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 Bt149.Our BUY call reflects steady earnings growth,resilient asset quality, and compelling valuation. Our valuation is derived from the Gordon Growth Model (ROE 9.5%</li>
<li>Net profit will likely rise 2% YoY (+30% QoQ) in 1Q22 given higher net interest income from elevated loans and lower provisions.</li>
<li>The S&amp;P Global Rating downgrade will likely have minimal impacts on SCB’s fundamentals.</li>
</ul>


Maintain BUY with a target price of Bt149.Our BUY call reflects steady earnings growth,resilient asset quality, and compelling valuation. Our valuation is derived from the Gordon Growth Model (ROE 9.5%
Net profit will likely rise 2% YoY (+30% QoQ) in 1Q22 given higher net interest income from elevated loans and lower provisions.
The S&amp;P Global Rating downgrade will likely have minimal impacts on SCB’s fundamentals.


SCB: More Challenging Ahead from New Regulations

Siam Commercial Bank

SCB: More Challenging Ahead from New Regulations