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

Gulf Energy Development  / Equity Bottom-Up

<ul>
<li>We reiterate our BUY call with a TP of Bt62.0. We maintain our positive outlook on GULF’s strong EPS growth of 31% in 2023,underpinned by 1.5GWe projects expected to recognize </li>
<li>Weak earnings expected in 3Q22 We expect GULF to post a net profit of Bt1.1bn (-30% YoY, -27% QoQ) in 3Q22. The QoQ and YoY drop in the net profit</li>
<li>GULF's recurring profit is also expected to drop 25% QoQ to Bt2.4bn (+2% YoY), caused by weak operations from IPP powerplants on account of weak electricity dispatch as EGAT prioritized</li>
</ul>


We reiterate our BUY call with a TP of Bt62.0. We maintain our positive outlook on GULF’s strong EPS growth of 31% in 2023,underpinned by 1.5GWe projects expected to recognize 
Weak earnings expected in 3Q22 We expect GULF to post a net profit of Bt1.1bn (-30% YoY, -27% QoQ) in 3Q22. The QoQ and YoY drop in the net profit
GULF's recurring profit is also expected to drop 25% QoQ to Bt2.4bn (+2% YoY), caused by weak operations from IPP powerplants on account of weak electricity dispatch as EGAT prioritized


Gulf Energy Development

GULF : Weak 3Q22 Earnings Expected