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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>TTW reported 1Q18 net profit of Bt668m (+13% YoY, -1% QoQ). The 1Q18 result was 22% of our full-year forecast and in line with our forecast.</p><ul>
<li>TTW reported 1Q18 net profit of Bt668m.(+13% YoY, -1% QoQ) due mainly from sales volume growth.</li>
<li>1Q18 sales was Bt1.4bn.(+8% YoY) and reached the ten-quarter high level because sales volume increased 11%YoY and water tariff of PWA increased from the previous year. </li>
<li>Gross profit margin narrowed to 71.3% from 71.6% in 4Q17</li>
</ul><p>We rate TTW as a BUY with 33% upside to…</p>

TTW reported 1Q18 net profit of Bt668m (+13% YoY, -1% QoQ). The 1Q18 result was 22% of our full-year forecast and in line with our forecast.
TTW reported 1Q18 net profit of Bt668m.(+13% YoY, -1% QoQ) due mainly from sales volume growth.
1Q18 sales was Bt1.4bn.(+8% YoY) and reached the ten-quarter high level because sales volume increased 11%YoY and water tariff of PWA increased from the previous year. 
Gross profit margin narrowed to 71.3% from 71.6% in 4Q17
We rate TTW as a BUY with 33% upside to…

TTW: Highest Revenue Growth in Ten Quarters