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

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<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

Bangkok Bank Public

BBL : Growth Intact Amid Global Challenges