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 TTB with a target price of Bt1.60. TTB reported strong 3Q22 results with a 58% YoY rise (+8% QoQ) and 15% higher than expected.</li>
<li>Analyst meeting The bank would gain benefits from the interest rate upcycle. Its net interest margin (NIM) was likely to further expand</li>
<li>Despite potential benefits from the rate hikes,the bank was worried that some customers might have difficulties repaying debts.The bank would normalize to pay the FIDF fees of 46bp in 2023 </li>
</ul>


Maintain BUY for TTB with a target price of Bt1.60. TTB reported strong 3Q22 results with a 58% YoY rise (+8% QoQ) and 15% higher than expected.
Analyst meeting The bank would gain benefits from the interest rate upcycle. Its net interest margin (NIM) was likely to further expand
Despite potential benefits from the rate hikes,the bank was worried that some customers might have difficulties repaying debts.The bank would normalize to pay the FIDF fees of 46bp in 2023 


TMBThanachart Bank

TTB : Focus on Quality of Growth