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 TISCO with a BUY rating and a target price of Bt106. Our valuation is derived from a Gordon growth model (ROE 17.5%, growth 2%),implying 2.0x PBV’22E</li>
<li>Moderate net profit growth at 6% CAGR in 2022-24 on a potential reduction in credit cost and higher NIM</li>
<li>Loans will likely pick up in 2022 with a focus on high-yield loans.  Resilient asset quality and high loan loss reserves against uncertainties</li>
</ul>


We initiate coverage of TISCO with a BUY rating and a target price of Bt106. Our valuation is derived from a Gordon growth model (ROE 17.5%, growth 2%),implying 2.0x PBV’22E
Moderate net profit growth at 6% CAGR in 2022-24 on a potential reduction in credit cost and higher NIM
Loans will likely pick up in 2022 with a focus on high-yield loans.  Resilient asset quality and high loan loss reserves against uncertainties


TISCO: Quality Growth with a High Dividend Payment

Tisco Financial Group

TISCO: Quality Growth with a High Dividend Payment