Tisco Financial Group

TISCO: Quality Growth with a High Dividend Payment

Equity Bottom-Up
185 Views, 10 May 2022 11:02
EXECUTIVE SUMMARY
  • We initiate coverage of TISCO with a BUY rating and a target price of Bt106. Our valuation is derived from a Gordon growth model (ROE 17.5%, growth 2%),implying 2.0x PBV’22E
  • Moderate net profit growth at 6% CAGR in 2022-24 on a potential reduction in credit cost and higher NIM
  • Loans will likely pick up in 2022 with a focus on high-yield loans.  Resilient asset quality and high loan loss reserves against uncertainties
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Leading, full-service investment firm in Thailand
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Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clie... 

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