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

Global Power Synergy Company Ltd / Equity Bottom-Up

Global Power Synergy Company Ltd (GPSC TB)

<ul>
<li>We maintain the HOLD rating with a TP of Bt69.0 due to limited upside from the current share price. GPSC’s 3Q22 net profit dropped 52% QoQ to Bt331m (-82% YoY)</li>
<li>Weak 3Q22 performance GPSC reported 3Q22 net profit of Bt331.0m (-82% YoY, -52% QoQ), which was lower than our expectation.</li>
<li>The YoY and QoQ earnings drop were caused mainly due to a significantly higher natural gas (+110%YoY,+33%QoQ) and coal price (+236% YoY, +73% QoQ) which resulted in lower SPP margins.</li>
</ul>


We maintain the HOLD rating with a TP of Bt69.0 due to limited upside from the current share price. GPSC’s 3Q22 net profit dropped 52% QoQ to Bt331m (-82% YoY)
Weak 3Q22 performance GPSC reported 3Q22 net profit of Bt331.0m (-82% YoY, -52% QoQ), which was lower than our expectation.
The YoY and QoQ earnings drop were caused mainly due to a significantly higher natural gas (+110%YoY,+33%QoQ) and coal price (+236% YoY, +73% QoQ) which resulted in lower SPP margins.


GPSC : Rising Gas Prices Dragged 3Q22 Earnings