TISCO: Quality Growth with a High Dividend Payment

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 for TISCO with a new target price of Bt108. We like its high dividend yield,expected at 8.3-9.1% for 2022-24. We expect moderate net profit growth of 8% CAGR </li>
<li>The mixed bag We expect Tisco Financial Group (TISCO) to post a net profit of Bt1.8b in 3Q22, up 16% YoY (-2% QoQ). The YoY rise will largely be supported </li>
<li>Lending growth is likely to be strong at 4.1% QoQ in 3Q22 given higher demand from corporate and floor plan lending.  </li>
</ul>


Maintain BUY for TISCO with a new target price of Bt108. We like its high dividend yield,expected at 8.3-9.1% for 2022-24. We expect moderate net profit growth of 8% CAGR 
The mixed bag We expect Tisco Financial Group (TISCO) to post a net profit of Bt1.8b in 3Q22, up 16% YoY (-2% QoQ). The YoY rise will largely be supported 
Lending growth is likely to be strong at 4.1% QoQ in 3Q22 given higher demand from corporate and floor plan lending.  


Tisco Financial Group

TISCO : A Goose with Golden Eggs