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

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<li>Maintain BUY with a higher target price of Bt171.00(from Bt164).Given its resilient loan growth and NIM expansion,its 4Q22 net profit is expected to register the highest quarterly level in 2022.</li>
<li>Analyst meeting    BBL expected Thai GDP to expand by 2–3% YoY in 2023, slower from 3-4% in 2022 due to the global economic slowdown. Yet, the economic growth could </li>
<li>For 4Q22 and 2022 guidance,(1) Loan growth in 4Q was likely flat QoQ resulting in full-year loan growth of around 8% (vs 4-6% earlier); (2) NIM continued to improve given</li>
</ul>


Maintain BUY with a higher target price of Bt171.00(from Bt164).Given its resilient loan growth and NIM expansion,its 4Q22 net profit is expected to register the highest quarterly level in 2022.
Analyst meeting    BBL expected Thai GDP to expand by 2–3% YoY in 2023, slower from 3-4% in 2022 due to the global economic slowdown. Yet, the economic growth could 
For 4Q22 and 2022 guidance,(1) Loan growth in 4Q was likely flat QoQ resulting in full-year loan growth of around 8% (vs 4-6% earlier); (2) NIM continued to improve given


BBL : Steady Growth and Balance Sheet Resilience

Bangkok Bank Public

BBL : Steady Growth and Balance Sheet Resilience