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

<ul>
<li>We see the recent plunge in share price (17% in past 20 days) was due to the concerns over contract expiry of PTW (subsidiary of TTW) in Oct 2023.</li>
<li>3Q22 earnings to improve QoQ We estimate the 3Q22 net profit to be at Bt916m (-2% YoY, +12%QoQ).The QoQ growth will be due to higher equity income contribution from CKP</li>
<li>The profit from core operations (tap water sales) should slightly improve 1%QoQ on the back of rising demand brought on by increased travel and tourism as well as a recovery </li>
</ul>


We see the recent plunge in share price (17% in past 20 days) was due to the concerns over contract expiry of PTW (subsidiary of TTW) in Oct 2023.
3Q22 earnings to improve QoQ We estimate the 3Q22 net profit to be at Bt916m (-2% YoY, +12%QoQ).The QoQ growth will be due to higher equity income contribution from CKP
The profit from core operations (tap water sales) should slightly improve 1%QoQ on the back of rising demand brought on by increased travel and tourism as well as a recovery 


TTW : 3Q22 Earnings to Improve QoQ While Soften YoY