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 HOLD with a target price of Bt15.00. Our HOLD call reflects KTB’s slowing growth ahead and limited upside gain. Yet, a dividend yield of 4.5-4.8% for 2022-23 remains attractive.</li>
<li>Management guided loan growth to moderate to 3-4% YoY in 2022. Asset quality remains manageable.</li>
<li>Government expenditure will bolster Thailand’s economy in 2022. But growth potential may weaken than expected on potential impacts from higher energy prices and geopolitical uncertainties.</li>
</ul>


Maintain HOLD with a target price of Bt15.00. Our HOLD call reflects KTB’s slowing growth ahead and limited upside gain. Yet, a dividend yield of 4.5-4.8% for 2022-23 remains attractive.
Management guided loan growth to moderate to 3-4% YoY in 2022. Asset quality remains manageable.
Government expenditure will bolster Thailand’s economy in 2022. But growth potential may weaken than expected on potential impacts from higher energy prices and geopolitical uncertainties.


<ul>
<li>We initiate our coverage of KTB with a HOLD rating and a target price of Bt15.00.Our valuation is derived from the Gordon growth model(ROE 6.8%, growth 2%), implying 0.6x PBV’22E</li>
<li>Given the improving economic growth ahead, loans will continue to increase, but at a moderate rate</li>
<li>Potential credit cost reduction is likely given stable asset quality and high coverage ratio</li>
</ul>


We initiate our coverage of KTB with a HOLD rating and a target price of Bt15.00.Our valuation is derived from the Gordon growth model(ROE 6.8%, growth 2%), implying 0.6x PBV’22E
Given the improving economic growth ahead, loans will continue to increase, but at a moderate rate
Potential credit cost reduction is likely given stable asset quality and high coverage ratio


KTB: Despite Slowing Growth Ahead, Dividend Payment Is Attractive

Thailand

Krung Thai Bank Public Company Limited is a state-owned commercial bank based in Thailand, offering a comprehensive range of financial products and services. Its operations are segmented into Retail Banking, Corporate Banking, and Treasury and Investment, providing services like deposits, loans, credit cards, and e-banking solutions. The bank was founded on March 14, 1966, and is headquartered in Bangkok, Thailand.

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Krung Thai Bank (KTB-R TB)

KTB: Growth Normalization Is Underway

Maintain HOLD with a target price of Bt15.00. Our HOLD call reflects KTB’s slowing growth ahead and limited upside gain. Yet, a dividend yield of...

Pi Securities PCL, Thailand

KTB: Despite Slowing Growth Ahead, Dividend Payment Is Attractive

We initiate our coverage of KTB with a HOLD rating and a target price of Bt15.00. Our valuation is derived from the Gordon growth model (ROE 6.8%,...

Pi Securities PCL, Thailand

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