SCGP: 4Q21 Earnings Result In-Line with Expectation

SCGP: Elevated Product Prices to Drive Core Profit in 1Q22

SCGP : Time to Repack for Brighter 2H22 Outlook

SCGP: On Track to Grow but Hiccup over Paper Spread in 2Q21

SCGP: 3Q21 Result Dip QoQ, 10% Below Our Forecast

SCGP: Expect 3Q21 Earnings to Soften QoQ Due to Lockdown Impact

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>Downgrade to HOLD rating due to limited upside, with a TP of Bt72, based on 30xPE’22E, derived from 2-years trailing average.Share price which is trading at premium to Asia ex-Japan</li>
<li>We expect solid 4Q21 earnings at Bt1.9bn (+9%QoQ, +31%YoY),backed by both sales growth and  margin expansion, given the demand recovery after the easing of ASEAN lockdown and multiple M&amp;As consolidation</li>
<li>We expect 2022 earnings to grow strongly by 30%YoY, on the back of organic and inorganic growth; coupled with global demand recovery, that we anticipate in 4Q21 onwards</li>
</ul>


Downgrade to HOLD rating due to limited upside, with a TP of Bt72, based on 30xPE’22E, derived from 2-years trailing average.Share price which is trading at premium to Asia ex-Japan
We expect solid 4Q21 earnings at Bt1.9bn (+9%QoQ, +31%YoY),backed by both sales growth and  margin expansion, given the demand recovery after the easing of ASEAN lockdown and multiple M&amp;As consolidation
We expect 2022 earnings to grow strongly by 30%YoY, on the back of organic and inorganic growth; coupled with global demand recovery, that we anticipate in 4Q21 onwards


SCG Packaging

SCGP: Expect 4Q21 Earnings to Grow QoQ