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>SCB remains our BUY call with a target price of Bt144.00. The revenue proportion related to the digital contribution would increase to 30% (from 10% currently) to improve SCB’s ROE.</li>
<li>Analyst meeting The transfer processes were expected to complete by 4Q22,including the transfer of SCB Bank’s unsecured business (credit card and personal loans) to CARD X. SCB would incur additional </li>
<li>SCB X targeted revenue growth of 10%CAGR(2022-25)with digital contribution rising to one-third of total revenue).It aimed that its earnings growth would increase at a faster pace. To achieve these targets</li>
</ul>


SCB remains our BUY call with a target price of Bt144.00. The revenue proportion related to the digital contribution would increase to 30% (from 10% currently) to improve SCB’s ROE.
Analyst meeting The transfer processes were expected to complete by 4Q22,including the transfer of SCB Bank’s unsecured business (credit card and personal loans) to CARD X. SCB would incur additional 
SCB X targeted revenue growth of 10%CAGR(2022-25)with digital contribution rising to one-third of total revenue).It aimed that its earnings growth would increase at a faster pace. To achieve these targets


Siam Commercial Bank

SCB : It Is All About Execution