Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

<ul>
<li>Chinese automotive maintenance services platform Tuhu Car has announced the terms for its HKEx IPO. Tuhu plans to raise net proceeds of HK$1.0-1.1bn (US$132-161m) through the issuance of 40.62m shares.</li>
<li>
<a href="https://www.smartkarma.com/entities/tuhu-car" target="_blank" data-smartkarma-citation="entities:36012:1" rel="noopener">Tuhu Car (2007986D HK)</a> 's franchised business model seems to have worked well, while its focus on high margin products/services have helped improve profitability.</li>
<li>In this insight, we discuss our forecasts and valuation for the company, and our analysis suggests that Tuhu Car’s IPO is priced reasonably.</li>
</ul>


Chinese automotive maintenance services platform Tuhu Car has announced the terms for its HKEx IPO. Tuhu plans to raise net proceeds of HK$1.0-1.1bn (US$132-161m) through the issuance of 40.62m shares.

Tuhu Car (2007986D HK) 's franchised business model seems to have worked well, while its focus on high margin products/services have helped improve profitability.
In this insight, we discuss our forecasts and valuation for the company, and our analysis suggests that Tuhu Car’s IPO is priced reasonably.


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 recommendation for GLOBAL with a higher target price of Bt22.5 (Previous TP:Bt22.0).Our new target price reflects 2023 earnings upward revision by 2% to factor in lower operating expense.</li>
<li>Expect 3Q22 earnings to remain strong YoY  Revenue in 3Q22 is expected to report at Bt8.3bn (+8%YoY,-10%QoQ) supported by benefit after stores renovation and recovery in sales from tourism destination.</li>
<li>Gross profit margin in 3Q22 should expand YoY to 25.4% backed by effective procurement process and efficiency inventory management,while QoQ should be soften due to lower margin from steel products.</li>
</ul>


Maintain BUY recommendation for GLOBAL with a higher target price of Bt22.5 (Previous TP:Bt22.0).Our new target price reflects 2023 earnings upward revision by 2% to factor in lower operating expense.
Expect 3Q22 earnings to remain strong YoY  Revenue in 3Q22 is expected to report at Bt8.3bn (+8%YoY,-10%QoQ) supported by benefit after stores renovation and recovery in sales from tourism destination.
Gross profit margin in 3Q22 should expand YoY to 25.4% backed by effective procurement process and efficiency inventory management,while QoQ should be soften due to lower margin from steel products.


GLOBAL : Expect 3Q22 Earnings to Remain Strong YoY

<ul>
<li>Maintain BUY recommendation for GLOBAL with a target price of Bt22. GLOBAL’s 2Q22 earnings came in at Bt1bn (+6%YoY, -11%QoQ), better than our forecast and 5% above BB consensus estimated. </li>
<li>Healthy margin boost 2Q22 earnings grew YoY GLOBAL reported a net profit of Bt1bn in 2Q22 (+6%YoY, -11%QoQ).</li>
<li>The YoY growth in 2Q22 earnings supported by a record high of gross profit margin at 26.4% and an increase in revenue.</li>
</ul>


Maintain BUY recommendation for GLOBAL with a target price of Bt22. GLOBAL’s 2Q22 earnings came in at Bt1bn (+6%YoY, -11%QoQ), better than our forecast and 5% above BB consensus estimated. 
Healthy margin boost 2Q22 earnings grew YoY GLOBAL reported a net profit of Bt1bn in 2Q22 (+6%YoY, -11%QoQ).
The YoY growth in 2Q22 earnings supported by a record high of gross profit margin at 26.4% and an increase in revenue.


<ul>
<li>Maintain BUY recommendation for GLOBAL and roll over target price to Bt22. Our new target price reflects PE de-rating and 2023 earnings downward revision by 7%. We expect the company </li>
<li>Expect 2Q22 earnings to flat YoY We expect 2Q22 net profit to be at Bt960m(-1%YoY, -17%QoQ)as a result of rising products costs, lower margin from steel products and QoQ drop</li>
<li>We expect GLOBAL to post 2Q22 revenue at Bt9bn (+2%YoY, -6%QoQ). The YoY growth in revenue driven by SSSG of +1% and new stores expansion during the past 12 months. </li>
</ul>


Maintain BUY recommendation for GLOBAL and roll over target price to Bt22. Our new target price reflects PE de-rating and 2023 earnings downward revision by 7%. We expect the company 
Expect 2Q22 earnings to flat YoY We expect 2Q22 net profit to be at Bt960m(-1%YoY, -17%QoQ)as a result of rising products costs, lower margin from steel products and QoQ drop
We expect GLOBAL to post 2Q22 revenue at Bt9bn (+2%YoY, -6%QoQ). The YoY growth in revenue driven by SSSG of +1% and new stores expansion during the past 12 months. 


GLOBAL : Expect 2Q22 Earnings to Flat YoY

<ul>
<li>We reiterate BUY rating for GLOBAL with a target price of Bt25.0 based on 35xPE’22E, close to the average of the Thailand home-improvement subsector.</li>
<li>We expect GLOBAL to report 1Q22 net profit at Bt967m (flat YoY, +30%QoQ).</li>
<li>QoQ growth will be supported by high season quarter with a solid SSSG at+7.5%YoY in 1Q22 together with economic recovery as shown by Farm income Index was at Bt215 (+9%YoY)</li>
</ul>


We reiterate BUY rating for GLOBAL with a target price of Bt25.0 based on 35xPE’22E, close to the average of the Thailand home-improvement subsector.
We expect GLOBAL to report 1Q22 net profit at Bt967m (flat YoY, +30%QoQ).
QoQ growth will be supported by high season quarter with a solid SSSG at+7.5%YoY in 1Q22 together with economic recovery as shown by Farm income Index was at Bt215 (+9%YoY)


GLOBAL: Expect Earnings Increase QoQ from Seasonal Factor

Thailand

Siam Global House PCL is a retailer of home related products for construction, repair, decoration, and renovation. The Company sells construction materials, hand tools, furniture, and garden tools.

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Siam Global House (GLOBAL TB)

Tuhu Car IPO: Forecasts and Valuation

Tuhu Car priced its IPO at HK$28.00 per share, at the bottom end of the IPO price range and raised net proceeds of HK$1,081m (US$138m) excluding...

Shifara Samsudeen, ACMA, CGMA

GLOBAL : Expect 3Q22 Earnings to Remain Strong YoY

Maintain BUY recommendation for GLOBAL with a higher target price of Bt22.5 (Previous TP: Bt22.0).Our new target price reflects 2023 earnings...

Pi Securities PCL, Thailand

GLOBAL : Margin Beats Our Expectation

Maintain BUY recommendation for GLOBAL with a target price of Bt22. GLOBAL’s 2Q22 earnings came in at Bt1bn (+6%YoY, -11%QoQ), better than our...

Pi Securities PCL, Thailand

GLOBAL : Expect 2Q22 Earnings to Flat YoY

Maintain BUY recommendation for GLOBAL and roll over target price to Bt22. Our new target price reflects PE de-rating and 2023 earnings downward...

Pi Securities PCL, Thailand

GLOBAL: Expect Earnings Increase QoQ from Seasonal Factor

We reiterate BUY rating for GLOBAL with a target price of Bt25.0 based on 35xPE’22E, close to the average of the Thailand home-improvement subsector.

Pi Securities PCL, Thailand

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