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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>Yesterdays’ analyst meeting came out with a neutral tone. We expect 4Q21 margins to decline, in-response to rollover from exceptionally high 3Q21 Covid related revenue, impact by falling new Covid</li>
<li>3Q21 net profit was at Bt1.6bn (+455%YoY, +171%QoQ), backed by solid top-line, and higher-than expected margin from Covid related services.</li>
<li>•We expect 4Q21 revenue to drop QoQ, caused by reduction in revenue from Covid related services, especially in OPD, IPD, NSHO segments. But, SSO unit should grow from additional </li>
</ul>


Yesterdays’ analyst meeting came out with a neutral tone. We expect 4Q21 margins to decline, in-response to rollover from exceptionally high 3Q21 Covid related revenue, impact by falling new Covid
3Q21 net profit was at Bt1.6bn (+455%YoY, +171%QoQ), backed by solid top-line, and higher-than expected margin from Covid related services.
•We expect 4Q21 revenue to drop QoQ, caused by reduction in revenue from Covid related services, especially in OPD, IPD, NSHO segments. But, SSO unit should grow from additional 


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CHG: Expect 4Q21 Earnings to Soften QoQ