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 HOLD with a target price of Bt15.00. Our HOLD call reflects KTB’s slowing growth ahead and limited upside gain. Yet, a dividend yield of 4.5-4.8% for 2022-23 remains attractive.</li>
<li>Management guided loan growth to moderate to 3-4% YoY in 2022. Asset quality remains manageable.</li>
<li>Government expenditure will bolster Thailand’s economy in 2022. But growth potential may weaken than expected on potential impacts from higher energy prices and geopolitical uncertainties.</li>
</ul>


Maintain HOLD with a target price of Bt15.00. Our HOLD call reflects KTB’s slowing growth ahead and limited upside gain. Yet, a dividend yield of 4.5-4.8% for 2022-23 remains attractive.
Management guided loan growth to moderate to 3-4% YoY in 2022. Asset quality remains manageable.
Government expenditure will bolster Thailand’s economy in 2022. But growth potential may weaken than expected on potential impacts from higher energy prices and geopolitical uncertainties.


Krung Thai Bank Pub

KTB: Growth Normalization Is Underway