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 TTB with a target price of Bt1.60. TTB reported strong 2Q22 results with a 36% YoY rise (+8% QoQ) and 20% higher than expected.Asset quality was resilient </li>
<li>2Q22 results TTB’s net profit came in at Bt3.4bn in 2Q22, up 36% YoY (+8% QoQ), which was 20% higher than expected on lower provisions. Despite lackluster net interest income</li>
<li>Loans turned into a positive growth of 1.9% QoQ in 2Q22 (1Q22: -0.5%) given elevated demand from corporate and retail loans (auto HP and mortgage lending). Asset quality improved.</li>
</ul>


Maintain BUY for TTB with a target price of Bt1.60. TTB reported strong 2Q22 results with a 36% YoY rise (+8% QoQ) and 20% higher than expected.Asset quality was resilient 
2Q22 results TTB’s net profit came in at Bt3.4bn in 2Q22, up 36% YoY (+8% QoQ), which was 20% higher than expected on lower provisions. Despite lackluster net interest income
Loans turned into a positive growth of 1.9% QoQ in 2Q22 (1Q22: -0.5%) given elevated demand from corporate and retail loans (auto HP and mortgage lending). Asset quality improved.


<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


<ul>
<li>We reiterate our BUY rating with a target price at Bt1.60. Our BUY call reflects (1) steady growth ahead; (2) adequate reserves against new NPLs, and (3) compelling valuation</li>
<li>The bank will concentrate its strategic efforts on improving the quality of its growth and bolstering its capital position in the face of uncertainty</li>
<li>TTB expects modest lending growth ahead in 2022 with a focus on the retail market expansion</li>
</ul>


We reiterate our BUY rating with a target price at Bt1.60. Our BUY call reflects (1) steady growth ahead; (2) adequate reserves against new NPLs, and (3) compelling valuation
The bank will concentrate its strategic efforts on improving the quality of its growth and bolstering its capital position in the face of uncertainty
TTB expects modest lending growth ahead in 2022 with a focus on the retail market expansion


<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


Thailand

TMBThanachart Bank Public Company Limited provides a full range of banking and financial services. The Bank offers corporate and personal lending, retail and wholesale banking, international trade financing, and investment banking services to its customers throughout Thailand.  It also has branches in Hong Kong, Laos, and Cayman Island.

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TMBThanachart Bank (TTB TB)

TTB : Time to Start an Engine

Maintain BUY for TTB with a target price of Bt1.60. TTB reported strong 2Q22 results with a 36% YoY rise (+8% QoQ) and 20% higher than expected....

Pi Securities PCL, Thailand

TTB: So Far so Good

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,...

Pi Securities PCL, Thailand

TTB: Focusing on Quality Growth

We reiterate our BUY rating with a target price at Bt1.60. Our BUY call reflects (1) steady growth ahead; (2) adequate reserves against new NPLs,...

Pi Securities PCL, Thailand

TTB: Gearing up for Growth

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%,...

Pi Securities PCL, Thailand

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