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 maintain our HOLD rating with a new target price of Bt35.30, (down 6% from previous TP) based on 22.4x’PE23E, which is in the range of its pre-pandemic level</li>
<li>Unexciting 3Q22 earnings performance RJH’s 3Q22 net profit came in at Bt101m,down 79%YoY and 76%QoQ.The YoY and QoQ growth drops reflect a weakened margin from an all-time high in 3Q21</li>
<li>Meanwhile, the company delivered a 3Q22 revenue at Bt591mn, fell 48%YoY and 44%QoQ.Although, cash patients carry on to grow at 31%YoY and 23%QoQ,thanks to pent-up demand. Along with solid SSO </li>
</ul>


We maintain our HOLD rating with a new target price of Bt35.30, (down 6% from previous TP) based on 22.4x’PE23E, which is in the range of its pre-pandemic level
Unexciting 3Q22 earnings performance RJH’s 3Q22 net profit came in at Bt101m,down 79%YoY and 76%QoQ.The YoY and QoQ growth drops reflect a weakened margin from an all-time high in 3Q21
Meanwhile, the company delivered a 3Q22 revenue at Bt591mn, fell 48%YoY and 44%QoQ.Although, cash patients carry on to grow at 31%YoY and 23%QoQ,thanks to pent-up demand. Along with solid SSO 


Rajthanee Hospital

RJH : Weak Margin Pressured 3Q22 Result