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 our coverage of TTB with a BUY rating and a target price of Bt1.60. Our valuation is derived from the Gordon growth model (ROE 6.5%, growth 2%)</li>
<li>More steady growth ahead given elevated auto hire purchase loans and an improvement in economic activity</li>
<li>Back to growth mode following the completion of integration process</li>
</ul>


We initiate our coverage of TTB with a BUY rating and a target price of Bt1.60. Our valuation is derived from the Gordon growth model (ROE 6.5%, growth 2%)
More steady growth ahead given elevated auto hire purchase loans and an improvement in economic activity
Back to growth mode following the completion of integration process


TMBThanachart Bank

TTB: Gearing up for Growth