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 BUY call with a new TP of Bt165.00, based on 13.0xPE’23E.Its 3Q22 results came in at Bt603m (-11%YoY, -56%QoQ).Our rating reflects (1) earnings growth recovery in 2023-24</li>
<li>Softened equity income drag 3Q22 result SCCC posted its 3Q22 earnings of Bt603m (-11%YoY ,56%QoQ). The result missed ours and the market estimates by 43% and 40%, respectively.</li>
<li>Equity income came in at Bt325, plunged 25%YoY and 46%QoQ.A tale of divergence, primarily caused by JV in Cambodia swung to a net loss of Bt9m(from 3Q21 profit of Bt105m)</li>
</ul>


We keep our BUY call with a new TP of Bt165.00, based on 13.0xPE’23E.Its 3Q22 results came in at Bt603m (-11%YoY, -56%QoQ).Our rating reflects (1) earnings growth recovery in 2023-24
Softened equity income drag 3Q22 result SCCC posted its 3Q22 earnings of Bt603m (-11%YoY ,56%QoQ). The result missed ours and the market estimates by 43% and 40%, respectively.
Equity income came in at Bt325, plunged 25%YoY and 46%QoQ.A tale of divergence, primarily caused by JV in Cambodia swung to a net loss of Bt9m(from 3Q21 profit of Bt105m)


SCCC : 3Q22 Earnings Disappoint, but to Improve in 4Q22

Siam City Cement

SCCC : 3Q22 Earnings Disappoint, but to Improve in 4Q22