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%) 


Bangkok Bank Public

BBL : Big and Strong Bank