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>MC reported FY2Q22 (end Dec 21) earnings at 231m (+2%YoY, +879%QoQ) driven by the all-time high gross margin of 65.1%.</li>
<li>Better product mix and channel management resulted in impressive gross margin in FY2Q22. Meanwhile, revenue was at Bt995m (-12%YoY,+127%QoQ) ,QoQ recovering from temporary closure of offline channel in previous quarter.</li>
<li>We expect FY3Q22E earnings to increase slightly YoY but drop QoQ,due to seasonal factor and still have a positive outlook inFY22 earnings supported by purchasing power recover post epidemic crisis</li>
</ul>


MC reported FY2Q22 (end Dec 21) earnings at 231m (+2%YoY, +879%QoQ) driven by the all-time high gross margin of 65.1%.
Better product mix and channel management resulted in impressive gross margin in FY2Q22. Meanwhile, revenue was at Bt995m (-12%YoY,+127%QoQ) ,QoQ recovering from temporary closure of offline channel in previous quarter.
We expect FY3Q22E earnings to increase slightly YoY but drop QoQ,due to seasonal factor and still have a positive outlook inFY22 earnings supported by purchasing power recover post epidemic crisis


MC: FY2Q22 Earnings Grew Both YoY and QoQ

MC Group Pcl

MC: FY2Q22 Earnings Grew Both YoY and QoQ