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 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


<ul>
<li>ORI’s 1Q22 net profit was at Bt 738m (-11%YoY, -9%QoQ),in line with our forecast. Excluding special items from sell of investment at Bt 297 m,normal  profit  was  at  Bt441m (-37%YoY,-27%QoQ).</li>
<li>The dropped in YoY and QoQ of net profit was pressured by  lower revenue recognition from real estate sales in non-JV project toBt3.04bn(-12%YoY,-11%QoQ)and the loss from equity income at Bt48m</li>
<li>Expect 2Q22 earning to improve QoQ supported by revenue recognition of Park Origin Thonglor JV project worth Bt12bn and two non-JV condominium project worth Bt1.16bn.</li>
</ul>


ORI’s 1Q22 net profit was at Bt 738m (-11%YoY, -9%QoQ),in line with our forecast. Excluding special items from sell of investment at Bt 297 m,normal  profit  was  at  Bt441m (-37%YoY,-27%QoQ).
The dropped in YoY and QoQ of net profit was pressured by  lower revenue recognition from real estate sales in non-JV project toBt3.04bn(-12%YoY,-11%QoQ)and the loss from equity income at Bt48m
Expect 2Q22 earning to improve QoQ supported by revenue recognition of Park Origin Thonglor JV project worth Bt12bn and two non-JV condominium project worth Bt1.16bn.


ORI: 1Q22 Earnings In-Line with Our Forecast

<ul>
<li>We maintain BUY with a new TP of Bt13.00 (previous at Bt13.70), based on 9.8xPE’22E, 5% discount from its 5 years trading average.We have positive view to its 2022 outlook </li>
<li>We expect  1Q22 net profit at Bt723 m (-12%YoY,-10%QoQ), pressured by 1)  Lower revenue recognition from real estate sales to Bt 3.15 bn (-9%YoY) 2) loss contribution from equity income </li>
<li>Strong 1Q22 presales imply strong earnings momentum. Strong backlog and new project launch will support 2022 earning</li>
</ul>


We maintain BUY with a new TP of Bt13.00 (previous at Bt13.70), based on 9.8xPE’22E, 5% discount from its 5 years trading average.We have positive view to its 2022 outlook 
We expect  1Q22 net profit at Bt723 m (-12%YoY,-10%QoQ), pressured by 1)  Lower revenue recognition from real estate sales to Bt 3.15 bn (-9%YoY) 2) loss contribution from equity income 
Strong 1Q22 presales imply strong earnings momentum. Strong backlog and new project launch will support 2022 earning


Thailand

Origin Property Public Company Limited is a property development company based in Thailand, specializing in residential condominium units, housing estates, and hotels. The company also offers real estate-related services such as project consultants, marketing research, and construction management. Origin Property was established in 2009 and is headquartered in Bangkok, Thailand.

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Origin Property (ORI TB)

ORI : 3Q22 Result Will Enhance YoY

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Pi Securities PCL, Thailand

ORI : 2Q22 Result Will Grow YoY and QoQ

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...

Pi Securities PCL, Thailand

ORI: 1Q22 Earnings In-Line with Our Forecast

ORI’s 1Q22 net profit was at Bt 738m (-11%YoY, -9%QoQ), in line with our forecast. Excluding special items from sell of investment at Bt 297 m,...

Pi Securities PCL, Thailand

ORI: 1Q22 Earnings Will Drop YoY and QoQ

We maintain BUY with a new TP of Bt13.00 (previous at Bt13.70), based on 9.8xPE’22E, 5% discount from its 5 years trading average . We have...

Pi Securities PCL, Thailand

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