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>Downgrade to HOLD from BUY rating with a TP of Bt21, derived from 13.4xPE’22E due to limited upside. Despite weakening earnings momentum in 2H22</li>
<li>2Q22 earnings result came out as expected BCH’s 2Q22 net profit came in at Bt1.1bn, flat YoY but decrease 44%QoQ, which was in-line with our projection.</li>
<li>Earnings momentum to slide down in 2H22 We believe 2H22 earnings trend to fall both YoY and HoH,pressure by pandemic-related contribution normalizing off high base in 2H21 and first half </li>
</ul>


Downgrade to HOLD from BUY rating with a TP of Bt21, derived from 13.4xPE’22E due to limited upside. Despite weakening earnings momentum in 2H22
2Q22 earnings result came out as expected BCH’s 2Q22 net profit came in at Bt1.1bn, flat YoY but decrease 44%QoQ, which was in-line with our projection.
Earnings momentum to slide down in 2H22 We believe 2H22 earnings trend to fall both YoY and HoH,pressure by pandemic-related contribution normalizing off high base in 2H21 and first half 


BCH : 2Q22 Earnings In-Line with Estimate