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

Electricity Generating / Equity Bottom-Up

<ul>
<li>Maintain BUY rating with a target price of Bt220 derived from DCF, implying 9.5xPE’22E. Despite reported net loss of Bt777m in 2Q22 due to unrealized losses from FX and derivative</li>
<li>Earnings dragged by Paju and FX losses in 2Q22 EGCOreported a net loss of Bt777m in 2Q22,the first time loss in the past nine quarters which was dragged by unrealized </li>
<li>Meanwhile, its 2Q22 recurring profit stood at Bt3.2bn (17% YoY, -29% QoQ), which came in line with our expectations. The QoQ core earnings drop was caused by lower electricity sales </li>
</ul>


Maintain BUY rating with a target price of Bt220 derived from DCF, implying 9.5xPE’22E. Despite reported net loss of Bt777m in 2Q22 due to unrealized losses from FX and derivative
Earnings dragged by Paju and FX losses in 2Q22 EGCOreported a net loss of Bt777m in 2Q22,the first time loss in the past nine quarters which was dragged by unrealized 
Meanwhile, its 2Q22 recurring profit stood at Bt3.2bn (17% YoY, -29% QoQ), which came in line with our expectations. The QoQ core earnings drop was caused by lower electricity sales 


Electricity Generating

EGCO : Better 2H22 Outlook