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

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<li>We expect its 4Q21 net profit to be the peak quarter at Bt922 m(+44%YoY, +30%QoQ), driven by higher real estate sales recognition and rising income from service and hotel business</li>
<li>We expect earnings momentum to recover in 4Q21 supported by  3 new condo  projects and 6 new housing projects launch in 4Q21 (total value Bt6.3 bn)and secured backlog at Bt34bn</li>
<li>We maintain our positive outlook toward  2022 earnings backed by more aggressive launch new projects worth Bt26bn,(+47%YoY). Also, we expect revenue recognition from condominium project THE ORIGIN Ram 209 Interchange</li>
</ul>


We expect its 4Q21 net profit to be the peak quarter at Bt922 m(+44%YoY, +30%QoQ), driven by higher real estate sales recognition and rising income from service and hotel business
We expect earnings momentum to recover in 4Q21 supported by  3 new condo  projects and 6 new housing projects launch in 4Q21 (total value Bt6.3 bn)and secured backlog at Bt34bn
We maintain our positive outlook toward  2022 earnings backed by more aggressive launch new projects worth Bt26bn,(+47%YoY). Also, we expect revenue recognition from condominium project THE ORIGIN Ram 209 Interchange


ORI: 4Q21 Earnings Will Be the Peak Quarter in 2021

Origin Property

ORI: 4Q21 Earnings Will Be the Peak Quarter in 2021