The Week That Was in ASEAN@Smartkarma - Metrodata Electronics, JCNC's Discount, and SCB in Thailand

SCB : Recovery Amidst Rising Global Risks

SCB: Recovery Slowdown on a Rise in Economic Uncertainty

SCB: More Challenging Ahead from New Regulations

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 BUY for SCB with a new target price of Bt144.00.We like its steady net profit growth,resilient asset quality, undemanding valuation, and potential gain from interest rate hikes. For 3Q22</li>
<li>Strong 3Q22 earnings despite lackluster loan growth We expect SCB X (SCB) to post a net profit of Bt10.8b in 3Q22, up 23% YoY (+8%QoQ). Despite muted fee income impacted </li>
<li>Lending growth is likely to minimally decline by 0.5% QoQ as the bank prudently lends to customers to prevent new NPLs. Asset quality remains resilient, with the NPL ratio being</li>
</ul>


Maintain BUY for SCB with a new target price of Bt144.00.We like its steady net profit growth,resilient asset quality, undemanding valuation, and potential gain from interest rate hikes. For 3Q22
Strong 3Q22 earnings despite lackluster loan growth We expect SCB X (SCB) to post a net profit of Bt10.8b in 3Q22, up 23% YoY (+8%QoQ). Despite muted fee income impacted 
Lending growth is likely to minimally decline by 0.5% QoQ as the bank prudently lends to customers to prevent new NPLs. Asset quality remains resilient, with the NPL ratio being


Siam Commercial Bank

SCB : Growth Intact Despite Uncertainty