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 reiterate our BUY rating with a target price of Bt1.60. Our BUY call reflects (1) steady growth ahead; (2) adequate reserves against new NPLs, and (3) compelling valuation.</li>
<li>Net profit in 1Q22 came in at Bt3.2bn (+15% YoY, +14% QoQ) and was 13% higher than our expectation on lower-than-expected personal expenses.</li>
<li>Asset quality was resilient. The NPL ratio decreased to 2.7% in 1Q22 and the loan loss coverage ratio was higher to 131.6% to cope with uncertainties ahead</li>
</ul>


We reiterate our BUY rating with a target price of Bt1.60. Our BUY call reflects (1) steady growth ahead; (2) adequate reserves against new NPLs, and (3) compelling valuation.
Net profit in 1Q22 came in at Bt3.2bn (+15% YoY, +14% QoQ) and was 13% higher than our expectation on lower-than-expected personal expenses.
Asset quality was resilient. The NPL ratio decreased to 2.7% in 1Q22 and the loan loss coverage ratio was higher to 131.6% to cope with uncertainties ahead


TMBThanachart Bank

TTB: So Far so Good