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 BUY with a new target price of Bt139 (from Bt149) due to a net profit downgrade. Our valuation is derived from the Gordon Growth Model (ROE 9%, growth 2%)</li>
<li>Management had more cautious views on potential impacts from higher inflation and the Russia-Ukraine war.</li>
<li>Net profit in 1Q22 came in line with our expectations at Bt10.2bn (+1% YoY, +29% QoQ).</li>
</ul>


Maintain BUY with a new target price of Bt139 (from Bt149) due to a net profit downgrade. Our valuation is derived from the Gordon Growth Model (ROE 9%, growth 2%)
Management had more cautious views on potential impacts from higher inflation and the Russia-Ukraine war.
Net profit in 1Q22 came in line with our expectations at Bt10.2bn (+1% YoY, +29% QoQ).


SCB: Recovery Slowdown on a Rise in Economic Uncertainty

Siam Commercial Bank

SCB: Recovery Slowdown on a Rise in Economic Uncertainty