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>Maintain HOLD with a new target price of Bt17.30 (from Bt16.70).KTB’s net profit growth potential in 2023 is likely to decelerate ahead.For 2H22,we expect net profit to decline by 21% </li>
<li>Analyst meeting We were neutral about KTB's business outlook after attending the analyst meeting on 22 August.  Management upgraded 2022 loan growth targets to 4-5% YoY (from 3-4% earlier) </li>
<li>The NPL ratio would be below 3.5% by the end of 2022 (2Q22: 3.3%).Credit costs in 2H22 would not likely be similar to those in 1H22.Despite its stable asset quality</li>
</ul>


Maintain HOLD with a new target price of Bt17.30 (from Bt16.70).KTB’s net profit growth potential in 2023 is likely to decelerate ahead.For 2H22,we expect net profit to decline by 21% 
Analyst meeting We were neutral about KTB's business outlook after attending the analyst meeting on 22 August.  Management upgraded 2022 loan growth targets to 4-5% YoY (from 3-4% earlier) 
The NPL ratio would be below 3.5% by the end of 2022 (2Q22: 3.3%).Credit costs in 2H22 would not likely be similar to those in 1H22.Despite its stable asset quality


Krung Thai Bank Pub

KTB : Slower Growth Ahead