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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>We reiterate a BUY rating for BTS while roll over target price to Bt11.0 (Previous TP: Bt10.20), derived from SOTP.</li>
<li>BTS report 2QFY22 (July’21-Sep’21) net profit at Bt576m (-24%YoY -58%QoQ), the lowest level in the past five quarter. The result came out slightly below our expectation while 9M21 result accounts </li>
<li>Disappointed earnings reported in 2QFY22 was pressured by 13-quarter low of revenue and increasing share of loss from weak U-city and KEX performance.</li>
</ul>


We reiterate a BUY rating for BTS while roll over target price to Bt11.0 (Previous TP: Bt10.20), derived from SOTP.
BTS report 2QFY22 (July’21-Sep’21) net profit at Bt576m (-24%YoY -58%QoQ), the lowest level in the past five quarter. The result came out slightly below our expectation while 9M21 result accounts 
Disappointed earnings reported in 2QFY22 was pressured by 13-quarter low of revenue and increasing share of loss from weak U-city and KEX performance.


BTS: Short & Long Terms Outlook Remain Positive

BTS Group Holdings

BTS: Short & Long Terms Outlook Remain Positive