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 Bt106.00.We like its high dividend payment and solid fundamentals.TISCO’s net profit was 6% better than expected at Bt1.85bn in 2Q22,up 11%YoY</li>
<li>Despite lingering competition in the auto hire purchase market, loan growth would likely accelerate in 2H22 given an improvement in the chip shortage in the automotive industry. </li>
<li>Credit costs would likely stay low for the next few years to potentially offset negative impacts from muted fee income from the volatility in the capital market.</li>
</ul>


Maintain BUY for TISCO with a target price of Bt106.00.We like its high dividend payment and solid fundamentals.TISCO’s net profit was 6% better than expected at Bt1.85bn in 2Q22,up 11%YoY
Despite lingering competition in the auto hire purchase market, loan growth would likely accelerate in 2H22 given an improvement in the chip shortage in the automotive industry. 
Credit costs would likely stay low for the next few years to potentially offset negative impacts from muted fee income from the volatility in the capital market.


<ul>
<li>Maintain BUY for TISCO with a target price of Bt106.00. We like its high dividend yield, expected at 8.4-9.3%for 2022-24.We maintain a moderate net profit growth of 6%CAGR for 2022-24. </li>
<li>
<strong> A mixed picture in 2Q22</strong> We expect Tisco Financial Group (TISCO) to post a net profit of Bt1.74b in 2Q22, up 4.5% yoy (-3.1% qoq). The yoy rise will largely </li>
<li>Lending growth in 2Q22 is likely to continue rising by 0.4% QoQ (1Q22: +0.4% QoQ), given elevated demand from corporate and SME lending despite muted new auto HP lending. </li>
</ul>


Maintain BUY for TISCO with a target price of Bt106.00. We like its high dividend yield, expected at 8.4-9.3%for 2022-24.We maintain a moderate net profit growth of 6%CAGR for 2022-24. 

 A mixed picture in 2Q22 We expect Tisco Financial Group (TISCO) to post a net profit of Bt1.74b in 2Q22, up 4.5% yoy (-3.1% qoq). The yoy rise will largely 
Lending growth in 2Q22 is likely to continue rising by 0.4% QoQ (1Q22: +0.4% QoQ), given elevated demand from corporate and SME lending despite muted new auto HP lending. 


<ul>
<li>We initiate coverage of TISCO with a BUY rating and a target price of Bt106. Our valuation is derived from a Gordon growth model (ROE 17.5%, growth 2%),implying 2.0x PBV’22E</li>
<li>Moderate net profit growth at 6% CAGR in 2022-24 on a potential reduction in credit cost and higher NIM</li>
<li>Loans will likely pick up in 2022 with a focus on high-yield loans.  Resilient asset quality and high loan loss reserves against uncertainties</li>
</ul>


We initiate coverage of TISCO with a BUY rating and a target price of Bt106. Our valuation is derived from a Gordon growth model (ROE 17.5%, growth 2%),implying 2.0x PBV’22E
Moderate net profit growth at 6% CAGR in 2022-24 on a potential reduction in credit cost and higher NIM
Loans will likely pick up in 2022 with a focus on high-yield loans.  Resilient asset quality and high loan loss reserves against uncertainties


TISCO: Quality Growth with a High Dividend Payment

Thailand

Tisco Financial Group Pcl is a bank holding company.  The Company's banking subsidiary offers working capital, project, term, automobile and home loans; custodian services; securities brokerage; mutual funds; and private banking; and advises on equity and debt capital markets, privatizations, debt restructuring, project finance, and mergers and acquisitions.

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Tisco Financial Group (TISCO TB)

TISCO : Small but Strong

Maintain BUY for TISCO with a target price of Bt106.00. We like its high dividend payment and solid fundamentals. TISCO’s net profit was 6% better...

Pi Securities PCL, Thailand

TISCO : A High Dividend Stock

Maintain BUY for TISCO with a target price of Bt106.00. We like its high dividend yield, expected at 8.4-9.3% for 2022-24. We maintain a moderate...

Pi Securities PCL, Thailand

TISCO: Quality Growth with a High Dividend Payment

We initiate coverage of TISCO with a BUY rating and a target price of Bt106. Our valuation is derived from a Gordon growth model (ROE 17.5%, growth...

Pi Securities PCL, Thailand

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