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 Chain Hospital / Equity Bottom-Up

<ul>
<li>We retain our HOLD rating with a TP of Bt21.00, after roll over to 24.7xPE’23E (bottom level before the pandemic lockdown). Although, we expect 2H22 earnings trend to slow down</li>
<li>2H22 earnings momentum to slowdown We expect 2H22 earnings momentum to drop HoH due to declining COVID-related revenue, following lower number of infection patients in tandem with the Thai government </li>
<li>We believe there are downside risk to COVID related sales, arising from 1.1m unsold doses (total 2.26m) of Moderna vaccines. Given the lower number of infected patients, the demand slowdown </li>
</ul>


We retain our HOLD rating with a TP of Bt21.00, after roll over to 24.7xPE’23E (bottom level before the pandemic lockdown). Although, we expect 2H22 earnings trend to slow down
2H22 earnings momentum to slowdown We expect 2H22 earnings momentum to drop HoH due to declining COVID-related revenue, following lower number of infection patients in tandem with the Thai government 
We believe there are downside risk to COVID related sales, arising from 1.1m unsold doses (total 2.26m) of Moderna vaccines. Given the lower number of infected patients, the demand slowdown 


Bangkok Chain Hospital

BCH : 2H22 Earnings to Slowdown