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>Reiterate BUY with a target price of Bt171.00.BBL is our top pick in the banking sector as we like (1)steady growth ahead in 2023-24 (2)solid balance sheet to withstand uncertainty</li>
<li>Earnings to reach the peak in 4Q22 We expect Bangkok Bank (BBL) to post a net profit of Bt8.4bn in 4Q22, up 34% YoY (+10% QoQ). </li>
<li>Despite a muted lending growth in 4Q22 due to repayment in Nov, its full-year loan growth in 2022 is likely to be solid at 8.5% YoY</li>
</ul>


Reiterate BUY with a target price of Bt171.00.BBL is our top pick in the banking sector as we like (1)steady growth ahead in 2023-24 (2)solid balance sheet to withstand uncertainty
Earnings to reach the peak in 4Q22 We expect Bangkok Bank (BBL) to post a net profit of Bt8.4bn in 4Q22, up 34% YoY (+10% QoQ). 
Despite a muted lending growth in 4Q22 due to repayment in Nov, its full-year loan growth in 2022 is likely to be solid at 8.5% YoY


BBL : Steady Growth with Attractive Valuation

Bangkok Bank Public

BBL : Steady Growth with Attractive Valuation