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 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%) 


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 in the home straight 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 Internet Infrastructure Fund (JASIF TB)</a>.</li>
<li>With Bt 32.4bn in proceeds coming through the door, JAS would have net cash of ~Bt 24.8bn against a current market cap of ~Bt 24bn.</li>
<li>This sounds like a situation worth a second look. So I look.</li>
</ul>



Jasmine International (JAS TB)  is in the home straight to sell its 99.8% interest in Triple T Broadband (TTTBB), and 19% stake in  Jasmine Broadband Internet Infrastructure Fund (JASIF TB).
With Bt 32.4bn in proceeds coming through the door, JAS would have net cash of ~Bt 24.8bn against a current market cap of ~Bt 24bn.
This sounds like a situation worth a second look. So I look.


Soon-To-Be Cashed-Up Jasmine After Broadband Sale

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jasmine-international-pcl" target="_blank" data-smartkarma-citation="entities:949:1" rel="noopener">Jasmine International PCL (JAS TB)</a>'s shareholders approved <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl-ca1a971f-2f70-4565-b1fd-dda5b533acd3" target="_blank" data-smartkarma-citation="entities:27653:1" rel="noopener">Advanced Info Service (ADVANC TB)</a> acquiring its subsidiary Triple T Broadband, and to buy 19% of <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>.</li>
<li>The deal, involving a total outlay of Bt32.4bn, remains subject to approval from JASIF unitholders and NBTC. AIS' current market cap is Bt574bn.</li>
<li>Separately, the <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">DTAC</a> / <a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True</a> merger looks set to become a reality as it, ironically, does not require NBTC approval. A merger would create a duopoly and ultimately benefit AIS.</li>
</ul>



Jasmine International PCL (JAS TB)'s shareholders approved Advanced Info Service (ADVANC TB) acquiring its subsidiary Triple T Broadband, and to buy 19% of Jasmine Broadband (JASIF TB).
The deal, involving a total outlay of Bt32.4bn, remains subject to approval from JASIF unitholders and NBTC. AIS' current market cap is Bt574bn.
Separately, the DTAC / True merger looks set to become a reality as it, ironically, does not require NBTC approval. A merger would create a duopoly and ultimately benefit AIS.


Intouch: AIS' Expanding Broadband And Expected Mobile Duopoly

<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.


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

Thai Life Insurance  / Equity Capital Markets

<ul>
<li>Thai Life Insurance (TLI) raised around US$975m in its Thailand IPO. Cornerstone investors, including GIC, took up around 54% of the deal.</li>
<li>Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.</li>
<li>In this note, we talk about allocation and the trading dynamics</li>
</ul>


Thai Life Insurance (TLI) raised around US$975m in its Thailand IPO. Cornerstone investors, including GIC, took up around 54% of the deal.
Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.
In this note, we talk about allocation and the trading dynamics


Thai Life Insurance IPO Trading - One for Domestics and Cornerstones

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 (BBL/F TB)

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

Soon-To-Be Cashed-Up Jasmine After Broadband Sale

The more you dig into JAS, the less likely this is a great investment. JAS is selling its core assets, and deploying the proceeds into business...

David Blennerhassett

Intouch: AIS' Expanding Broadband And Expected Mobile Duopoly

I'd still be shorting Intouch here and buying Advanced Info. I believe a more reasonable discount to NAV target is >20%.

David Blennerhassett

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

Thai Life Insurance IPO Trading - One for Domestics and Cornerstones

Thai Life Insurance (TLI) raised around US$975m in its Thailand IPO. Cornerstone investors, including GIC, took up around 54% of the deal. In this...

Sumeet Singh

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