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 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.


Bangkok Bank Public

BBL: Good Quality Growth