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

JUBILE reported 2Q18 net profit of Bt49m (+8.9%YoY, +4.2%QoQ). The 1H18 result was 41% of our full-year forecast and in line with our forecast.  <ul class="">
<li>2Q18 sales was Bt423m flat on YoY due mainly to soft marketing activity.</li>
<li>Gross profit margin was widen to 42.9% from 40.2% in 2Q17 due to better product mixes.</li>
<li>Announced an interim dividend payment of Bt0.33 (XD on 21 Aug), which is equivalent to 1.5% dividend yield.</li>
</ul>We rate JUBILE as a BUY with 49% upside to our target price of Bt32.0*Please refer to…

JUBILE reported 2Q18 net profit of Bt49m (+8.9%YoY, +4.2%QoQ). The 1H18 result was 41% of our full-year forecast and in line with our forecast.  
2Q18 sales was Bt423m flat on YoY due mainly to soft marketing activity.
Gross profit margin was widen to 42.9% from 40.2% in 2Q17 due to better product mixes.
Announced an interim dividend payment of Bt0.33 (XD on 21 Aug), which is equivalent to 1.5% dividend yield.
We rate JUBILE as a BUY with 49% upside to our target price of Bt32.0*Please refer to…

JUBILE: Leading Retailer of Diamond Jewelry Enjoy Margin Expansion

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Asean (Thailand) Focused Independent Research

M Corp Review

M Corp is led by Athaporn Arayasantiparb who served as Head of Research for UOB and ANZ in Thailand and was an award-winning telecoms analyst at UBS in 2010 (AsiaMoney Thailand category) and Regional Strategist for DMG in Singapore. Prior to that, he also served as Kasikornbank credit analyst and scholar. He has a total work experience of 17 years, of which 14 were in research and 4 in research management roles. He started his career as an engineer for PTT and currently manages family investments. He holds an MBA from Stern (NYU) and CFA Charter since 2006. Apart from IPO Radar, which focuses on future listings, MCorp Review also provides six on-going thematic series ranked by frequency in descending order, namely: 1) Silicon Stories (technology) 2) Sathorn Series (financial services) 3) Thai-Coons (billionaire origin stories) 4) Reality Check (data-driven, investigative) 5) Thai Media Spotlight; and 6) Thai Macro Watch (global market drivers).

Pranda isn't exactly outta the woods yet, but they are taking some tough measures to turn around the business. When we last met, they were in quite a fix due to the volatility of the B/E market ( <a href="https://www.smartkarma.com/insights/snippets-3-thailand-s-new-debt-crisis-hmm-maybe-not" target="_blank" data-smartkarma-citation="insights:8293">Snippets#3: Thailand's New Debt Crisis? Hmm...Maybe Not</a>) which caused many creditors to call in their debts. During the period, Pranda reduced their debt level from Bt515m to Bt490m. At first glance, things may not seem like they have improved yet. Revenues dropped by a quarter YoY to Bt707m, and losses…

Pranda isn't exactly outta the woods yet, but they are taking some tough measures to turn around the business. When we last met, they were in quite a fix due to the volatility of the B/E market ( Snippets#3: Thailand's New Debt Crisis? Hmm...Maybe Not) which caused many creditors to call in their debts. During the period, Pranda reduced their debt level from Bt515m to Bt490m. At first glance, things may not seem like they have improved yet. Revenues dropped by a quarter YoY to Bt707m, and losses…

JUBILE reported 1Q18 net profit of Bt47m (+41%YoY, -26%QoQ). The 1Q18 result was 20% of our full-year forecast and in line with our forecast.  <ul class="">
<li>Sales grew 9%YoY but dropped 8%QoQ due mainly to branch expansion.</li>
<li>Gross profit margin was widen to 48% from 44% in 1Q17 due to better product mixes.</li>
<li>Announced an interim dividend payment of Bt0.37 (XD on 9 May), which is equivalent to 1.5% upcoming dividend yield.</li>
</ul>We rate JUBILE as a BUY with 31% upside to our target price of Bt32.0*<a href="https://www.smartkarma.com/insights/jubile-nation-s-biggest-retailer-of-diamond-jewelry" target="_blank">JUBILE: Nation’s Biggest</a>…

