PSL : Demand Should Recover Firmly in 4Q22

PSL : Demand for Dry Bulk Trading Should Remain Supportive

PSL: Expect Core Earnings to Hit Another Decade High in 3Q21

PSL: Short-Term Outlook Is Lack of Interest, but Positive for Long-Term

PSL: Healthy Freight Rate Is Expected to Be Remained in 2022 and 2023

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>Maintain HOLD rating for PSL with target price of Bt18.0.We believe the net profit of Bt1.7bn reported in2Q22should be the peak quarter of this year as market TC rates (BSI,BHSI)</li>
<li>2Q22 profit hit 1.7bn, above market expectation PSL report 2Q22 net profit at Bt1.7bn (+101%YoY,+28%QoQ),the second highest level in a decade. This supported by high profitable level of TCE rate</li>
<li>However, average market TC rate for Supramax and Handy-sized are reported at US$28,901 (+13%YoY +15%QoQ) and US$27,566 (+22%YoY +14%QoQ). A discount to market is due to smaller fleet size</li>
</ul>


Maintain HOLD rating for PSL with target price of Bt18.0.We believe the net profit of Bt1.7bn reported in2Q22should be the peak quarter of this year as market TC rates (BSI,BHSI)
2Q22 profit hit 1.7bn, above market expectation PSL report 2Q22 net profit at Bt1.7bn (+101%YoY,+28%QoQ),the second highest level in a decade. This supported by high profitable level of TCE rate
However, average market TC rate for Supramax and Handy-sized are reported at US$28,901 (+13%YoY +15%QoQ) and US$27,566 (+22%YoY +14%QoQ). A discount to market is due to smaller fleet size


Precious Shipping

PSL : Rate Peak Has Surpassed