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>TWPC reported 4Q17 recurring EPS of Bt0.038, which was (-80%YoY and -70% QoQ). The company produced a 2017 recurring EPS of Bt0.43 (-40% YoY), which was 33% below our forecast.</strong></p><ul>
<li>TWPC reported 4Q17 net profit of Bt145m (-33% YoY, +34% QoQ). Excluding extra items of Bt112m, its recurring profit was Bt33m (-80%YoY and 70% QoQ), mainly from operating margin shortfall (-10.9 ppts YoY, -7.8 ppts QoQ)</li>
<li>TWPC FY2017 net profit was Bt493m (-26% YoY), Excluding extra items of Bt112m, its recurring profit was…</li>
</ul>

TWPC reported 4Q17 recurring EPS of Bt0.038, which was (-80%YoY and -70% QoQ). The company produced a 2017 recurring EPS of Bt0.43 (-40% YoY), which was 33% below our forecast.
TWPC reported 4Q17 net profit of Bt145m (-33% YoY, +34% QoQ). Excluding extra items of Bt112m, its recurring profit was Bt33m (-80%YoY and 70% QoQ), mainly from operating margin shortfall (-10.9 ppts YoY, -7.8 ppts QoQ)
TWPC FY2017 net profit was Bt493m (-26% YoY), Excluding extra items of Bt112m, its recurring profit was…


TWPC : Dropped Performance in 4Q17 Due to Swell SG&A

Thai Wah PCL

TWPC : Dropped Performance in 4Q17 Due to Swell SG&A