQ). The result  accounted for just 7% of our full-year forecast which remains us to review the new target price for now on.</strong></p><ul class="">
<li>Gross margin  narrowed intensely to 20.5% from 27.3% in 1Q17 and 4Q17 due to a fall in value-added lens sales and Thai bath strengthening impact.</li>
<li>SG&amp;A to sales rose to 18.2% from 16.3% in 1Q17, mainly due to an increase in expenses to support business expansion in USA.</li>
<li>Sales remained flat at Bt450m while standard lens sales…</li>
</ul>

1Q18 net profit was at Bt17.8m (-62%YoY and -71%QoQ). The result  accounted for just 7% of our full-year forecast which remains us to review the new target price for now on.
Gross margin  narrowed intensely to 20.5% from 27.3% in 1Q17 and 4Q17 due to a fall in value-added lens sales and Thai bath strengthening impact.
SG&amp;A to sales rose to 18.2% from 16.3% in 1Q17, mainly due to an increase in expenses to support business expansion in USA.
Sales remained flat at Bt450m while standard lens sales…


TOG: Huge Fall in Margin and Rising in SG&A Trimmed Down Earnings

Thai Optical Group

TOG: Huge Fall in Margin and Rising in SG&A Trimmed Down Earnings