BCPG : Promising Business Expansion Outlook in Taiwan

BCPG : New Project COD in Japan Drove 2Q22 Profit

BCPG : Positive 3Q22 Earnings Backed by Strong Seasonality

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. BCPG’s 3Q22 core profit was at Bt626m (-12%YoY, +14%QoQ),in-line with our expectation. Seasonally stronger hydro plant operations from Lao PDR drove QoQ</li>
<li>Strong hydro plant operations drove 3Q22 results The 3Q22 net profit grew 94% QoQ to Bt640m (-7% YoY) driven by an FX gain of Bt167m (vs -Bt113m in 2Q22). </li>
<li>Excluding the one-time items (asset disposal gain, impairment, and FX loss), the recurring profit stood at Bt626m (-12%YoY, +14%QoQ). The YoY drop was due to a lower revenue contribution </li>
</ul>


Maintain BUY rating with a TP of 13.40. BCPG’s 3Q22 core profit was at Bt626m (-12%YoY, +14%QoQ),in-line with our expectation. Seasonally stronger hydro plant operations from Lao PDR drove QoQ
Strong hydro plant operations drove 3Q22 results The 3Q22 net profit grew 94% QoQ to Bt640m (-7% YoY) driven by an FX gain of Bt167m (vs -Bt113m in 2Q22). 
Excluding the one-time items (asset disposal gain, impairment, and FX loss), the recurring profit stood at Bt626m (-12%YoY, +14%QoQ). The YoY drop was due to a lower revenue contribution 


BCPG : Strong Hydro Plant Operations Drove 3Q22 Earnings

BCPG PCL

BCPG : Strong Hydro Plant Operations Drove 3Q22 Earnings