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

Supalai Public Company / Equity Bottom-Up

<ul>
<li>Maintain our BUY rating with  a new  TP of Bt27.5, based on 6.8xPE23, or its 5-year trading average, to reflect strong real estate sales of both low-rise and condominium segment.</li>
<li>3Q22 earning grew YoY and QoQ SPALI reported 3Q22’s net profit of Bt2.7bn (+60%YoY, +33% QoQ),better than our forecast and market expectation.</li>
<li>The YoY growth of net profit supported by (1) rising revenue recognition of real estate sales to Bt11bn (+50%YoY) backed by transfer of 7 condominium project in 9M22</li>
</ul>


Maintain our BUY rating with  a new  TP of Bt27.5, based on 6.8xPE23, or its 5-year trading average, to reflect strong real estate sales of both low-rise and condominium segment.
3Q22 earning grew YoY and QoQ SPALI reported 3Q22’s net profit of Bt2.7bn (+60%YoY, +33% QoQ),better than our forecast and market expectation.
The YoY growth of net profit supported by (1) rising revenue recognition of real estate sales to Bt11bn (+50%YoY) backed by transfer of 7 condominium project in 9M22


SPALI : 3Q22 Results Higher than Our Forecast