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

Pi Research

Thai Equity - Bottom-up - Equities

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Pi Securities PCL, Thailand

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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>Maintain HOLD rating with a TP of Bt19.80  based on 1.9xPBV’22E, -1SD of its 3-years trailing average. Our rating factors in weak 22E outlook,erode by absence of cheap crude sources</li>
<li>Expect 4Q21 earnings at Bt650m (-18%YoY,+72%QoQ), back by revenue growth, and 271m which is to be report under the extraordinary items</li>
<li>The management affirms that the availability of heavy crude oil should persist until 1Q22. In our view,this would slightly cushion the margins impact from crude price hike,which hovers around $87/BBL </li>
</ul>


Maintain HOLD rating with a TP of Bt19.80  based on 1.9xPBV’22E, -1SD of its 3-years trailing average. Our rating factors in weak 22E outlook,erode by absence of cheap crude sources
Expect 4Q21 earnings at Bt650m (-18%YoY,+72%QoQ), back by revenue growth, and 271m which is to be report under the extraordinary items
The management affirms that the availability of heavy crude oil should persist until 1Q22. In our view,this would slightly cushion the margins impact from crude price hike,which hovers around $87/BBL 


TASCO: 4Q21 Earnings on Track to Bottom-Out

Tipco Asphalt

TASCO: 4Q21 Earnings on Track to Bottom-Out