MTC : Earnings Recovery Intact and Undemanding Valuation

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>We initiate coverage of MTC with a BUY rating and a target price of Bt54.00.We expect MTC’s net profit to rebound by 14%in 2022 and continue rising by 16%and 18% </li>
<li>Large number of untapped customers in the ocean MTC does business with low-income borrowers who are not able to access the traditional banking system. This market is very large</li>
<li>Extensive branch network to expand businesses The company’s branch network has increased exponentially to 5,665 branches in 2021 from only 506 branches in 2014.It is likely to achieve its 2022 </li>
</ul>


We initiate coverage of MTC with a BUY rating and a target price of Bt54.00.We expect MTC’s net profit to rebound by 14%in 2022 and continue rising by 16%and 18% 
Large number of untapped customers in the ocean MTC does business with low-income borrowers who are not able to access the traditional banking system. This market is very large
Extensive branch network to expand businesses The company’s branch network has increased exponentially to 5,665 branches in 2021 from only 506 branches in 2014.It is likely to achieve its 2022 


Muangthai Capital

MTC : Earnings Recovery Is Underway