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>Reiterate our BUY rating with a target price of Bt174. Our BUY call reflects (1) steady growth ahead from improving economic recovery; (2) adequate reserves against new NPLs</li>
<li>Management maintained 2022 financial guidance despite a GDP downgrade. It would likely concentrate on implementing comprehensive debt restructuring to improve the balance sheet.</li>
<li>Net profit in 1Q22 came in line with our expectations at Bt11.2bn (+5% YoY, +13% QoQ).</li>
</ul>


Reiterate our BUY rating with a target price of Bt174. Our BUY call reflects (1) steady growth ahead from improving economic recovery; (2) adequate reserves against new NPLs
Management maintained 2022 financial guidance despite a GDP downgrade. It would likely concentrate on implementing comprehensive debt restructuring to improve the balance sheet.
Net profit in 1Q22 came in line with our expectations at Bt11.2bn (+5% YoY, +13% QoQ).


KBANK: Concentration on Debt Restructuring Ahead

<ul>
<li>We reiterate our BUY rating with a target price of Bt174. Our BUY call reflects (1) steady growth ahead from improving economic recovery; (2) adequate reserves against new NPLs</li>
<li>Net profit will likely rise 6% YoY (+14% QoQ) in 1Q22 given higher net interest income from elevated loans and an improvement in cost to income ratio.</li>
<li>We expect minimal impacts from S&amp;P Global Rating downgrade from “BBB+” to “BBB”. </li>
</ul>


We reiterate our BUY rating with a target price of Bt174. Our BUY call reflects (1) steady growth ahead from improving economic recovery; (2) adequate reserves against new NPLs
Net profit will likely rise 6% YoY (+14% QoQ) in 1Q22 given higher net interest income from elevated loans and an improvement in cost to income ratio.
We expect minimal impacts from S&amp;P Global Rating downgrade from “BBB+” to “BBB”. 


KBANK: Growth Remains Intact Despite Economic Headwinds

<ul>
<li>We reiterate our BUY rating with a new target price of Bt174. Our BUY call reflects (1) steady growth ahead from improving economic recovery; (2) adequate reserves against new NPLs</li>
<li>Focus on the quality of growth and NPL management ahead.</li>
<li>The bank guided lending growth of 6-8% YoY in 2022 with an emphasis on a rise in retail loans and SME loans.</li>
</ul>


We reiterate our BUY rating with a new target price of Bt174. Our BUY call reflects (1) steady growth ahead from improving economic recovery; (2) adequate reserves against new NPLs
Focus on the quality of growth and NPL management ahead.
The bank guided lending growth of 6-8% YoY in 2022 with an emphasis on a rise in retail loans and SME loans.


<ul>
<li>We reiterate our BUY rating with a target price at Bt172. Our BUY call reflects (1) steady growth ahead from improving economic recovery; (2) adequate reserves against new NPLs</li>
<li>Management forecasted Thai GDP to accelerate to 3.7% YoY in 2022 from an expected rise of 1% in 2021</li>
<li>Following the analyst meeting, we remain neutral and maintain our net profit projections for 2022-23</li>
</ul>


We reiterate our BUY rating with a target price at Bt172. Our BUY call reflects (1) steady growth ahead from improving economic recovery; (2) adequate reserves against new NPLs
Management forecasted Thai GDP to accelerate to 3.7% YoY in 2022 from an expected rise of 1% in 2021
Following the analyst meeting, we remain neutral and maintain our net profit projections for 2022-23


<ul>
<li>Despite improving economic activities from easing of restrictions, we expect KBANK’s 4Q21 to decline 39%YoY (-8%QoQ) to B7.9bn, the lowest quarterly level in 2021.</li>
<li>Pre-Provision profit will likely rise 9% YoY given higher net interest income from elevated loans and higher fee income following easing of lockdown.</li>
<li>Looking beyond 4Q21, we are optimistic about earnings momentum from loan expansion and elevated fee income. We expect net profit to resume positive growth momentum in 1Q22. Full-year net profit </li>
</ul>


Despite improving economic activities from easing of restrictions, we expect KBANK’s 4Q21 to decline 39%YoY (-8%QoQ) to B7.9bn, the lowest quarterly level in 2021.
Pre-Provision profit will likely rise 9% YoY given higher net interest income from elevated loans and higher fee income following easing of lockdown.
Looking beyond 4Q21, we are optimistic about earnings momentum from loan expansion and elevated fee income. We expect net profit to resume positive growth momentum in 1Q22. Full-year net profit 


KBANK: 4Q21 Earnings to Decline YoY and QoQ on Operating Expenses

Thailand

Kasikornbank Public Company Limited provides commercial banking services including personal and commercial banking, international trade, as well as investment banking services, to its customers throughout Thailand.  The Bank has foreign branches in Los Angeles, Hong Kong, Cayman Islands, and Shenzhen; and representative offices in Shanghai, Beijing, and Kunmin.

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Kasikornbank PCL (KBANK TB)

KBANK: Concentration on Debt Restructuring Ahead

Reiterate our BUY rating with a target price of Bt174. Our BUY call reflects (1) steady growth ahead from improving economic recovery; (2) adequate...

Pi Securities PCL, Thailand

KBANK: Growth Remains Intact Despite Economic Headwinds

We reiterate our BUY rating with a target price of Bt174. Our BUY call reflects (1) steady growth ahead from improving economic recovery; (2)...

Pi Securities PCL, Thailand

KBANK: More Focusing on Growth

We reiterate our BUY rating with a new target price of Bt174. Our BUY call reflects (1) steady growth ahead from improving economic recovery; (2)...

Pi Securities PCL, Thailand

KBANK: Growth Momentum Remains Intact

We reiterate our BUY rating with a target price at Bt172. Our BUY call reflects (1) steady growth ahead from improving economic recovery; (2)...

Pi Securities PCL, Thailand

KBANK: 4Q21 Earnings to Decline YoY and QoQ on Operating Expenses

Despite improving economic activities from easing of restrictions, we expect KBANK’s 4Q21 to decline 39%YoY (-8%QoQ) to B7.9bn, the lowest...

Pi Securities PCL, Thailand

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