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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>A solid earnings recovery trend with an attractive dividend yield at 4%-5%. We maintain BUY rating and roll over target price to Bt26.25 (+19% from previous TP) based on 24xPE’22E</li>
<li>We expect 4Q21 earnings to recover both YoY and QoQ driven by 1) strong revenue recovery from new products launch and online marketing campaign, 2) an increase in gross profit </li>
<li>We maintain our positive view toward its 2022-23E outlook, driven by 1) a solid revenue in “product champions” such as Body Bra, Seamless Fit, Wireless Bra, Level Bra, and Sabina</li>
</ul>


A solid earnings recovery trend with an attractive dividend yield at 4%-5%. We maintain BUY rating and roll over target price to Bt26.25 (+19% from previous TP) based on 24xPE’22E
We expect 4Q21 earnings to recover both YoY and QoQ driven by 1) strong revenue recovery from new products launch and online marketing campaign, 2) an increase in gross profit 
We maintain our positive view toward its 2022-23E outlook, driven by 1) a solid revenue in “product champions” such as Body Bra, Seamless Fit, Wireless Bra, Level Bra, and Sabina


SABINA: Expect Solid Revenue Recover in 4Q21

Sabina PCL

SABINA: Expect Solid Revenue Recover in 4Q21