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>Maintain BUY for BBL with a target price of Bt159. withstand uncertainty, sustainable profit growth, potential benefits from an upcycle of interest rates, and undemanding valuation. BBL’s 2Q22 net profit</li>
<li>2Q22 results BBL reported a net profit of Bt7.0bn in 2Q22, up 10% YoY           (-2% QoQ), which was 6% lower than expected on higher provisions. The YoY rise was supported</li>
<li>Lending growth in 2Q22 increased by 2.5% QoQ due to large corporate loans and loans made through the international network.The NPL ratio slightly increased to 3.4% and the coverage ratio </li>
</ul>


Maintain BUY for BBL with a target price of Bt159. withstand uncertainty, sustainable profit growth, potential benefits from an upcycle of interest rates, and undemanding valuation. BBL’s 2Q22 net profit
2Q22 results BBL reported a net profit of Bt7.0bn in 2Q22, up 10% YoY           (-2% QoQ), which was 6% lower than expected on higher provisions. The YoY rise was supported
Lending growth in 2Q22 increased by 2.5% QoQ due to large corporate loans and loans made through the international network.The NPL ratio slightly increased to 3.4% and the coverage ratio 


<ul>
<li>Maintain BUY for BBL with a target price of Bt159.00. We like its strong balance sheet to withstand uncertainty, sustainable profit growth, potential benefits from an upcycle of interest rates</li>
<li>A solid net profit in 2Q22 : We expect Bangkok Bank (BBL) to post a net profit of Bt7.4b in 2Q22, up 17% YoY (+4% QoQ). </li>
<li>Lending growth in 2Q22 is expected to rise by 1% QoQ given an expected rise in business loans and loans made through the international network. Asset quality remains resilient</li>
</ul>


Maintain BUY for BBL with a target price of Bt159.00. We like its strong balance sheet to withstand uncertainty, sustainable profit growth, potential benefits from an upcycle of interest rates
A solid net profit in 2Q22 : We expect Bangkok Bank (BBL) to post a net profit of Bt7.4b in 2Q22, up 17% YoY (+4% QoQ). 
Lending growth in 2Q22 is expected to rise by 1% QoQ given an expected rise in business loans and loans made through the international network. Asset quality remains resilient


<ul>
<li>Maintain our BUY call with a lower target price of Bt159 (from Bt162) reflecting an earnings downgrade.Our BUY call reflects steady earnings growth,a resilient balance sheet, and an undemanding valuation.</li>
<li>Management maintained its 2022 financial targets and affirmed that the bank had solid fundamentals against uncertainties ahead.</li>
<li>Given the elevated volatility in the capital market ahead, we reduced our net profit projections by 4-5% for 2022-24 to reflect weaker non-interest income growth.</li>
</ul>


Maintain our BUY call with a lower target price of Bt159 (from Bt162) reflecting an earnings downgrade.Our BUY call reflects steady earnings growth,a resilient balance sheet, and an undemanding valuation.
Management maintained its 2022 financial targets and affirmed that the bank had solid fundamentals against uncertainties ahead.
Given the elevated volatility in the capital market ahead, we reduced our net profit projections by 4-5% for 2022-24 to reflect weaker non-interest income growth.


BBL: Growth Momentum Intact Despite Uncertainties

<ul>
<li>Maintain our BUY call with a target price of Bt162.Our BUY call reflects steady earnings growth, resilient balance sheet,and undemanding valuation. Our valuation is derived from the Gordon Growth Model </li>
<li>Net profit in 1Q22 came in at Bt7.1bn, up 3% YoY(+13% QoQ)and 9% lower than expectations on lower gain from financial instruments designed at fair value through profit or loss.</li>
<li>Asset quality was resilient. The NPL ratio minimally increased to 3.3% and the coverage ratio remained high at 229% against uncertainty.</li>
</ul>


Maintain our BUY call with a target price of Bt162.Our BUY call reflects steady earnings growth, resilient balance sheet,and undemanding valuation. Our valuation is derived from the Gordon Growth Model 
Net profit in 1Q22 came in at Bt7.1bn, up 3% YoY(+13% QoQ)and 9% lower than expectations on lower gain from financial instruments designed at fair value through profit or loss.
Asset quality was resilient. The NPL ratio minimally increased to 3.3% and the coverage ratio remained high at 229% against uncertainty.


<ul>
<li>Maintain our BUY call with a target price of Bt162. Our valuation is derived from the Gordon Growth Model (ROE 6.6%,growth 2%), implying 0.6x PBV’22E, -1SD to its five-year means. </li>
<li>With its focus on corporate and international loans, BBL will likely suffer fewer impacts when compared with its competitor from elevated household debts and a conflict between Russia and Ukraine.</li>
<li>Net profit will continue to rise further in 2022-23, supported by solid fundamentals and an improvement in economic activity.</li>
</ul>


Maintain our BUY call with a target price of Bt162. Our valuation is derived from the Gordon Growth Model (ROE 6.6%,growth 2%), implying 0.6x PBV’22E, -1SD to its five-year means. 
With its focus on corporate and international loans, BBL will likely suffer fewer impacts when compared with its competitor from elevated household debts and a conflict between Russia and Ukraine.
Net profit will continue to rise further in 2022-23, supported by solid fundamentals and an improvement in economic activity.


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 : Sustaining Growth Amid Uncertainty

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BBL : So Far so Good

Maintain BUY for BBL with a target price of Bt159.00. We like its strong balance sheet to withstand uncertainty, sustainable profit growth,...

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BBL: Growth Momentum Intact Despite Uncertainties

Maintain our BUY call with a lower target price of Bt159 (from Bt162) reflecting an earnings downgrade. Our BUY call reflects steady earnings...

Pi Securities PCL, Thailand

BBL: Growth Momentum Intact

Maintain our BUY call with a target price of Bt162. Our BUY call reflects steady earnings growth, resilient balance sheet, and undemanding...

Pi Securities PCL, Thailand

BBL: Good Quality Growth

Maintain our BUY call with a target price of Bt162. Our valuation is derived from the Gordon Growth Model (ROE 6.6%, growth 2%), implying 0.6x...

Pi Securities PCL, Thailand

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