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 BUY rating with a new target price of Bt2.54 based on9.7xPE’2023E,implying 10% discount from its five-years trading average.We have positive view to its 2022 outlook backed by 4 projects </li>
<li>2Q22 earnings grew YoY QH reported  2Q22’s net profit of Bt515m (+7%YoY, -12% QoQ),lower than our forecast at 10%. The YoY increasing of net profit supported </li>
<li>1H22 presales remain strong We expect 2Q22 presales at Bt2.1 bn (-4% YoY, +2% QoQ), and 1H22 presales at Bt4.1bn(+5%YoY) or 45% of company and our target representing </li>
</ul>


Maintain BUY rating with a new target price of Bt2.54 based on9.7xPE’2023E,implying 10% discount from its five-years trading average.We have positive view to its 2022 outlook backed by 4 projects 
2Q22 earnings grew YoY QH reported  2Q22’s net profit of Bt515m (+7%YoY, -12% QoQ),lower than our forecast at 10%. The YoY increasing of net profit supported 
1H22 presales remain strong We expect 2Q22 presales at Bt2.1 bn (-4% YoY, +2% QoQ), and 1H22 presales at Bt4.1bn(+5%YoY) or 45% of company and our target representing 


<ul>
<li>Maintain BUY rating with target price of Bt2.66 based on 11.8xPE’2022E,implying its five-years trading average.We have positive view to its 2022 outlook backed by 6 projects launch in 2022worth Bt9.5bn(+66%YoY)</li>
<li>Expect YoY drop in  2Q22 presales We expect 2Q22 presales at Bt2.1 bn (-4% YoY, +2% QoQ), representing (1) Low-rise presales value of Bt1.77bn (-10%YoY,-10%QoQ)        </li>
<li>Meanwhile, we expect presales should remain strong in 2022 and inline with management guidance at Bt9.2bn (+23%YoY), backed by (1) 4 new projects launch in 2H22E worth Bt5.5bn </li>
</ul>


Maintain BUY rating with target price of Bt2.66 based on 11.8xPE’2022E,implying its five-years trading average.We have positive view to its 2022 outlook backed by 6 projects launch in 2022worth Bt9.5bn(+66%YoY)
Expect YoY drop in  2Q22 presales We expect 2Q22 presales at Bt2.1 bn (-4% YoY, +2% QoQ), representing (1) Low-rise presales value of Bt1.77bn (-10%YoY,-10%QoQ)        
Meanwhile, we expect presales should remain strong in 2022 and inline with management guidance at Bt9.2bn (+23%YoY), backed by (1) 4 new projects launch in 2H22E worth Bt5.5bn 


<ul>
<li>Maintain BUY rating with target price of Bt2.66 based on 11.8xPE’2022E, its five-years trading average. We are positive to its 2022 outlook and beyond backed by 6 new projects launch </li>
<li>We expect 1Q22 net profit at Bt535 m(+24%YoY, +8.4%QoQ),driven by higher revenue recognition from real estate sales at Bt 2.08 bn(+11.3%YoY) and higher equity income recognition at Bt403 m (+4.2%YoY,23.4%QoQ).</li>
<li>High-End low-rise project launch will support 1Q22 earnings to grow YoY.</li>
</ul>


Maintain BUY rating with target price of Bt2.66 based on 11.8xPE’2022E, its five-years trading average. We are positive to its 2022 outlook and beyond backed by 6 new projects launch 
We expect 1Q22 net profit at Bt535 m(+24%YoY, +8.4%QoQ),driven by higher revenue recognition from real estate sales at Bt 2.08 bn(+11.3%YoY) and higher equity income recognition at Bt403 m (+4.2%YoY,23.4%QoQ).
High-End low-rise project launch will support 1Q22 earnings to grow YoY.


