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

Pi Research

Thai Equity - Bottom-up - Equities

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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 maintain our BUY rating and raise TP by 42% to Bt8.50derived from 10xPE’23E,the lowest level since listing and 12%discount from average peers. Earnings momentum should remain strong in 2H22</li>
<li>Positive tone from the analyst meeting The management maintain 2022 sales target of Bt45bn (10% below our forecast), and 10%to 15%growth in 2023 backed by high meat prices and volume</li>
<li>The company will expand the number of retail shops up to 220/400 in 2022/2023 (up from 159 in 2Q22) and will contribute sales of B6bn in 2022 (+253%YoY) or 12% </li>
</ul>


We maintain our BUY rating and raise TP by 42% to Bt8.50derived from 10xPE’23E,the lowest level since listing and 12%discount from average peers. Earnings momentum should remain strong in 2H22
Positive tone from the analyst meeting The management maintain 2022 sales target of Bt45bn (10% below our forecast), and 10%to 15%growth in 2023 backed by high meat prices and volume
The company will expand the number of retail shops up to 220/400 in 2022/2023 (up from 159 in 2Q22) and will contribute sales of B6bn in 2022 (+253%YoY) or 12% 


TFG : Strong Earnings to Continue in 2H22