SCB: More Challenging Ahead from New Regulations

SCB: Recovery Slowdown on a Rise in Economic Uncertainty

SCB : Recovery Amidst Rising Global Risks

SCB: 3Q21 Result Was Better that Our Expectation

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 with a target price at Bt149. Our BUY call reflects steady earnings growth, resilient asset quality, and leadership in digital banking services</li>
<li>Digital banking services remain a focus ahead. SCB expects moderate lending growth and credit costs to likely decline in 2022.</li>
<li>SCB X will offer newly-issued shares and make a tender offer for all of SCB’s shares in 1Q22.</li>
</ul>


Maintain BUY with a target price at Bt149. Our BUY call reflects steady earnings growth, resilient asset quality, and leadership in digital banking services
Digital banking services remain a focus ahead. SCB expects moderate lending growth and credit costs to likely decline in 2022.
SCB X will offer newly-issued shares and make a tender offer for all of SCB’s shares in 1Q22.


Siam Commercial Bank

SCB: Going More Digital Services