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>Reiterate HOLD rating with a TP of B3.90, derived from 15xPE’22E, which is close to -2SD of 10-years trading mean. Although 22E earnings on a downhill path</li>
<li>We estimate 1Q22E earnings to be the peak quarter at Bt1.3bn (+418%YoY,-28%QoQ) underpin by YoY growth in COVID-revenue, but QoQ fall from weaker EBIT margin.</li>
<li>We believe earnings momentum to slow down in 2Q22, pressured by lower COVID-19 contribution, as a result of lower infection patients and stopped RT-PCR requirement.</li>
</ul>


Reiterate HOLD rating with a TP of B3.90, derived from 15xPE’22E, which is close to -2SD of 10-years trading mean. Although 22E earnings on a downhill path
We estimate 1Q22E earnings to be the peak quarter at Bt1.3bn (+418%YoY,-28%QoQ) underpin by YoY growth in COVID-revenue, but QoQ fall from weaker EBIT margin.
We believe earnings momentum to slow down in 2Q22, pressured by lower COVID-19 contribution, as a result of lower infection patients and stopped RT-PCR requirement.


CHG: 1Q22 Earnings to Hold up Strong Amid Surged COVID

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The KKR consortium will offer A$88.00 per share less any dividends paid after the date of the indicative proposal. The offer less interim dividend of A$0.485 is A$87.52 per share.</li>
<li>The <a href="https://www.smartkarma.com/entities/ramsay-health-care-ltd" target="_blank" data-smartkarma-citation="entities:673:1" rel="noopener">Ramsay Health Care (RHC AU)</a> Board has provided due diligence access. We think the offer is attractive and represents an all-time share price high. </li>
<li>The largest shareholder is said to be supportive. The gross spread of the offer less the interim dividend of A$87.52 to the last close price of A$80.00 is 9.4%. </li>
</ul>


The KKR consortium will offer A$88.00 per share less any dividends paid after the date of the indicative proposal. The offer less interim dividend of A$0.485 is A$87.52 per share.
The Ramsay Health Care (RHC AU) Board has provided due diligence access. We think the offer is attractive and represents an all-time share price high. 
The largest shareholder is said to be supportive. The gross spread of the offer less the interim dividend of A$87.52 to the last close price of A$80.00 is 9.4%. 


Ramsay’s Indicative Bid from the KKR Consortium

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Three stocks remain, 11 new join the fray</li>
<li>Since inception, the portfolio has gained 195% versus MSCI ASEAN’s 27%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Three stocks remain, 11 new join the fray
Since inception, the portfolio has gained 195% versus MSCI ASEAN’s 27%


<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology</li>
<li>Portfolio changes: Three stocks remain, 11 new join the fray</li>
<li>Since inception, it has gained 95% versus the SET 100 Index’s return of 36%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology
Portfolio changes: Three stocks remain, 11 new join the fray
Since inception, it has gained 95% versus the SET 100 Index’s return of 36%


The Stocks to Own in Thailand – Vol. 36

<ul>
<li>Downgrade to HOLD with a TP of Bt3.90,based on 15xPE’22E, which is close to -2SD of its 10-years trailing mean. In our view,the rating does not warrant a premium valuation</li>
<li>Its 4Q21 net profit figure was at Bt1.8bn, (+615%YoY, +16% QoQ), YoY growth is backed by margin expansion from Covid-related revenue and efficient cost control.</li>
<li>CHG’s 2021 net profit was at B4.2bn (+380YoY) thanks to solid revenue growth (+116%YoY) and wider margin (+18ppts), helped by Covid-related services.</li>
</ul>


Downgrade to HOLD with a TP of Bt3.90,based on 15xPE’22E, which is close to -2SD of its 10-years trailing mean. In our view,the rating does not warrant a premium valuation
Its 4Q21 net profit figure was at Bt1.8bn, (+615%YoY, +16% QoQ), YoY growth is backed by margin expansion from Covid-related revenue and efficient cost control.
CHG’s 2021 net profit was at B4.2bn (+380YoY) thanks to solid revenue growth (+116%YoY) and wider margin (+18ppts), helped by Covid-related services.


Thailand

Chularat Hospital PCL owns medical centers and hospitals. The Company operates a variety of centers specializing in treatments such as hand surgery, open heart surgery, and strokes as well as providing emergency services and patient care. Chularat Hospital serves the medial industry throughout Thailand.

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Chularat Hospital (CHG TB)

CHG: 1Q22 Earnings to Hold up Strong Amid Surged COVID

Reiterate HOLD rating with a TP of B3.90, derived from 15xPE’22E, which is close to -2SD of 10-years trading mean. Although 22E earnings on a...

Pi Securities PCL, Thailand

Ramsay’s Indicative Bid from the KKR Consortium

The KKR consortium will offer A$88.00 less an interim dividend of A$0.485 for a total of A$87.52 per share. The offer is attractive. The gross...

Arun George

The Stocks to Own in ASEAN – Vol. 38

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Portfolio changes: Three stocks remain, and 11 new join...

A. Stotz Investment Research

The Stocks to Own in Thailand – Vol. 36

We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Portfolio changes: Three stocks remain, 11 new join...

A. Stotz Investment Research

CHG: Gradually Back to Organic Growth

Downgrade to HOLD with a TP of Bt3.90, based on 15xPE’22E, which is close to -2SD of its 10-years trailing mean. In our view, the rating does not...

Pi Securities PCL, Thailand

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