VGI : On Slow Recovery Pace Relative to Peers at Demanding Valuation

VGI: Moderate Earnings Recovery with Growth Remain Promising

VGI: Expect Solid Earnings Recovery from Late 2021 Onward

VGI: Positive for Short-Term Outlook While Long-Term Remain Promising

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 downgrade VGI to HOLD rating while trim down target price to Bt4.60(previous TP:Bt6.20)after revise down earnings in 22-23E by 57%and 24% and factor in target price cut for KEX</li>
<li>Disappointed earnings result in 1QFY23 Five-quarter low of VGI’s core profit was dragged down by;1) share of loss from associates that fell to Bt101m (vs.Bt90m in 4QFY22), mainly from KEX </li>
<li>An extra gain from share divestment that boost net profit include Bt113m from JMART and Bt59m from KEX.</li>
</ul>


We downgrade VGI to HOLD rating while trim down target price to Bt4.60(previous TP:Bt6.20)after revise down earnings in 22-23E by 57%and 24% and factor in target price cut for KEX
Disappointed earnings result in 1QFY23 Five-quarter low of VGI’s core profit was dragged down by;1) share of loss from associates that fell to Bt101m (vs.Bt90m in 4QFY22), mainly from KEX 
An extra gain from share divestment that boost net profit include Bt113m from JMART and Bt59m from KEX.


VGI : Still in Recovery Path but at a Sluggish Pace Against Peers

VGI PCL

VGI : Still in Recovery Path but at a Sluggish Pace Against Peers