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 BUY call reflects steady earnings growth, resilient balance sheet,and undemanding valuation. Our valuation is derived from the Gordon Growth Model </li>
<li>Net profit in 1Q22 came in at Bt7.1bn, up 3% YoY(+13% QoQ)and 9% lower than expectations on lower gain from financial instruments designed at fair value through profit or loss.</li>
<li>Asset quality was resilient. The NPL ratio minimally increased to 3.3% and the coverage ratio remained high at 229% against uncertainty.</li>
</ul>


Maintain our BUY call with a target price of Bt162.Our BUY call reflects steady earnings growth, resilient balance sheet,and undemanding valuation. Our valuation is derived from the Gordon Growth Model 
Net profit in 1Q22 came in at Bt7.1bn, up 3% YoY(+13% QoQ)and 9% lower than expectations on lower gain from financial instruments designed at fair value through profit or loss.
Asset quality was resilient. The NPL ratio minimally increased to 3.3% and the coverage ratio remained high at 229% against uncertainty.


Bangkok Bank Public

BBL: Growth Momentum Intact