MEGA : 3Q22 Profit Reach to All-Time-High Level

MEGA : Strong Performance Amid Uncertainty

MEGA: Expect Growth Rate to Slow Down in 2022

MEGA: 3Q18 Result Is Slightly Below Our Expectation

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

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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>MEGA’s share price corrected 30%from its peak, which we believe it has mostly priced in obstacles to business operation in Myanmar.We upgrade to BUY with a target price of Bt54</li>
<li>Expect 3Q22 result to be another strong quarter Mega We Care’s revenue (Branded products business) is expected to reach at Bt2bn (+1%YoY,+3%QoQ) driven by a recovery in revenue from prescription</li>
<li>Maxxcare’s revenue (Distribution business) is expected to drop to Bt1.75bn (-7%YoY, -6%QoQ) pressured by lower consumer purchasing power following a rising inflation and Myanmar’s Kyat depreciation</li>
</ul>


MEGA’s share price corrected 30%from its peak, which we believe it has mostly priced in obstacles to business operation in Myanmar.We upgrade to BUY with a target price of Bt54
Expect 3Q22 result to be another strong quarter Mega We Care’s revenue (Branded products business) is expected to reach at Bt2bn (+1%YoY,+3%QoQ) driven by a recovery in revenue from prescription
Maxxcare’s revenue (Distribution business) is expected to drop to Bt1.75bn (-7%YoY, -6%QoQ) pressured by lower consumer purchasing power following a rising inflation and Myanmar’s Kyat depreciation


MEGA : Attractive Valuation with Sustainable Growth Outlook

Mega Lifesciences

MEGA : Attractive Valuation with Sustainable Growth Outlook