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>Analyst meeting came out with neutral tone,we believe OSP’s market share already hit the bottomed in 3Q22 at 48.2% from the highest level 54% in 2021 due to OSP introduced</li>
<li>Expect market share in 3Q22 should be the bottom After OSP deploys strategy on launching premium product (Bt12 per bottle) in March 2022,the energy drinks market in Thailand clearly divided </li>
<li>OSP aim to regain its market share in 2023 OSP targets profit growth of 30%YoY in 2023 driven by double-digit sales growth from regain its market share.Moreover, the company aim </li>
</ul>


Analyst meeting came out with neutral tone,we believe OSP’s market share already hit the bottomed in 3Q22 at 48.2% from the highest level 54% in 2021 due to OSP introduced
Expect market share in 3Q22 should be the bottom After OSP deploys strategy on launching premium product (Bt12 per bottle) in March 2022,the energy drinks market in Thailand clearly divided 
OSP aim to regain its market share in 2023 OSP targets profit growth of 30%YoY in 2023 driven by double-digit sales growth from regain its market share.Moreover, the company aim 


OSP : OSP Aim to Regain Its Market Share in 2023

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/betagro-group" target="_blank" data-smartkarma-citation="entities:36222:1" rel="noopener">Betagro (BTG TB)</a> raised about US$460m in its Thailand IPO. </li>
<li>Betagro is an integrated agro-industrial and food business in Thailand.</li>
<li>In this note we will talk about the trading dynamics.</li>
</ul>



Betagro (BTG TB) raised about US$460m in its Thailand IPO. 
Betagro is an integrated agro-industrial and food business in Thailand.
In this note we will talk about the trading dynamics.


Betagro IPO Trading - Seems Fairly Valued

<ul>
<li>Maintain HOLD recommendation for OSP with a target price of Bt28 (Previous TP: Bt32). We expect the company to report 3Q22 net profit at Bt340m (-41%YoY, -44%QoQ) on pressure </li>
<li>Expect 3Q22 earnings to drop YoY and QoQ We expect OSP to post 3Q22 net profit of Bt340m (-41%YoY, -44%QoQ), the lowest level since listed</li>
<li>Revenue in 3Q22 is expected to flat YoY at Bt6.1bn (-15%QoQ). This due to the benefit from a surge in revenue from personal care segment and OEM</li>
</ul>


Maintain HOLD recommendation for OSP with a target price of Bt28 (Previous TP: Bt32). We expect the company to report 3Q22 net profit at Bt340m (-41%YoY, -44%QoQ) on pressure 
Expect 3Q22 earnings to drop YoY and QoQ We expect OSP to post 3Q22 net profit of Bt340m (-41%YoY, -44%QoQ), the lowest level since listed
Revenue in 3Q22 is expected to flat YoY at Bt6.1bn (-15%QoQ). This due to the benefit from a surge in revenue from personal care segment and OEM


OSP : Expect the Lowest Earnings Since Listed in 3Q22

<ul>
<li>Last week analyst meeting came with negative tone on 2H22 earnings outlook. C-Vitt led OSP’s functional drinks portfolio to achieve the all-time high market share of 44.6% in 2Q22. </li>
<li>Maintain its premium products strategy Over the past three years, OSP enjoys a strong market position as the largest domestic energy drinks player with 54.6% market share in 2021 </li>
<li>After OSP deploys strategy on launching premium product (M150 of Bt12 per bottle) in late of 1Q22. OSP’s energy drinks market share in Thailand fall to 49.1% in 2Q22.</li>
</ul>


Last week analyst meeting came with negative tone on 2H22 earnings outlook. C-Vitt led OSP’s functional drinks portfolio to achieve the all-time high market share of 44.6% in 2Q22. 
Maintain its premium products strategy Over the past three years, OSP enjoys a strong market position as the largest domestic energy drinks player with 54.6% market share in 2021 
After OSP deploys strategy on launching premium product (M150 of Bt12 per bottle) in late of 1Q22. OSP’s energy drinks market share in Thailand fall to 49.1% in 2Q22.


