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>Downgrade to HOLD (from BUY) with a target price of Bt16.70. Our downgrade reflects limited upside gain as a rise in share price is largely priced strong 1Q22 performance </li>
<li>Quarterly earnings passed the peak level in 1Q22:Like other banks, KTB’s fundamentals have improved from the economic reopening and its resilient asset quality.</li>
<li>Positive sentiments from digital lottery ticket sales The Government Lottery Office (GLO) mentioned that more than 5m lottery tickets were sold through KTB’s Paotang G-wallet app.</li>
</ul>


Downgrade to HOLD (from BUY) with a target price of Bt16.70. Our downgrade reflects limited upside gain as a rise in share price is largely priced strong 1Q22 performance 
Quarterly earnings passed the peak level in 1Q22:Like other banks, KTB’s fundamentals have improved from the economic reopening and its resilient asset quality.
Positive sentiments from digital lottery ticket sales The Government Lottery Office (GLO) mentioned that more than 5m lottery tickets were sold through KTB’s Paotang G-wallet app.


Krung Thai Bank Pub

KTB: Limited Upside Gain Potential