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>Conference call came with positive tone on 22E performance. Upgrade to HOLD rating with TP of Bt5.09 based on the tender offer price under the DTAC merger. However</li>
<li>TRUE’s stock price crashed yesterday as investors have sold on fact of merger progress. We will revise our forecast once management of TRUE reveals detailed plans regarding the merger.</li>
<li>Maintain our 22E forecast that TRUE will not be profitable, despite improvements. TRUE’s management expects to turn a profit in 2022. However, we do not believe that the revenue growth</li>
</ul>


Conference call came with positive tone on 22E performance. Upgrade to HOLD rating with TP of Bt5.09 based on the tender offer price under the DTAC merger. However
TRUE’s stock price crashed yesterday as investors have sold on fact of merger progress. We will revise our forecast once management of TRUE reveals detailed plans regarding the merger.
Maintain our 22E forecast that TRUE will not be profitable, despite improvements. TRUE’s management expects to turn a profit in 2022. However, we do not believe that the revenue growth


TRUE: 22E Net Profit Will Continue to Be at a Loss, Despite Management’s View

True Corp Pcl

TRUE: 22E Net Profit Will Continue to Be at a Loss, Despite Management’s View