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 Bt16.70. Our BUY call reflects steady net profit growth,resilient asset quality, and attractive valuation.Our valuation is derived from the Gordon growth model </li>
<li>Management maintained its key 2022 financial guidance. It affirmed that the KTB’s coverage ratio was high enough to withstand uncertainties and there was room to reduce provisions ahead.</li>
<li>We increased our net profit forecast by 5-9%for 2022-24 to reflect our lower provision estimates.We expect KTB’s net profit growth to be solid at 19%YoY in 2022 and continue rising</li>
</ul>


Maintain BUY with a higher target price of Bt16.70. Our BUY call reflects steady net profit growth,resilient asset quality, and attractive valuation.Our valuation is derived from the Gordon growth model 
Management maintained its key 2022 financial guidance. It affirmed that the KTB’s coverage ratio was high enough to withstand uncertainties and there was room to reduce provisions ahead.
We increased our net profit forecast by 5-9%for 2022-24 to reflect our lower provision estimates.We expect KTB’s net profit growth to be solid at 19%YoY in 2022 and continue rising


KTB: Steady Growth with Resilient Asset Quality

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>On 5th May 2022, Thai Beverage announced that BeerCo will resume its Proposed Spin-off Listing. This time the company is aiming to raise less than US$1bn, as per media reports.</li>
<li>We have looked at various aspects of the deal earlier, as the company had tried to spin-off BeerCo in 2021 as well before finally calling it off in April 2021.</li>
<li>In this note we undertake a peer comparison and talk about valuations</li>
</ul>


On 5th May 2022, Thai Beverage announced that BeerCo will resume its Proposed Spin-off Listing. This time the company is aiming to raise less than US$1bn, as per media reports.
We have looked at various aspects of the deal earlier, as the company had tried to spin-off BeerCo in 2021 as well before finally calling it off in April 2021.
In this note we undertake a peer comparison and talk about valuations


ThaiBev BeerCo 2022 Pre-IPO - Peer Comp and Thoughts on Valuation

<ul>
<li>On 5th May 2022, Thai Beverage announced that BeerCo will resume its Proposed Spin-off Listing. This time the company is aiming to raise less than US$1bn, as per media reports.</li>
<li>We have looked at various aspects of the deal earlier, as the company had tried to spin-off BeerCo in 2021 as well before finally calling it off in April 2021.</li>
<li>In this note, we talk about the recent updates for BeerCo.</li>
</ul>


On 5th May 2022, Thai Beverage announced that BeerCo will resume its Proposed Spin-off Listing. This time the company is aiming to raise less than US$1bn, as per media reports.
We have looked at various aspects of the deal earlier, as the company had tried to spin-off BeerCo in 2021 as well before finally calling it off in April 2021.
In this note, we talk about the recent updates for BeerCo.


ThaiBev BeerCo Pre-IPO - Back for Another Round

<ul>
<li>Ngern Tid Lor (NTL), a financial service provider based in Thailand, raised around US$1bn in its Thailand IPO in May 2021.</li>
<li>NTL provides hire purchase loans for motorcycles and cars, along with new and used trucks. It also provides insurance brokerage services through its branches for non-life and life insurance. </li>
<li>The lock-up on its two main shareholders will expire today.</li>
</ul>


Ngern Tid Lor (NTL), a financial service provider based in Thailand, raised around US$1bn in its Thailand IPO in May 2021.
NTL provides hire purchase loans for motorcycles and cars, along with new and used trucks. It also provides insurance brokerage services through its branches for non-life and life insurance. 
The lock-up on its two main shareholders will expire today.


Ngern Tid Lor IPO Lock-Up - A US$660m Overhang. Selldown Is a Question of When, Not If.

<ul>
<li>Upgrade BUY with a target price of Bt15.00. Our upgrade reflects an attractive upside gain,resilient asset quality,and potential credit costs reduction. Our valuation is derived from the Gordon growth model</li>
<li>Net profit in 1Q22 came in at Bt8.8bn (+57% YoY, +78% QoQ) and 37% higher than our expectation on lower-than-expected provisions.</li>
<li>Asset quality improved. The NPL ratio decreased to 3.3% in 1Q22 and the loan loss coverage ratio was higher to 173.6% to withstand uncertainty ahead.</li>
</ul>


Upgrade BUY with a target price of Bt15.00. Our upgrade reflects an attractive upside gain,resilient asset quality,and potential credit costs reduction. Our valuation is derived from the Gordon growth model
Net profit in 1Q22 came in at Bt8.8bn (+57% YoY, +78% QoQ) and 37% higher than our expectation on lower-than-expected provisions.
Asset quality improved. The NPL ratio decreased to 3.3% in 1Q22 and the loan loss coverage ratio was higher to 173.6% to withstand uncertainty ahead.


KTB: Attractive Valuation and Potential Credit Cost Reduction

Thailand

Krung Thai Bank Public Company Limited is a state-owned commercial bank offering various banking and financial services including commercial, consumer, credit card, and mortgage loans, as well as provident fund management, foreign exchange, and international trade financing services.  The Bank is majority owned by the Financial Institutions Development Fund.

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Krung Thai Bank Pub (KTB TB)

KTB: Steady Growth with Resilient Asset Quality

Maintain BUY with a higher target price of Bt16.70.Our BUY call reflects steady net profit growth,resilient asset quality,and attractive...

Pi Securities PCL, Thailand

ThaiBev BeerCo 2022 Pre-IPO - Peer Comp and Thoughts on Valuation

Thai Beverage recently announced that BeerCo will resume its Proposed Spin-off Listing. In this note, we talk about peer comparison and look at...

Sumeet Singh

ThaiBev BeerCo Pre-IPO - Back for Another Round

Thai Beverage plans to resume BeerCo's proposed spin-off listing. This time the company is aiming to raise less than US$1bn, as per media reports.

Sumeet Singh

Ngern Tid Lor IPO Lock-Up - A US$660m Overhang. Selldown Is a Question of When, Not If.

Ngern Tid Lor (NTL), a financial service provider based in Thailand, raised around US$1bn in its Thailand IPO in May 2021. The lock-up on its two...

Sumeet Singh

KTB: Attractive Valuation and Potential Credit Cost Reduction

Upgrade BUY with a target price of Bt15.00.Our upgrade reflects an attractive upside gain, resilient asset quality,and potential credit costs...

Pi Securities PCL, Thailand

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