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 target price of Bt86.00. KKP’s 4Q22 net profit is expected to be flat YoY and QoQ at Bt2.0bn. This will mark a strong net profit growth</li>
<li>4Q22 outlook We expect Kiatnakin Phatra (KKP) to post a net profit of Bt2.0bn in 4Q22, down 1% YoY (-4% QoQ). Despite elevated net interest income from loan expansion</li>
<li>NIM is likely to slip to 4.3% in 4Q22 due to higher funding costs. The cost-to-income ratio will be higher QoQ to 46.6% given higher operating expenses.</li>
</ul>


Maintain BUY with a target price of Bt86.00. KKP’s 4Q22 net profit is expected to be flat YoY and QoQ at Bt2.0bn. This will mark a strong net profit growth
4Q22 outlook We expect Kiatnakin Phatra (KKP) to post a net profit of Bt2.0bn in 4Q22, down 1% YoY (-4% QoQ). Despite elevated net interest income from loan expansion
NIM is likely to slip to 4.3% in 4Q22 due to higher funding costs. The cost-to-income ratio will be higher QoQ to 46.6% given higher operating expenses.


KKP : Attractive Dividend Yield Despite Slowing Growth

Kiatnakin Bank

KKP : Attractive Dividend Yield Despite Slowing Growth