OSP : Maintain Its Premium Products Strategy

<ul>
<li>Maintain HOLD recommendation for OSP with a target price of Bt32. OSP’s 2Q22 net profit came in at Bt604m (-26%YoY,-20%QoQ) in-line our forecast but below BB consensus estimated by 10%.</li>
<li>2Q22 earnings fall both YoY and QoQ OSP delivered a net profit of Bt604m in 2Q22 (-26%YoY, -20%QoQ).</li>
<li>2Q22 revenue was at Bt7.2bn (+4%YoY, +4%QoQ),driven by international beverage sales growth of 6.3%YoY and solid sales growth in functional drinks (2Q22 market share at 44.6% from 37% in 2Q21).</li>
</ul>


Maintain HOLD recommendation for OSP with a target price of Bt32. OSP’s 2Q22 net profit came in at Bt604m (-26%YoY,-20%QoQ) in-line our forecast but below BB consensus estimated by 10%.
2Q22 earnings fall both YoY and QoQ OSP delivered a net profit of Bt604m in 2Q22 (-26%YoY, -20%QoQ).
2Q22 revenue was at Bt7.2bn (+4%YoY, +4%QoQ),driven by international beverage sales growth of 6.3%YoY and solid sales growth in functional drinks (2Q22 market share at 44.6% from 37% in 2Q21).


OSP : OSP Is Losing Market Share in Thailand

Thailand

Osotspa is a leading Thai manufacturer and distributor of consumer products, primarily focusing on beverages, personal care, healthcare, and confectionery products. Its beverage portfolio includes energy drinks like M-150 and Shark Energy, sports drinks, and functional drinks. The company also offers baby care, women's beauty care, and male grooming products. Osotspa is headquartered in Bangkok, Thailand, and was founded in 1891.

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Osotspa (OSP TB)

Betagro IPO Trading - Seems Fairly Valued

Betagro (BTG TB) raised about US$460m in its Thailand IPO. Betagro is an integrated agro-industrial and food business in Thailand. In this note we...

Clarence Chu

OSP : Expect the Lowest Earnings Since Listed in 3Q22

Maintain HOLD recommendation for OSP with a target price of Bt28 (Previous TP: Bt32). We expect the company to report 3Q22 net profit at Bt340m (...

Pi Securities PCL, Thailand

OSP : Maintain Its Premium Products Strategy

Last week analyst meeting came with negative tone on 2H22 earnings outlook. C-Vitt led OSP’s functional drinks portfolio to achieve the all-time...

Pi Securities PCL, Thailand

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OSP : OSP Aim to Regain Its Market Share in 2023

Analyst meeting came out with neutral tone, we believe OSP’s market share already hit the bottomed in 3Q22 at 48.2% from the highest level 54% in...

Pi Securities PCL, Thailand

Betagro IPO Trading - Seems Fairly Valued

Betagro (BTG TB) raised about US$460m in its Thailand IPO. Betagro is an integrated agro-industrial and food business in Thailand. In this note we...

Clarence Chu

OSP : Expect the Lowest Earnings Since Listed in 3Q22

Maintain HOLD recommendation for OSP with a target price of Bt28 (Previous TP: Bt32). We expect the company to report 3Q22 net profit at Bt340m (...

Pi Securities PCL, Thailand

OSP : Maintain Its Premium Products Strategy

Last week analyst meeting came with negative tone on 2H22 earnings outlook. C-Vitt led OSP’s functional drinks portfolio to achieve the all-time...

Pi Securities PCL, Thailand

OSP : OSP Is Losing Market Share in Thailand

Maintain HOLD recommendation for OSP with a target price of Bt32. OSP’s 2Q22 net profit came in at Bt604m (-26%YoY, -20%QoQ), in-line our forecast...

Pi Securities PCL, Thailand