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 maintain our HOLD rating with a target price of Bt3.70. Despite heading into 4Q22 with a fewer number of infected cases will continue to pressure margins, we remain neutral </li>
<li>Weak across all verticals in 3Q22 CHG posted 3Q22 earnings of Bt258m (-84% YoY, -71% QoQ). The result was 48% and 46% below our estimate and the market consensus, respectively.</li>
<li>Gross margin declined to 26.9% (-24ppts YoY, -19ppts QoQ), weaker than our forecast of 35%, The disappointing margin was attribute to a sharp fall in pandemic related contribution.</li>
</ul>


We maintain our HOLD rating with a target price of Bt3.70. Despite heading into 4Q22 with a fewer number of infected cases will continue to pressure margins, we remain neutral 
Weak across all verticals in 3Q22 CHG posted 3Q22 earnings of Bt258m (-84% YoY, -71% QoQ). The result was 48% and 46% below our estimate and the market consensus, respectively.
Gross margin declined to 26.9% (-24ppts YoY, -19ppts QoQ), weaker than our forecast of 35%, The disappointing margin was attribute to a sharp fall in pandemic related contribution.


Chularat Hospital

CHG : Weak 3Q22 Results