BCPG : Strong Hydro Plant Operations Drove 3Q22 Earnings

BCPG : Promising Business Expansion Outlook in Taiwan

BCPG: 21% Capacity Expansion from New Taiwan Project

BCPG : New Project COD in Japan Drove 2Q22 Profit

BCPG: Gain from Indonesia Asset Divestment

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 rating with a TP of 13.40.We expect BCPG’s 3Q22 core earnings to improve 25%QoQ from hydro power plant operation in Lao PDR(Nam San 3A&amp;3B), supported by strong seasonality.</li>
<li>Strong QoQ rise in 3Q22 on seasonality We expect 3Q22 core profit to grow 25%QoQ to Bt556m (+10% YoY).The QoQ growth will be driven by a 106% rise in electricity </li>
<li>We estimate a robust net profit growth of 110% QoQ in 3Q22 to Bt694m from an FX gain of Bt138m (vs -Bt113m in 2Q22). The profit is relatively flat YoY.</li>
</ul>


Maintain BUY rating with a TP of 13.40.We expect BCPG’s 3Q22 core earnings to improve 25%QoQ from hydro power plant operation in Lao PDR(Nam San 3A&amp;3B), supported by strong seasonality.
Strong QoQ rise in 3Q22 on seasonality We expect 3Q22 core profit to grow 25%QoQ to Bt556m (+10% YoY).The QoQ growth will be driven by a 106% rise in electricity 
We estimate a robust net profit growth of 110% QoQ in 3Q22 to Bt694m from an FX gain of Bt138m (vs -Bt113m in 2Q22). The profit is relatively flat YoY.


BCPG : Positive 3Q22 Earnings Backed by Strong Seasonality

BCPG PCL

BCPG : Positive 3Q22 Earnings Backed by Strong Seasonality