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 with a target price of Bt43.00. We are neutral after attending the analyst meeting. But we have fine-tuned our earnings projections in 2023-24 to reflect THANI’s</li>
<li>Analyst meeting Despite the gloomy capital market to drag its brokerage business, management was opportunistic about other subsidiaries business outlook in 4Q22, particularly lending businesses(Ratchthani Leasing and Thanachart Plus)and insurance </li>
<li>TCAP had an excess cash on hand of Bt2bn, there was more room to increase its investments in THANI in the future. Noted that TCAP holds 60.61% stakes in THANI. </li>
</ul>


Maintain HOLD with a target price of Bt43.00. We are neutral after attending the analyst meeting. But we have fine-tuned our earnings projections in 2023-24 to reflect THANI’s
Analyst meeting Despite the gloomy capital market to drag its brokerage business, management was opportunistic about other subsidiaries business outlook in 4Q22, particularly lending businesses(Ratchthani Leasing and Thanachart Plus)and insurance 
TCAP had an excess cash on hand of Bt2bn, there was more room to increase its investments in THANI in the future. Noted that TCAP holds 60.61% stakes in THANI. 


TCAP : Moderate Growth with High Dividend Stock

Thanachart Capital

TCAP : Moderate Growth with High Dividend Stock