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 Bt108.00. Despite moderate growth, we like its high dividend payment, resilient balance sheet, and higher ROE prospects. TISCO’s net profit came</li>
<li>Analyst meeting We are neutral after attending the analyst meeting on 12 Oct.Loan growth will reach the target of 3-5%YoY in 2022 and likely continue to rise by 5-9%YoY in2023</li>
<li>TISCO continued to focus on its auto title loans and business lending (corporate and SME) charged with floating rates. This was to mitigate the impacts of elevated funding costs.</li>
</ul>


Maintain BUY for TISCO with a target price of Bt108.00. Despite moderate growth, we like its high dividend payment, resilient balance sheet, and higher ROE prospects. TISCO’s net profit came
Analyst meeting We are neutral after attending the analyst meeting on 12 Oct.Loan growth will reach the target of 3-5%YoY in 2022 and likely continue to rise by 5-9%YoY in2023
TISCO continued to focus on its auto title loans and business lending (corporate and SME) charged with floating rates. This was to mitigate the impacts of elevated funding costs.


Tisco Financial Group

TISCO : The Best Is yet to Come