JUBILE reported 1Q18 net profit of Bt47m (+41%YoY, -26%QoQ). The 1Q18 result was 20% of our full-year forecast and in line with our forecast.  
Sales grew 9%YoY but dropped 8%QoQ due mainly to branch expansion.
Gross profit margin was widen to 48% from 44% in 1Q17 due to better product mixes.
Announced an interim dividend payment of Bt0.37 (XD on 9 May), which is equivalent to 1.5% upcoming dividend yield.
We rate JUBILE as a BUY with 31% upside to our target price of Bt32.0*JUBILE: Nation’s Biggest…

JUBILE: Gross Profit Growth Causes Increase Bottom Line Growth

Pranda was the last company visit in March this year. We gotta admit that things aren't going quite so well for them as it has for cross-town rival Jubilee. The company was founded in 1973 and has three factories located in Thailand, Vietnam, and Indonesia with a total capacity of 4m pieces/yr. The word "factory" and the 71% capacity utilisation can be a bit deceptive. It's more like a production facility with craftsman, because you can't "mass-produce" jewelry design. Things just don't work…

Pranda was the last company visit in March this year. We gotta admit that things aren't going quite so well for them as it has for cross-town rival Jubilee. The company was founded in 1973 and has three factories located in Thailand, Vietnam, and Indonesia with a total capacity of 4m pieces/yr. The word "factory" and the 71% capacity utilisation can be a bit deceptive. It's more like a production facility with craftsman, because you can't "mass-produce" jewelry design. Things just don't work…

JUBILE had 4Q17 recurring EPS of Bt0.36 (+29%YoY, +41%QoQ). The FY2017 recurring EPS was Bt1.06 (+17%YoY) and was 12% better than our forecast. <ul>
<li>4Q17 net profit was the record quarter driven by 16%YoY sales growth.</li>
<li>CRM implementation in selling and marketing plan as well as new product development is a main driver for sales growth (+12%YoY).</li>
<li>Announced an interim dividend payment of Bt0.37 (XD on 9 May), which is equivalent to 1.5% upcoming dividend yield.</li>
</ul>We rate JUBILE as a BUY with 38% upside to…

JUBILE had 4Q17 recurring EPS of Bt0.36 (+29%YoY, +41%QoQ). The FY2017 recurring EPS was Bt1.06 (+17%YoY) and was 12% better than our forecast. 
4Q17 net profit was the record quarter driven by 16%YoY sales growth.
CRM implementation in selling and marketing plan as well as new product development is a main driver for sales growth (+12%YoY).
Announced an interim dividend payment of Bt0.37 (XD on 9 May), which is equivalent to 1.5% upcoming dividend yield.
We rate JUBILE as a BUY with 38% upside to…

JUBILE: 12% Sales Growth Causes Increase Bottom Line Growth

Thailand

Pranda Jewelry Public Company Limited manufactures and distributes fine jewelry, including gold, silver, and gemstone jewelry, under brands such as Prima Gold, Prima Art, Merii, and Gemondo. The company operates globally with production facilities in Thailand and Vietnam, and distribution networks across North America, Europe, and Asia. Pranda Jewelry is headquartered in Bangkok, Thailand, and was founded in 1973.

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

Pranda Jewelry (PDJ TB)

JUBILE: Leading Retailer of Diamond Jewelry Enjoy Margin Expansion

JUBILE reported 2Q18 net profit of Bt49m (+8.9%YoY, +4.2%QoQ). The 1H18 result was 41% of our full-year forecast and in line with our forecast....

Pi Securities PCL, Thailand

Pranda's Tough Love Road to Recovery

Pranda isn't exactly outta the woods yet, but they are taking some tough measures to turn around the business. When we last met, they were in quite...

Athaporn Arayasantiparb, CFA

JUBILE: Gross Profit Growth Causes Increase Bottom Line Growth

JUBILE reported 1Q18 net profit of Bt47m (+41%YoY, -26%QoQ). The 1Q18 result was 20% of our full-year forecast and in line with our forecast....

Pi Securities PCL, Thailand

PDJ: The Struggling Jeweler of Bangkok

Pranda was the last company visit in March this year. We gotta admit that things aren't going quite so well for them as it has for cross-town rival...

Athaporn Arayasantiparb, CFA

JUBILE: 12% Sales Growth Causes Increase Bottom Line Growth

JUBILE had 4Q17 recurring EPS of Bt0.36 (+29%YoY, +41%QoQ). The FY2017 recurring EPS was Bt1.06 (+17%YoY) and was 12% better than our...

Pi Securities PCL, Thailand

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)