Top Five Thai Banks in Our Chart Screener; Kasikorn Bank (KBANK TB)  Is Top

KBANK: Growth Remains Intact Despite Economic Headwinds

KBANK: Concentration on Debt Restructuring Ahead

KBANK: 4Q21 Earnings to Decline YoY and QoQ on Operating Expenses

KBANK: 3Q21 Result Was the 4-Quarter Low but in Line with Our Forecast

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

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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>We reiterate our BUY rating with a new target price of Bt174. Our BUY call reflects (1) steady growth ahead from improving economic recovery; (2) adequate reserves against new NPLs</li>
<li>Focus on the quality of growth and NPL management ahead.</li>
<li>The bank guided lending growth of 6-8% YoY in 2022 with an emphasis on a rise in retail loans and SME loans.</li>
</ul>


We reiterate our BUY rating with a new target price of Bt174. Our BUY call reflects (1) steady growth ahead from improving economic recovery; (2) adequate reserves against new NPLs
Focus on the quality of growth and NPL management ahead.
The bank guided lending growth of 6-8% YoY in 2022 with an emphasis on a rise in retail loans and SME loans.


Kasikornbank PCL

KBANK: More Focusing on Growth