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Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

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Equity Bottom-Up

<ul>
<li>We expect SPA to incur the seven consecutive loss quarter in 4Q21 at Bt69m due to its operation below EBIT breakeven level.</li>
<li>We expect operating loss to be lower both YoY and QoQ due to more efficient cost and expense management.</li>
<li>Meanwhile, we expect 4Q21 revenue at Bt40m (-51%YoY, +209%QoQ), which will be affected by weak domestic demand.</li>
</ul>


We expect SPA to incur the seven consecutive loss quarter in 4Q21 at Bt69m due to its operation below EBIT breakeven level.
We expect operating loss to be lower both YoY and QoQ due to more efficient cost and expense management.
Meanwhile, we expect 4Q21 revenue at Bt40m (-51%YoY, +209%QoQ), which will be affected by weak domestic demand.


SPA: Expect Earnings to Turn Positive from 4Q22 Onwards

Siam Wellness Group

SPA: Expect Earnings to Turn Positive from 4Q22 Onwards