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 maintain BUY rating with new target price of Bt4.54,derived from 18.0xPE’23, its 5 year trading average,to reflect higher revenue recognition of land sales.</li>
<li>3Q22 earnings enhanced  YoY WHA reported  3Q22’s net profit of Bt259m (+61%YoY, -11% QoQ),lower than market expectation  by 43%.</li>
<li>The YoY expansion  of net profit drivened  by  rising revenue  to Bt1.9bn (+78%YoY) due to (1)Higher revenue of land sales to Bt961m(+612%YoY)from increasing  transfers of land in domestic and vietnam</li>
</ul>


We maintain BUY rating with new target price of Bt4.54,derived from 18.0xPE’23, its 5 year trading average,to reflect higher revenue recognition of land sales.
3Q22 earnings enhanced  YoY WHA reported  3Q22’s net profit of Bt259m (+61%YoY, -11% QoQ),lower than market expectation  by 43%.
The YoY expansion  of net profit drivened  by  rising revenue  to Bt1.9bn (+78%YoY) due to (1)Higher revenue of land sales to Bt961m(+612%YoY)from increasing  transfers of land in domestic and vietnam


WHA Corp Pcl

WHA : 3Q22 Results Expanded YoY