CRC: Expect Strong Earnings Growth YoY in 1Q22

CRC: Growth Momentum Intact Despite Uncertainties

CRC : Expect 2Q22 Performance to Turn to Profit

CRC: 1Q21 Earnings Was Pressured by New Wave of COVID-19 Outbreak

CRC: 2Q21 Result Was the 2nd Loss in past Five Quarters

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

Central Retail Corp Ltd / Equity Bottom-Up

<ul>
<li>CRC reported 3Q21 net loss of Bt2.2bn (Net profit of Bt837m in 3Q20 and net loss of Bt471m in 2Q21) eroded by partial lockdown measures in Thailand and Vietnam.</li>
<li>3Q21 revenue was at Bt39bn (-12%YoY, -11%QoQ) due to temporary closures in some non-food stores during 12 Jul -31 Aug 21 in Thailand and throughout 3 months in Vietnam.</li>
<li>•Meanwhile, Italy continued to grow, and all stores resumed opening since Apr 21.</li>
</ul>


CRC reported 3Q21 net loss of Bt2.2bn (Net profit of Bt837m in 3Q20 and net loss of Bt471m in 2Q21) eroded by partial lockdown measures in Thailand and Vietnam.
3Q21 revenue was at Bt39bn (-12%YoY, -11%QoQ) due to temporary closures in some non-food stores during 12 Jul -31 Aug 21 in Thailand and throughout 3 months in Vietnam.
•Meanwhile, Italy continued to grow, and all stores resumed opening since Apr 21.


CRC: The 2nd Consecutive Quarter Loss in 3Q21