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

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<li>We downgrade to HOLD from BUY rating and maintain TP of Bt5.09based on TRUE’s tender offer price due to limited upside and bleak 2022-23E outlook. Its 2Q22 core operation incurred</li>
<li>2Q22 core earnings worsened YoY Its 2Q22 core operation incurred the 7th consecutve quarterly loss of Bt703m loss.Larger YoY loss was due to narrowed gross margin, while lower QoQ loss </li>
<li>Revenue was at Bt34bn (flat YoY,-3%QoQ).Flat YoY was because large subscriber gains was offset by decline in mobile ARPU and TRUE Online revenue.QoQ decline was due to lower handset sales</li>
</ul>


We downgrade to HOLD from BUY rating and maintain TP of Bt5.09based on TRUE’s tender offer price due to limited upside and bleak 2022-23E outlook. Its 2Q22 core operation incurred
2Q22 core earnings worsened YoY Its 2Q22 core operation incurred the 7th consecutve quarterly loss of Bt703m loss.Larger YoY loss was due to narrowed gross margin, while lower QoQ loss 
Revenue was at Bt34bn (flat YoY,-3%QoQ).Flat YoY was because large subscriber gains was offset by decline in mobile ARPU and TRUE Online revenue.QoQ decline was due to lower handset sales


TRUE : Market Competition Should Not Worsen

True Corp Pcl

TRUE : Market Competition Should Not Worsen