TCAP : Moderate Growth with High Dividend Stock

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 TCAP with a HOLD rating and a target price of Bt39.00. We expect TCAP’s net profit will decline by 10% YoY in 2022 before turning </li>
<li>Positive lending growth intact despite uncertainties The Bank of Thailand (BOT) estimates Thailand’s economy will expand by 3.3% YoY in 2022 on the back of an improvement in domestic demand</li>
<li>We expect TCAP’s lending growth to continue rising by 10% YoY in 2022 (2021:+7% YoY), supported by higher demand for hire purchase lending via Ratchthani Leasing (THANI) and higher SME </li>
</ul>


We initiate coverage of TCAP with a HOLD rating and a target price of Bt39.00. We expect TCAP’s net profit will decline by 10% YoY in 2022 before turning 
Positive lending growth intact despite uncertainties The Bank of Thailand (BOT) estimates Thailand’s economy will expand by 3.3% YoY in 2022 on the back of an improvement in domestic demand
We expect TCAP’s lending growth to continue rising by 10% YoY in 2022 (2021:+7% YoY), supported by higher demand for hire purchase lending via Ratchthani Leasing (THANI) and higher SME 


Thanachart Capital

TCAP : A Dividend Play