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 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

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a>. </li>
<li>As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.</li>
<li>In our previous notes, we have looked at the company’s past performance and undertaken a peer comparison. In this note, we talk about valuations.</li>
</ul>


I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of Thai Union Group (TU TB). 
As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
In our previous notes, we have looked at the company’s past performance and undertaken a peer comparison. In this note, we talk about valuations.


I-Tail Corporation Pre-IPO - Initial Thoughts on Valuation

<ul>
<li>I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a>. </li>
<li>As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.</li>
<li>In our previous notes, we have looked at the company’s past performance. In this note, we undertake a peer comparison.</li>
</ul>


I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of Thai Union Group (TU TB). 
As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
In our previous notes, we have looked at the company’s past performance. In this note, we undertake a peer comparison.


I-Tail Corporation Pre-IPO - Peer Comparison

<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

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jasmine-international-pcl" target="_blank" data-smartkarma-citation="entities:949:1" rel="noopener">Jasmine International (JAS TB)</a> is looking to sell its 99.8% interest in Triple T Broadband (TTTBB), and 19% stake in <a href="https://www.smartkarma.com/entities/jasmine-broadband-internet-infrastructure-fund" target="_blank" data-smartkarma-citation="entities:86:1" rel="noopener">Jasmine Broadband  (JASIF TB)</a> to <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a>.</li>
<li>The sale required JASIF shareholder approval, but not all resolutions were approved at an EGM this week.</li>
<li>This is a setback. However, the transaction remains on track.</li>
</ul>



Jasmine International (JAS TB) is looking to sell its 99.8% interest in Triple T Broadband (TTTBB), and 19% stake in Jasmine Broadband  (JASIF TB) to Advanced Info Service (ADVANC TB).
The sale required JASIF shareholder approval, but not all resolutions were approved at an EGM this week.
This is a setback. However, the transaction remains on track.


Jasmine International: Last Minute Wrinkle To Broadband Sale

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 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

I-Tail Corporation Pre-IPO - Initial Thoughts on Valuation

I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of...

Sumeet Singh

I-Tail Corporation Pre-IPO - Peer Comparison

I-Tail Corporation, an OEM in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of Thai Union Group. In this note,...

Sumeet Singh

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

Jasmine International: Last Minute Wrinkle To Broadband Sale

JAS is selling the family jewels, and plowing the proceeds into business ventures in which they have no experience or competency. This stock...

David Blennerhassett

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