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 HOLD recommendation for WICE with a new target price of Bt12.0. (Previous TP: Bt12.60) after derated PE multiple to 14.5xPE’23E (-0.5S.D. five-year average), as we expect earnings </li>
<li>3Q22 profit came out below market expectation at Bt130m WICE report 3Q22 net profit at Bt130m(-20%YoY and -24%QoQ),the lowest level in the past five quarters. YoY and QoQ drops pressured</li>
<li>However, gross profit margin in 3Q22 reached 16-quarter high due to benefit from cross-selling amongst all businesses and effective cost management.</li>
</ul>


We maintain HOLD recommendation for WICE with a new target price of Bt12.0. (Previous TP: Bt12.60) after derated PE multiple to 14.5xPE’23E (-0.5S.D. five-year average), as we expect earnings 
3Q22 profit came out below market expectation at Bt130m WICE report 3Q22 net profit at Bt130m(-20%YoY and -24%QoQ),the lowest level in the past five quarters. YoY and QoQ drops pressured
However, gross profit margin in 3Q22 reached 16-quarter high due to benefit from cross-selling amongst all businesses and effective cost management.


WICE : 3Q22 Net Profit Fell to Five-Quarter Low

Wice Logistics

WICE : 3Q22 Net Profit Fell to Five-Quarter Low