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 maintain HOLD rating but cut TP to Bt74.50(-5% from previous TP)to factor in earnings cut in ADVANC. 3Q22 earnings was in-line with our expectations at Bt2.5bn (-8%YoY, -7%QoQ). Meanwhile</li>
<li>Details on sale of THCOM to GULF INTUCH announced that its entire stake in THCOM will be sold to GULF at a price of Bt9.92/share(around 11% below current market price)</li>
<li>The deal will have to be approved by INTUCH’s shareholders (excluding GULF) with a 75% approval rate. Management is confident that the deal will be approved by end of 2022.</li>
</ul>


We maintain HOLD rating but cut TP to Bt74.50(-5% from previous TP)to factor in earnings cut in ADVANC. 3Q22 earnings was in-line with our expectations at Bt2.5bn (-8%YoY, -7%QoQ). Meanwhile
Details on sale of THCOM to GULF INTUCH announced that its entire stake in THCOM will be sold to GULF at a price of Bt9.92/share(around 11% below current market price)
The deal will have to be approved by INTUCH’s shareholders (excluding GULF) with a 75% approval rate. Management is confident that the deal will be approved by end of 2022.


INTUCH : THCOM Sale Is Positive for INTUCH

Intouch Holdings

INTUCH : THCOM Sale Is Positive for INTUCH