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>Solid growth in Tansansu sales, strong sales growth momentum in Green Tea Honey Lemon sales, and higher spending from FIFA world cup activity should support 4Q22 earnings to grow YoY.</li>
<li>Widen margin drove 3Q22 earnings  The YoY growth in earnings mainly supported by strong demand for green tea products.</li>
<li>The QoQ expansion in earnings driven by improving production efficiency as a result from higher utilization rate to 66% from 52% in 2021. </li>
</ul>


Solid growth in Tansansu sales, strong sales growth momentum in Green Tea Honey Lemon sales, and higher spending from FIFA world cup activity should support 4Q22 earnings to grow YoY.
Widen margin drove 3Q22 earnings  The YoY growth in earnings mainly supported by strong demand for green tea products.
The QoQ expansion in earnings driven by improving production efficiency as a result from higher utilization rate to 66% from 52% in 2021. 


ICHI : Solid Growth in Tansansu Sales Should Boost 4Q22 Earnings

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>The SET Index is expected to gain, with the resistance at 1,630/1,649 points and the support at 1,612 points (200-day EMA)/1,607 points (50-day EMA).</li><li>Today's momentum is positive after the US reported October's CPI at +7.7% YoY, below the consensus estimate of 7.9% YoY, while the Republican Party is likely to gain a majority of seats in the House of Representatives.</li><li>The latest Fed Watch Tool shows an 80.6% probability of the Fed hiking interest rates by just 50 bps in the upcoming meeting in December.</li></ul>

The SET Index is expected to gain, with the resistance at 1,630/1,649 points and the support at 1,612 points (200-day EMA)/1,607 points (50-day EMA).Today's momentum is positive after the US reported October's CPI at +7.7% YoY, below the consensus estimate of 7.9% YoY, while the Republican Party is likely to gain a majority of seats in the House of Representatives.The latest Fed Watch Tool shows an 80.6% probability of the Fed hiking interest rates by just 50 bps in the upcoming meeting in December.

Recommendation: Buy on Weakness, Sell on Strength

<ul><li>The SET Index is expected to move sideways up, with the resistance at 1,606/1,614 points (75/200-day EMA) and the support at 1,592/1,588 points.</li><li>We recommend trading buy on AH, NEX and LH.</li><li>Investors have reduced expectations for an interest rate hike of 0.75% by the Fed in December after Fed officials expressed concerns over the adverse impacts of higher rates.</li></ul>

The SET Index is expected to move sideways up, with the resistance at 1,606/1,614 points (75/200-day EMA) and the support at 1,592/1,588 points.We recommend trading buy on AH, NEX and LH.Investors have reduced expectations for an interest rate hike of 0.75% by the Fed in December after Fed officials expressed concerns over the adverse impacts of higher rates.

Krungthai XSpring Zoom Eng. October 26, 2022

<ul><li>The SET Index is expected to move sideways up, with the resistance at 1,665/1,673 points and the support at 1,637/1,625 points (10/25-day EMA).</li><li>We recommend trading buy on ERW, MTC and BJC.</li><li>Technically, there is an uptrend signal, with the existing target resistance at 1,665/1,693 points.</li></ul>

The SET Index is expected to move sideways up, with the resistance at 1,665/1,673 points and the support at 1,637/1,625 points (10/25-day EMA).We recommend trading buy on ERW, MTC and BJC.Technically, there is an uptrend signal, with the existing target resistance at 1,665/1,693 points.

<ul><li>The SET Index is expected to move sideways up, with the resistance at 1,650/1,666 points and the support at 1,631 points (10-day EMA)/1,620 points (25-day EMA).</li><li>We recommend trading buy on COM7, SPVI and BDMS.</li><li>Technically, the index seems to have remained in an uptrend, with continued increases in the low and high points each day; there will be more buy signs if it surpasses the previous resistance at 1,650 points.</li></ul>

The SET Index is expected to move sideways up, with the resistance at 1,650/1,666 points and the support at 1,631 points (10-day EMA)/1,620 points (25-day EMA).We recommend trading buy on COM7, SPVI and BDMS.Technically, the index seems to have remained in an uptrend, with continued increases in the low and high points each day; there will be more buy signs if it surpasses the previous resistance at 1,650 points.

Thailand

Ichitan Group Public Company Limited is a leading Thai beverage manufacturer specializing in ready-to-drink green teas, herbal drinks, fruit juices, and energy drinks. The company produces a diverse portfolio of non-alcoholic beverages, including major brands like Ichitan Green Tea and Yen Yen. Headquartered in Bangkok, Thailand, the company was founded in 2010.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Ichitan (ICHI TB)

ICHI : Solid Growth in Tansansu Sales Should Boost 4Q22 Earnings

Solid growth in Tansansu sales, strong sales growth momentum in Green Tea Honey Lemon sales, and higher spending from FIFA world cup activity...

Pi Securities PCL, Thailand

Recommendation: Buy on Weakness, Sell on Strength

The SET Index is expected to gain, with the resistance at 1,630/1,649 points and the support at 1,612 points (200-day EMA)/1,607 points (50-day...

Krungthai XSpring

Krungthai XSpring Zoom Eng. October 26, 2022

The SET Index is expected to move sideways up, with the resistance at 1,606/1,614 points (75/200-day EMA) and the support at 1,592/1,588...

Krungthai XSpring

Market Outlook

The SET Index is expected to move sideways up, with the resistance at 1,665/1,673 points and the support at 1,637/1,625 points (10/25-day EMA). We...

Krungthai XSpring

Market Outlook and Recommendations

The SET Index is expected to move sideways up, with the resistance at 1,650/1,666 points and the support at 1,631 points (10-day EMA)/1,620 points...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)