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

Bangkok Aviation Fuel Services / Equity Bottom-Up

<ul>
<li>Maintain BUY recommendation for BAFS but cut target price to Bt33.0 (Previous TP: 34.0) after earnings downgrade. We expect profitable quarter to postpone to 4Q22, from previous forecast in 3Q22</li>
<li>Significant improvement in core earnings BAFS reported 2Q22 net loss at Bt120m compared with Bt77m loss in 1Q22 and Bt175m loss in 2Q21.</li>
<li>QoQ contraction in earnings was due to dividend income recognition worth Bt50m from power plant business in Japan in 1Q22 (acquired in 4Q21). YoY improvement supported by aviation fuel volume </li>
</ul>


Maintain BUY recommendation for BAFS but cut target price to Bt33.0 (Previous TP: 34.0) after earnings downgrade. We expect profitable quarter to postpone to 4Q22, from previous forecast in 3Q22
Significant improvement in core earnings BAFS reported 2Q22 net loss at Bt120m compared with Bt77m loss in 1Q22 and Bt175m loss in 2Q21.
QoQ contraction in earnings was due to dividend income recognition worth Bt50m from power plant business in Japan in 1Q22 (acquired in 4Q21). YoY improvement supported by aviation fuel volume 


BAFS : Core Business Entered Recovery Phase