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>Maintain BUY for BBL with a target price of Bt159.00.Given expected lower provisions and higher net interest income,we expect BBL’s net profit in 2H22 to likely increase by 17% HoH </li>
<li>Analyst meeting We are neutral after attending the analyst meeting on 4 August.  BBL expected Thai GDP to expand 3–4% YoY in 2022. It also expected the Thai policy</li>
<li>The bank maintained its 2022 financial guidance:(i)loan growth of 4–6%;(ii) NIM of 2.1%; (iii) cost to income ratio of low–50%; (iv) NPL ratio &lt;4%; and (v) provisions of around Bt26bn.</li>
</ul>


Maintain BUY for BBL with a target price of Bt159.00.Given expected lower provisions and higher net interest income,we expect BBL’s net profit in 2H22 to likely increase by 17% HoH 
Analyst meeting We are neutral after attending the analyst meeting on 4 August.  BBL expected Thai GDP to expand 3–4% YoY in 2022. It also expected the Thai policy
The bank maintained its 2022 financial guidance:(i)loan growth of 4–6%;(ii) NIM of 2.1%; (iii) cost to income ratio of low–50%; (iv) NPL ratio &lt;4%; and (v) provisions of around Bt26bn.


Bangkok Bank Public

BBL : Quality Growth and Good Value