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>Maintain our BUY rating with a TP of Bt13.00,based on 9.8xPE’22E,its 5 years trading average.We have positive view to its 2022 outlook onward backed by  higher projects launch in 2022</li>
<li>3Q22 core profit expanded  YoY and QoQ ORI reported 3Q22’s net profit of Bt848m (+20%YoY, -26%QoQ).The results was in line with market expectation but lower than our forecast at 6%</li>
<li>The YoY growth of core profit drivened by (1) higher GPM to 44.6%(+9.8 ppts YoY) mainly from high GPM of real estates sale,(2) rising other income (+61%YoY) from hotel business</li>
</ul>


Maintain our BUY rating with a TP of Bt13.00,based on 9.8xPE’22E,its 5 years trading average.We have positive view to its 2022 outlook onward backed by  higher projects launch in 2022
3Q22 core profit expanded  YoY and QoQ ORI reported 3Q22’s net profit of Bt848m (+20%YoY, -26%QoQ).The results was in line with market expectation but lower than our forecast at 6%
The YoY growth of core profit drivened by (1) higher GPM to 44.6%(+9.8 ppts YoY) mainly from high GPM of real estates sale,(2) rising other income (+61%YoY) from hotel business


<ul>
<li>Maintain our BUY rating with a TP of Bt13.00 , based on 9.8xPE’22E, its 5 years trading average. We have positive view to its 2022 outlook backed </li>
<li>3Q22 presales hit the highest level since covid-19 pandemic ORI reported  3Q22 presales at Bt11.6bn(+64%YoY,+21%QoQ), the highest level  since covid-19 pandemic, mainly from on Going projects (56% of total presales).</li>
<li>Total presales in 9M22 reached Bt29.4bn or 84% of company target. We expect presales should remain strong in 2022 and can above the company target at Bt35bn.</li>
</ul>


Maintain our BUY rating with a TP of Bt13.00 , based on 9.8xPE’22E, its 5 years trading average. We have positive view to its 2022 outlook backed 
3Q22 presales hit the highest level since covid-19 pandemic ORI reported  3Q22 presales at Bt11.6bn(+64%YoY,+21%QoQ), the highest level  since covid-19 pandemic, mainly from on Going projects (56% of total presales).
Total presales in 9M22 reached Bt29.4bn or 84% of company target. We expect presales should remain strong in 2022 and can above the company target at Bt35bn.


<ul>
<li>Maintain our BUY rating with a TP of Bt13.00,based on 9.8xPE’22E,its 5 years trading average.We have positive view to its 2022outlook backed by higher projects launch in 2H22E worth Bt25bn(+168%YoY)</li>
<li>2Q22 earnings grew QoQ and YoY ORI reported 2Q22’s net profit of Bt1.15bn (+36%YoY,+57% QoQ),above our forecast and market expectation at 18% and 19% respectively,caused by extra profits of Bt611m.</li>
<li>The YoY drop of normalized profit dragged by lower revenue recognition from real estates sale to Bt2.9bn (-6%YoY) and higher SG&amp;A to Bt741m (+37%YoY)</li>
</ul>


Maintain our BUY rating with a TP of Bt13.00,based on 9.8xPE’22E,its 5 years trading average.We have positive view to its 2022outlook backed by higher projects launch in 2H22E worth Bt25bn(+168%YoY)
2Q22 earnings grew QoQ and YoY ORI reported 2Q22’s net profit of Bt1.15bn (+36%YoY,+57% QoQ),above our forecast and market expectation at 18% and 19% respectively,caused by extra profits of Bt611m.
The YoY drop of normalized profit dragged by lower revenue recognition from real estates sale to Bt2.9bn (-6%YoY) and higher SG&amp;A to Bt741m (+37%YoY)


<ul>
<li>Maintain our BUY rating with a TP of Bt13.00,based on 9.8xPE’22E,its 5 years trading average.We have positive view to its 2022outlook backed by higher projects launch in 2H22E worth Bt25.4bn(+168%YoY) </li>
<li>2Q22 presales hit the highest level in 10 quarters ORI reported 2Q22 presales at Bt9.62 bn(+19%YoY,+19%QoQ),the highest level  in 10 quarters, mainly from ready-to move project (61% to total presales). </li>
<li>The total presales in 1H22 reached Bt17.7bn or 51%of company and our target.So,we view that2022 presales can achieve company and our target at Bt35bn,which will be the new high level</li>
</ul>


Maintain our BUY rating with a TP of Bt13.00,based on 9.8xPE’22E,its 5 years trading average.We have positive view to its 2022outlook backed by higher projects launch in 2H22E worth Bt25.4bn(+168%YoY) 
2Q22 presales hit the highest level in 10 quarters ORI reported 2Q22 presales at Bt9.62 bn(+19%YoY,+19%QoQ),the highest level  in 10 quarters, mainly from ready-to move project (61% to total presales). 
The total presales in 1H22 reached Bt17.7bn or 51%of company and our target.So,we view that2022 presales can achieve company and our target at Bt35bn,which will be the new high level


Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/city-developments-ltd" target="_blank" data-smartkarma-citation="entities:57" rel="noopener">City Developments (CIT SP)</a> 1Q22 Business Updates – Home sales fell 41% due to wait and see approach by homebuyers</li><li><a href="https://www.smartkarma.com/entities/esr-reit" target="_blank" data-smartkarma-citation="entities:10934" rel="noopener">ESR-REIT (EREIT SP)</a> to divest 3 Sanitarium Drive in AUS</li><li><a href="https://www.smartkarma.com/entities/ciputra-development-tbk-pt" target="_blank" data-smartkarma-citation="entities:5513" rel="noopener">Ciputra Development (CTRA IJ)</a> allocates IDR800bn in CapEx for land acquisition</li></ul>

City Developments (CIT SP) 1Q22 Business Updates – Home sales fell 41% due to wait and see approach by homebuyersESR-REIT (EREIT SP) to divest 3 Sanitarium Drive in AUSCiputra Development (CTRA IJ) allocates IDR800bn in CapEx for land acquisition

ASEAN Builder's Scoop (25May22) - CIT 1Q22 Home Sales Fell 41% YoY

Thailand

Origin Property Public Company Limited is a real estate company. The Company provides condominium real estate development.

Origin Property (ORI TB)

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Pi Securities PCL, Thailand

ASEAN Builder's Scoop (25May22) - CIT 1Q22 Home Sales Fell 41% YoY

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SCCM Asia Research