The Week That Was in ASEAN@Smartkarma - Sea Ltd Lay-Offs, SCMA, and Kiatnakin Bank

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 our BUY call with a higher target price of Bt82 (from Bt79). Our BUY call reflects steady earnings growth, a resilient balance sheet, and attractive dividend payment. </li>
<li>Management was optimistic about lending growth and loan quality due to the economic reopening.</li>
<li>Net profit in 1Q22 came in at Bt2.05bn (+41% YoY, +1% QoQ) and 15% higher than our expectation.</li>
</ul>


Maintain our BUY call with a higher target price of Bt82 (from Bt79). Our BUY call reflects steady earnings growth, a resilient balance sheet, and attractive dividend payment. 
Management was optimistic about lending growth and loan quality due to the economic reopening.
Net profit in 1Q22 came in at Bt2.05bn (+41% YoY, +1% QoQ) and 15% higher than our expectation.


Kiatnakin Bank

KKP: High Dividend and Growth Stock