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

Thai Foods Group Public Company Limited / Equity Bottom-Up

Thai Foods Group Public Company Limited (TFG TB)

<ul>
<li>We keep our BUY rating with a target price of Bt8.50. Key growth catalysts include (1) a decent earnings prospect with stabilizing material costs;(2) cheap valuation;(3) a high dividend yield</li>
<li>Key takeaways from the analyst meeting Management aimed chicken and swine volume expansion growth of20%/60%YoY in 2023-24.The company also highlighted its full-year volume targets.Chicken volume were guided at 375k tons(+27%YoY)</li>
<li>Management retained its aggressive expansion strategy for retail shops. The number of retail shops (16% of 2Q22 sales, anchored with ~20% gross margin) will increase to 400 stores in 2023</li>
</ul>


We keep our BUY rating with a target price of Bt8.50. Key growth catalysts include (1) a decent earnings prospect with stabilizing material costs;(2) cheap valuation;(3) a high dividend yield
Key takeaways from the analyst meeting Management aimed chicken and swine volume expansion growth of20%/60%YoY in 2023-24.The company also highlighted its full-year volume targets.Chicken volume were guided at 375k tons(+27%YoY)
Management retained its aggressive expansion strategy for retail shops. The number of retail shops (16% of 2Q22 sales, anchored with ~20% gross margin) will increase to 400 stores in 2023


TFG : 4Q22 Earnings to Post Strong YoY but Soften QoQ