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 BUY with a target price of Bt20.20. We maintain our views on KTB’s business outlook after attending the analyst meeting, despite a potential reduction in credit costs ahead.</li>
<li>Analyst meeting Despite a 0.5% decline in 9M22, KTB maintained its loan growth targets of 4-5% with its concentration in retail and commercial loans. While NIM was likely higher </li>
<li>Despite its resilient balance sheet,KTB preferred to keep its coverage ratio to be higher than the guidance of 160%given its lingering concerns about the global economic slowdown and high inflation </li>
</ul>


Maintain BUY with a target price of Bt20.20. We maintain our views on KTB’s business outlook after attending the analyst meeting, despite a potential reduction in credit costs ahead.
Analyst meeting Despite a 0.5% decline in 9M22, KTB maintained its loan growth targets of 4-5% with its concentration in retail and commercial loans. While NIM was likely higher 
Despite its resilient balance sheet,KTB preferred to keep its coverage ratio to be higher than the guidance of 160%given its lingering concerns about the global economic slowdown and high inflation 


Krung Thai Bank Pub

KTB : Normalization Is Underway