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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

The company reported 1Q18 net profit at Bt18.6m (-23%YoY and +58% QoQ.). The 1Q18 result was substantially under our forecast and accounted for just 13% of our full-year estimate.<ul class="">
<li>1Q18 gross profit margin dropped to 22.0% from 26.5% in 1Q17, the lowest in more than ten quarters.</li>
<li>Higher than expected SG&amp;A to sales ratio of 15.3%, mainly comprised of one-time expense.</li>
<li>Total service income still on the uptrend with a 17%YoY increase, led by the air freight and logistics management segments.</li>
</ul>We rank…

The company reported 1Q18 net profit at Bt18.6m (-23%YoY and +58% QoQ.). The 1Q18 result was substantially under our forecast and accounted for just 13% of our full-year estimate.
1Q18 gross profit margin dropped to 22.0% from 26.5% in 1Q17, the lowest in more than ten quarters.
Higher than expected SG&amp;A to sales ratio of 15.3%, mainly comprised of one-time expense.
Total service income still on the uptrend with a 17%YoY increase, led by the air freight and logistics management segments.
We rank…

WICE: Fall in Margin and Rising in SG&A Caused YoY Earnings Drop

Wice Logistics

WICE: Fall in Margin and Rising in SG&A Caused YoY Earnings Drop