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

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<li>We maintain our BUY rating and TP of Bt24.25 based on21.1xPE’23E(+1.0S.D of 10-year trading history).Analyst meeting came with a positive tone as management expects continued growth across all its segments</li>
<li>Analyst Meeting Details Management expects double-digit revenue growth, primarily driven by commercial segment and an expanding ecosystem. Our revenue growth forecast of 5% YoY in 23E illustrates our cautious</li>
<li>Commercial segment (17% of 2021 revenue) should see strong growth from additional network and cloud services added to SYNEX’s portfolio. According to management, the segment has “large” amounts of backlog </li>
</ul>


We maintain our BUY rating and TP of Bt24.25 based on21.1xPE’23E(+1.0S.D of 10-year trading history).Analyst meeting came with a positive tone as management expects continued growth across all its segments
Analyst Meeting Details Management expects double-digit revenue growth, primarily driven by commercial segment and an expanding ecosystem. Our revenue growth forecast of 5% YoY in 23E illustrates our cautious
Commercial segment (17% of 2021 revenue) should see strong growth from additional network and cloud services added to SYNEX’s portfolio. According to management, the segment has “large” amounts of backlog 


SYNEX : Weak 4Q22 but Positive 2023 Outlook

Synnex Thailand

SYNEX : Weak 4Q22 but Positive 2023 Outlook