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>Maintain HOLD for TCAP with a new target price of Bt43.00. We upgraded our net profit forecasts by 14%/10%8% for 2022-24 after its 2Q22 result was stronger than our expectations.</li>
<li>Analyst meeting We were slightly opportunistic about TCAP's business outlook after attending the analyst meeting on 17 August.  Management maintained its 2022 financial targets and was likely that loan growth </li>
<li>Given improved economic growth and brighter capital market sentiments, it increased its shareholding in TTB to 24.89% (from 23.3% in 1Q) and in THANI to 60.61% (from 60.49%). </li>
</ul>


Maintain HOLD for TCAP with a new target price of Bt43.00. We upgraded our net profit forecasts by 14%/10%8% for 2022-24 after its 2Q22 result was stronger than our expectations.
Analyst meeting We were slightly opportunistic about TCAP's business outlook after attending the analyst meeting on 17 August.  Management maintained its 2022 financial targets and was likely that loan growth 
Given improved economic growth and brighter capital market sentiments, it increased its shareholding in TTB to 24.89% (from 23.3% in 1Q) and in THANI to 60.61% (from 60.49%). 


Thanachart Capital

TCAP : An Attractive Dividend Stock