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>Reiterate BUY with a target price of Bt171.00.BBL is our top pick in the banking sector as we like (1)steady growth ahead in 2023-24 (2)solid balance sheet to withstand uncertainty</li>
<li>Earnings to reach the peak in 4Q22 We expect Bangkok Bank (BBL) to post a net profit of Bt8.4bn in 4Q22, up 34% YoY (+10% QoQ). </li>
<li>Despite a muted lending growth in 4Q22 due to repayment in Nov, its full-year loan growth in 2022 is likely to be solid at 8.5% YoY</li>
</ul>


Reiterate BUY with a target price of Bt171.00.BBL is our top pick in the banking sector as we like (1)steady growth ahead in 2023-24 (2)solid balance sheet to withstand uncertainty
Earnings to reach the peak in 4Q22 We expect Bangkok Bank (BBL) to post a net profit of Bt8.4bn in 4Q22, up 34% YoY (+10% QoQ). 
Despite a muted lending growth in 4Q22 due to repayment in Nov, its full-year loan growth in 2022 is likely to be solid at 8.5% YoY


BBL : Steady Growth with Attractive Valuation

<ul>
<li>Maintain BUY with a higher target price of Bt171.00(from Bt164).Given its resilient loan growth and NIM expansion,its 4Q22 net profit is expected to register the highest quarterly level in 2022.</li>
<li>Analyst meeting    BBL expected Thai GDP to expand by 2–3% YoY in 2023, slower from 3-4% in 2022 due to the global economic slowdown. Yet, the economic growth could </li>
<li>For 4Q22 and 2022 guidance,(1) Loan growth in 4Q was likely flat QoQ resulting in full-year loan growth of around 8% (vs 4-6% earlier); (2) NIM continued to improve given</li>
</ul>


Maintain BUY with a higher target price of Bt171.00(from Bt164).Given its resilient loan growth and NIM expansion,its 4Q22 net profit is expected to register the highest quarterly level in 2022.
Analyst meeting    BBL expected Thai GDP to expand by 2–3% YoY in 2023, slower from 3-4% in 2022 due to the global economic slowdown. Yet, the economic growth could 
For 4Q22 and 2022 guidance,(1) Loan growth in 4Q was likely flat QoQ resulting in full-year loan growth of around 8% (vs 4-6% earlier); (2) NIM continued to improve given


BBL : Steady Growth and Balance Sheet Resilience

<ul>
<li>BBL remains our top pick in the sector. Maintain BUY with a target price of Bt164. With its strong balance sheet, ample liquidity, and potential benefits from the interest upcycle</li>
<li>Solid 3Q22 performance BBL reported a net profit of Bt7.7bn in 3Q22, up 11%YoY          (+10%QoQ), which was in line with expectations. Noted that its pre-provision profit </li>
<li>The YoY and QoQ rises were supported by higher NII and resilient fee income (loan-related fees and fees from trade finance services).NIM widen YoY and QoQ at 2.5%on higher earnings</li>
</ul>


BBL remains our top pick in the sector. Maintain BUY with a target price of Bt164. With its strong balance sheet, ample liquidity, and potential benefits from the interest upcycle
Solid 3Q22 performance BBL reported a net profit of Bt7.7bn in 3Q22, up 11%YoY          (+10%QoQ), which was in line with expectations. Noted that its pre-provision profit 
The YoY and QoQ rises were supported by higher NII and resilient fee income (loan-related fees and fees from trade finance services).NIM widen YoY and QoQ at 2.5%on higher earnings


BBL : Growth Intact Amid Global Challenges

<ul>
<li>Maintain BUY for BBL with a new target price of Bt164.00.We like its strong balance sheet to withstand uncertainty,sustainable profit growth,potential benefits from an upcycle of interest rates,and undemanding valuation.</li>
<li>Strong 3Q22 earnings outlook We expect Bangkok Bank (BBL) to post a net profit of Bt7.8bn in 3Q22, up 13%YoY (+12%QoQ). The YoY and QoQ rises will largely be supported</li>
<li>Lending growth was strong at 5.5%QoQ in 3Q22, following a solid increase in July and August loan growth. Asset quality remains resilient.The NPL ratio is likely lower at 3.3% (2Q22:3.4%) </li>
</ul>


Maintain BUY for BBL with a new target price of Bt164.00.We like its strong balance sheet to withstand uncertainty,sustainable profit growth,potential benefits from an upcycle of interest rates,and undemanding valuation.
Strong 3Q22 earnings outlook We expect Bangkok Bank (BBL) to post a net profit of Bt7.8bn in 3Q22, up 13%YoY (+12%QoQ). The YoY and QoQ rises will largely be supported
Lending growth was strong at 5.5%QoQ in 3Q22, following a solid increase in July and August loan growth. Asset quality remains resilient.The NPL ratio is likely lower at 3.3% (2Q22:3.4%) 


<ul>
<li>Maintain BUY for BBL with a target price of Bt159.00.Given expected lower provisions and higher net interest income,we expect BBL’s net profit in 2H22 to likely increase by 17% HoH </li>
<li>Analyst meeting We are neutral after attending the analyst meeting on 4 August.  BBL expected Thai GDP to expand 3–4% YoY in 2022. It also expected the Thai policy</li>
<li>The bank maintained its 2022 financial guidance:(i)loan growth of 4–6%;(ii) NIM of 2.1%; (iii) cost to income ratio of low–50%; (iv) NPL ratio &lt;4%; and (v) provisions of around Bt26bn.</li>
</ul>


Maintain BUY for BBL with a target price of Bt159.00.Given expected lower provisions and higher net interest income,we expect BBL’s net profit in 2H22 to likely increase by 17% HoH 
Analyst meeting We are neutral after attending the analyst meeting on 4 August.  BBL expected Thai GDP to expand 3–4% YoY in 2022. It also expected the Thai policy
The bank maintained its 2022 financial guidance:(i)loan growth of 4–6%;(ii) NIM of 2.1%; (iii) cost to income ratio of low–50%; (iv) NPL ratio &lt;4%; and (v) provisions of around Bt26bn.


Thailand

Bangkok Bank Public Company Limited provides various banking and financial services including commercial, consumer, credit card, and mortgage lending, international trade financing, investment banking, and securities services.

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Bangkok Bank Public (BBL TB)

BBL : Steady Growth with Attractive Valuation

Reiterate BUY with a target price of Bt171.00. BBL is our top pick in the banking sector as we like (1) steady growth ahead in 2023-24 (2) solid...

Pi Securities PCL, Thailand

BBL : Steady Growth and Balance Sheet Resilience

Maintain BUY with a higher target price of Bt171.00 (from Bt164). Given its resilient loan growth and NIM expansion, its 4Q22 net profit is...

Pi Securities PCL, Thailand

BBL : Growth Intact Amid Global Challenges

BBL remains our top pick in the sector. Maintain BUY with a target price of Bt164. With its strong balance sheet, ample liquidity, and potential...

Pi Securities PCL, Thailand

BBL : Big and Strong Bank

Maintain BUY for BBL with a new target price of Bt164.00. We like its strong balance sheet to withstand uncertainty, sustainable profit growth,...

Pi Securities PCL, Thailand

BBL : Quality Growth and Good Value

Maintain BUY for BBL with a target price of Bt159.00. Given expected lower provisions and higher net interest income, we expect BBL’s net profit in...

Pi Securities PCL, Thailand

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