<ul>
<li>Upgrade to BUY from HOLD rating and raise TP by 6%to Bt2.66 based on 11.8xPE’2022E, +1SD from its five-years trading average. Our rating factor in benefit from easing LTV policy</li>
<li>We expect the peak quarter profit in 4Q21 at Bt522 m (-10%YoY, +99%QoQ), driven by higher housing revenue recognition and rising equity income especially from  HMPRO</li>
<li>Core operation in 4Q21 will be backed  by secured  backlog in 3Q21 worth Bt830m</li>
</ul>


Upgrade to BUY from HOLD rating and raise TP by 6%to Bt2.66 based on 11.8xPE’2022E, +1SD from its five-years trading average. Our rating factor in benefit from easing LTV policy
We expect the peak quarter profit in 4Q21 at Bt522 m (-10%YoY, +99%QoQ), driven by higher housing revenue recognition and rising equity income especially from  HMPRO
Core operation in 4Q21 will be backed  by secured  backlog in 3Q21 worth Bt830m


QH: 4Q21 Earnings Will Be the Peak Quarter in 2021

We maintain BUY rating with a target price of Bt9.2 based on 7.5xPE’21E, the average of top 10 stocks in the Thai Real Estate sector.<ul>
<li>ORI has 3Q20 presales of Bt7.5bn (+14%QoQ), better than market expectation. We foresee presales momentum to speed up in 4Q20 through aggressive new projects launch in 4Q20.</li>
<li>We expect 3Q20 earnings to stay flat YoY as there is no transfer of high value projects. However, we expect earnings to grow strongly both YoY and QoQ in 4Q20 driven by (1) revenue recognition from secured backlog over Bt7bn and (2) aggressive launch of new four low-rise projects worth Bt4.9bn.</li>
</ul>We still like this stock on the backs of; (1) Secured backlog of Bt20bn to back 2021 earnings recovery; (2) Solid presales momentum; (3) Attractive dividend yield of 4%-6% in 2020E-21E.

We maintain BUY rating with a target price of Bt9.2 based on 7.5xPE’21E, the average of top 10 stocks in the Thai Real Estate sector.
ORI has 3Q20 presales of Bt7.5bn (+14%QoQ), better than market expectation. We foresee presales momentum to speed up in 4Q20 through aggressive new projects launch in 4Q20.
We expect 3Q20 earnings to stay flat YoY as there is no transfer of high value projects. However, we expect earnings to grow strongly both YoY and QoQ in 4Q20 driven by (1) revenue recognition from secured backlog over Bt7bn and (2) aggressive launch of new four low-rise projects worth Bt4.9bn.
We still like this stock on the backs of; (1) Secured backlog of Bt20bn to back 2021 earnings recovery; (2) Solid presales momentum; (3) Attractive dividend yield of 4%-6% in 2020E-21E.

ORI: Expect Flat 3Q20 Earnings but Strong Recovery in 4Q20

Thailand

Quality Houses Public Company Limited is a property development company. The Company specializes in single-house, apartment, and condominium development projects.

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Quality Houses (QH TB)

QH : 2Q22 Results Grew YoY

Maintain BUY rating with a new target price of Bt2.54 based on 9.7xPE’2023E, implying 10% discount from its five-years trading average. We have...

Pi Securities PCL, Thailand

QH : 2Q22 Results Will Expand YoY

Maintain BUY rating with target price of Bt2.66 based on 11.8xPE’2022E, implying its five-years trading average. We have positive view to its 2022...

Pi Securities PCL, Thailand

QH: 1Q22 Earnings Will Grow YoY and QoQ

Maintain BUY rating with target price of Bt2.66 based on 11.8xPE’2022E, its five-years trading average. We are positive to its 2022 outlook and...

Pi Securities PCL, Thailand

QH: 4Q21 Earnings Will Be the Peak Quarter in 2021

Upgrade to BUY from HOLD rating and raise TP by 6%to Bt2.66 based on 11.8xPE’2022E, +1SD from its five-years trading average. Our rating factor in...

Pi Securities PCL, Thailand

ORI: Expect Flat 3Q20 Earnings but Strong Recovery in 4Q20

3Q20 ORI presales better than market expectation. We foresee presales momentum to speed up in 4Q20 through aggressive new projects launch in 4Q20.

Pi Securities PCL, Thailand

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