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>We expect BAFS to book net profit for the first time since pandemic in 4Q22,supported by aviation fuel services volume that expected to reach above 65%of pre-COVID level. Looking beyond2023</li>
<li>Fuel services volume reached break-even point BAFS reported 3Q22 net loss at Bt43m compared with Bt120m loss in 2Q22 and Bt199m loss in 3Q21. The least loss since pandemic</li>
<li>Gross profit margin expanded to ten-quarter high at 31.0%,thanks to benefit from high operating leverage.SG&amp;A to sales ratio also decreased to ten-quarter low at 23.1% due to the same reason.</li>
</ul>


We expect BAFS to book net profit for the first time since pandemic in 4Q22,supported by aviation fuel services volume that expected to reach above 65%of pre-COVID level. Looking beyond2023
Fuel services volume reached break-even point BAFS reported 3Q22 net loss at Bt43m compared with Bt120m loss in 2Q22 and Bt199m loss in 3Q21. The least loss since pandemic
Gross profit margin expanded to ten-quarter high at 31.0%,thanks to benefit from high operating leverage.SG&amp;A to sales ratio also decreased to ten-quarter low at 23.1% due to the same reason.


BAFS : Expect Solid Recovery in Earnings in 4Q22 and Throughout 2023