KTB: Steady Growth with Resilient Asset Quality

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>Upgrade to BUY (from HOLD) with a higher target price of Bt20.20. Our BUY call reflects its resilient balance sheet, higher ROE prospects and more attractive upside gain</li>
<li>Good 3Q22 results Net profit came in at Bt8.4bn in 3Q22, up 67% YoY (+1% QoQ), which was 10% higher than expected due to higher net interest income.</li>
<li>NIM continued to expand both YoY and QoQ at 2.7% due to higher earnings assets. The cost-to-income ratio increased QoQ to 45.3% (2Q22: 42.5%) given higher operating expenses.</li>
</ul>


Upgrade to BUY (from HOLD) with a higher target price of Bt20.20. Our BUY call reflects its resilient balance sheet, higher ROE prospects and more attractive upside gain
Good 3Q22 results Net profit came in at Bt8.4bn in 3Q22, up 67% YoY (+1% QoQ), which was 10% higher than expected due to higher net interest income.
NIM continued to expand both YoY and QoQ at 2.7% due to higher earnings assets. The cost-to-income ratio increased QoQ to 45.3% (2Q22: 42.5%) given higher operating expenses.


Krung Thai Bank Pub

KTB : More Moderate Growth Ahead