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 our BUY rating but cut and roll-over our TP to Bt69.00 (-19% from previous TP), based on 29.7xPE’23E (average of 5-Year trading history).2Q22 results were below our expectations</li>
<li>2Q22 earnings was below our expectation 2Q22 net profit was at Bt572m (-7% YoY, -3% QoQ), decreasing YoY mainly due to narrowing gross margin  and lower Other Income. </li>
<li>Revenue was at Bt4.7bn (+32% YoY, +3% QoQ).YoY growth was driven by prepreg &amp; laminate and PCB growth as well as FX gains from the weakened Baht. Stripping FX gains</li>
</ul>


We maintain our BUY rating but cut and roll-over our TP to Bt69.00 (-19% from previous TP), based on 29.7xPE’23E (average of 5-Year trading history).2Q22 results were below our expectations
2Q22 earnings was below our expectation 2Q22 net profit was at Bt572m (-7% YoY, -3% QoQ), decreasing YoY mainly due to narrowing gross margin  and lower Other Income. 
Revenue was at Bt4.7bn (+32% YoY, +3% QoQ).YoY growth was driven by prepreg &amp; laminate and PCB growth as well as FX gains from the weakened Baht. Stripping FX gains


KCE Electronics PCL

KCE : 2H22 Outlook Is Better than 1H22