KKP : Attractive Dividend Yield Despite Slowing Growth

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 KKP with a target price of Bt82.00.KKP’s net profit came in at Bt2.0bn in 2Q22, up 50% YoY (-1% QoQ). At this valuation, KKP’s good 2Q22 results </li>
<li>2Q22 results KKP reported a net profit of Bt2.0bn in 2Q22, up 50% YoY (-1% QoQ), which was 8% higher than our estimates on lower provisions. The strong YoY  </li>
<li>Lending growth in 2Q22 was strong at 2.8% QoQ (1Q22: +6.5% QoQ),largely due to higher demand from retail loans.Asset quality remained resilient.The NPL ratio slightly increased to 3.2% in 2Q22.</li>
</ul>


Maintain BUY for KKP with a target price of Bt82.00.KKP’s net profit came in at Bt2.0bn in 2Q22, up 50% YoY (-1% QoQ). At this valuation, KKP’s good 2Q22 results 
2Q22 results KKP reported a net profit of Bt2.0bn in 2Q22, up 50% YoY (-1% QoQ), which was 8% higher than our estimates on lower provisions. The strong YoY  
Lending growth in 2Q22 was strong at 2.8% QoQ (1Q22: +6.5% QoQ),largely due to higher demand from retail loans.Asset quality remained resilient.The NPL ratio slightly increased to 3.2% in 2Q22.


Kiatnakin Bank

KKP : Attractive Valuation and Dividend