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 downgrade to HOLD from BUY rating and cut TP to Bt78.75 (-4% from previous TP), based on 18.3% discount from SOTP valuation, implying 20.4xPE’23E. 1H22 earnings of ADVANC</li>
<li>1H22 earnings was below expectation 2Q22 net profit was at Bt2.6bn (-6% YoY, +3% QoQ). YoY decline was due to lower equity income from ADVANC, while QoQ increase </li>
<li>Equity income in 2Q22 was at Bt2.4bn (-14% YoY, flat QoQ).YoY declined due to higher marketing expenses and pressured ARPU. QoQ remained flat because the higher marketing costs were offset</li>
</ul>


We downgrade to HOLD from BUY rating and cut TP to Bt78.75 (-4% from previous TP), based on 18.3% discount from SOTP valuation, implying 20.4xPE’23E. 1H22 earnings of ADVANC
1H22 earnings was below expectation 2Q22 net profit was at Bt2.6bn (-6% YoY, +3% QoQ). YoY decline was due to lower equity income from ADVANC, while QoQ increase 
Equity income in 2Q22 was at Bt2.4bn (-14% YoY, flat QoQ).YoY declined due to higher marketing expenses and pressured ARPU. QoQ remained flat because the higher marketing costs were offset


INTUCH : Price War Led to Weak 1H22 Earnings

Intouch Holdings

INTUCH : Price War Led to Weak 1H22 Earnings