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

4Q17 EPS was Bt0.018 (-57%YoY and -57% QoQ. The company produced a 2017 EPS of Bt0.14, which was up 17% YoY and was 12% below our full-year forecast.<ul>
<li>4Q17 gross profit margin dropped 240 basis points YoY to 23.8%</li>
<li>Higher than expected in SG&amp;A to sales of 18.4%, the highest since 1Q16</li>
<li>2017 net profit rose 17% YoY supported by 37% increase in revenue</li>
<li>Announced full-year dividend payment of Bt0.12 per share. XD on 16 May</li>
</ul>We downgraded WICE  from “BUY” to “HOLD” to reflect limited upside from our target…

4Q17 EPS was Bt0.018 (-57%YoY and -57% QoQ. The company produced a 2017 EPS of Bt0.14, which was up 17% YoY and was 12% below our full-year forecast.
4Q17 gross profit margin dropped 240 basis points YoY to 23.8%
Higher than expected in SG&amp;A to sales of 18.4%, the highest since 1Q16
2017 net profit rose 17% YoY supported by 37% increase in revenue
Announced full-year dividend payment of Bt0.12 per share. XD on 16 May
We downgraded WICE  from “BUY” to “HOLD” to reflect limited upside from our target…

WICE: Fall in Margin Caused a YoY Drop in 4Q17 Earnings

Wice Logistics

WICE: Fall in Margin Caused a YoY Drop in 4Q17 Earnings