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 target price of Bt106.00.We like its high dividend payment and solid fundamentals.TISCO’s net profit was 6% better than expected at Bt1.85bn in 2Q22,up 11%YoY</li>
<li>Despite lingering competition in the auto hire purchase market, loan growth would likely accelerate in 2H22 given an improvement in the chip shortage in the automotive industry. </li>
<li>Credit costs would likely stay low for the next few years to potentially offset negative impacts from muted fee income from the volatility in the capital market.</li>
</ul>


Maintain BUY for TISCO with a target price of Bt106.00.We like its high dividend payment and solid fundamentals.TISCO’s net profit was 6% better than expected at Bt1.85bn in 2Q22,up 11%YoY
Despite lingering competition in the auto hire purchase market, loan growth would likely accelerate in 2H22 given an improvement in the chip shortage in the automotive industry. 
Credit costs would likely stay low for the next few years to potentially offset negative impacts from muted fee income from the volatility in the capital market.


Tisco Financial Group

TISCO : Small but Strong