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>We maintain the BUY call with a new target price of Bt64.0(from Bt71.0), incorporating the capital increase completed in 3Q22.TOP’s 3Q22 net profit declined to Bt12.0m (-99% YoY, -100% QoQ)</li>
<li>Weak GRM and stock loss dragged 3Q22 profit The 3Q22 net profit plunged to Bt12.0m,compared to Bt2.0bn in 3Q21 and Bt25.3bn in 2Q22.The result came our lower than our expectation.</li>
<li>Excluding the extra items (stock loss of Bt9.2bn), the operating profit stood at Bt5.5bn (+343%YoY, -75%QoQ).The YoY growth was underpinned by a 60% surge in GIM following improved refinery margin</li>
</ul>


We maintain the BUY call with a new target price of Bt64.0(from Bt71.0), incorporating the capital increase completed in 3Q22.TOP’s 3Q22 net profit declined to Bt12.0m (-99% YoY, -100% QoQ)
Weak GRM and stock loss dragged 3Q22 profit The 3Q22 net profit plunged to Bt12.0m,compared to Bt2.0bn in 3Q21 and Bt25.3bn in 2Q22.The result came our lower than our expectation.
Excluding the extra items (stock loss of Bt9.2bn), the operating profit stood at Bt5.5bn (+343%YoY, -75%QoQ).The YoY growth was underpinned by a 60% surge in GIM following improved refinery margin


TOP : 3Q22 Earnings Hit by Weak GRM and Stock Loss

Thai Oil Pcl

TOP : 3Q22 Earnings Hit by Weak GRM and Stock Loss