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 BUY call with a target price of Bt61.00, derived from a 30xPE’23E, its 3-year trading average. We see brighter earnings performance in 4Q22 and onwards</li>
<li>Soft demand dragged 3Q22 results Its net profit came out at Bt1.8bn(+3%YoY,-1% QoQ),in-line with our estimates. Excluding the extra items, SCGP reported a core profit of Bt1.5bn (+9% YoY, -21%QoQ)</li>
<li>Mildly positive tone from the analyst meeting The company retained its revenue target at Bt150bn (2% below our forecast).Heading into 4Q22,we see core profit growing YoY as demand outlook improves</li>
</ul>


We maintain our BUY call with a target price of Bt61.00, derived from a 30xPE’23E, its 3-year trading average. We see brighter earnings performance in 4Q22 and onwards
Soft demand dragged 3Q22 results Its net profit came out at Bt1.8bn(+3%YoY,-1% QoQ),in-line with our estimates. Excluding the extra items, SCGP reported a core profit of Bt1.5bn (+9% YoY, -21%QoQ)
Mildly positive tone from the analyst meeting The company retained its revenue target at Bt150bn (2% below our forecast).Heading into 4Q22,we see core profit growing YoY as demand outlook improves


SCGP : Weak Demand Pressured 3Q22 Results

SCG Packaging

SCGP : Weak Demand Pressured 3Q22 Results