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 keep our HOLD rating,but will review the TP after the analyst meeting on 19 August. Although, 2H22 earnings is anticipated to slow down in scope of fading pandemic-related services</li>
<li>2Q22 earnings delivered a strong YoY growth RJH’s 2Q22 earnings was at Bt422m, jumped 206%YoY but declined 11%QoQ. The solid YoY growth was driven by gross margin expansion of 53.8%</li>
<li>2H22 earnings to normalize YoY and HoH Looking ahead, we believe that 2H22 earnings momentum is poised to drop both YoY and HoH, following pandemic-related contribution fades </li>
</ul>


We keep our HOLD rating,but will review the TP after the analyst meeting on 19 August. Although, 2H22 earnings is anticipated to slow down in scope of fading pandemic-related services
2Q22 earnings delivered a strong YoY growth RJH’s 2Q22 earnings was at Bt422m, jumped 206%YoY but declined 11%QoQ. The solid YoY growth was driven by gross margin expansion of 53.8%
2H22 earnings to normalize YoY and HoH Looking ahead, we believe that 2H22 earnings momentum is poised to drop both YoY and HoH, following pandemic-related contribution fades 


RJH : 2Q22 Earnings Grew YoY but Fall QoQ

Rajthanee Hospital

RJH : 2Q22 Earnings Grew YoY but Fall QoQ