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

Winner Group Enterprise / Equity Bottom-Up

WINNER had 4Q17 EPS of Bt0.076 (-2%YoY and +2%QoQ) The company reported 2017 EPS of Bt0.26, which was down 1%YoY and was 3% more than our full-year forecast<ul>
<li>4Q17 SG&amp;A to sales rose to 15.3% from 14% in 4Q16 trimmed EPS 2%YoY</li>
<li>2017 EPS fell 1% due to a 5% drop in sales mainly from industry products</li>
<li>Announced interim dividend payment of 0.13 bath or 3.4% in dividend yield</li>
</ul>We rank WINNER as a BUY with 28% upside to our target price of Bt4.90*Please refer to our recent report: <a href="https://www.smartkarma.com/insights/winner-food-solution-champion" target="_blank">WINNER: Food Solution</a>…

WINNER had 4Q17 EPS of Bt0.076 (-2%YoY and +2%QoQ) The company reported 2017 EPS of Bt0.26, which was down 1%YoY and was 3% more than our full-year forecast
4Q17 SG&amp;A to sales rose to 15.3% from 14% in 4Q16 trimmed EPS 2%YoY
2017 EPS fell 1% due to a 5% drop in sales mainly from industry products
Announced interim dividend payment of 0.13 bath or 3.4% in dividend yield
We rank WINNER as a BUY with 28% upside to our target price of Bt4.90*Please refer to our recent report: WINNER: Food Solution…

WINNER: SG&A Surge Amid Drop in Sales Caused 4Q17 Profit Fell