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 reported 1Q18 net profit of Bt20.5m (-8%YoY and -34%QoQ). The result accounted for just 18% of our full-year forecast.<ul class="">
<li>Sales dropped 7.5%YoY on the back of deep fall in industry products.</li>
<li>SG&amp;A to sales ratio rose to 16.7% from 14.3% in 1Q17 due to a fall in sales and one-time expense.</li>
<li>Gross profit margin expanded 2.5% to 23.1% on the back of higher contribution from consumer products.</li>
</ul>We rank WINNER as a BUY with 33% upside to our target price of Bt4.90*. However, we put WINNER for under…

WINNER reported 1Q18 net profit of Bt20.5m (-8%YoY and -34%QoQ). The result accounted for just 18% of our full-year forecast.
Sales dropped 7.5%YoY on the back of deep fall in industry products.
SG&amp;A to sales ratio rose to 16.7% from 14.3% in 1Q17 due to a fall in sales and one-time expense.
Gross profit margin expanded 2.5% to 23.1% on the back of higher contribution from consumer products.
We rank WINNER as a BUY with 33% upside to our target price of Bt4.90*. However, we put WINNER for under…

WINNER: Shortfall in Sales Along with a Rise in SG&A Expenses