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 2Q22 results with a 36% YoY rise (+8% QoQ) and 20% higher than expected.Asset quality was resilient </li>
<li>2Q22 results TTB’s net profit came in at Bt3.4bn in 2Q22, up 36% YoY (+8% QoQ), which was 20% higher than expected on lower provisions. Despite lackluster net interest income</li>
<li>Loans turned into a positive growth of 1.9% QoQ in 2Q22 (1Q22: -0.5%) given elevated demand from corporate and retail loans (auto HP and mortgage lending). Asset quality improved.</li>
</ul>


Maintain BUY for TTB with a target price of Bt1.60. TTB reported strong 2Q22 results with a 36% YoY rise (+8% QoQ) and 20% higher than expected.Asset quality was resilient 
2Q22 results TTB’s net profit came in at Bt3.4bn in 2Q22, up 36% YoY (+8% QoQ), which was 20% higher than expected on lower provisions. Despite lackluster net interest income
Loans turned into a positive growth of 1.9% QoQ in 2Q22 (1Q22: -0.5%) given elevated demand from corporate and retail loans (auto HP and mortgage lending). Asset quality improved.


TMBThanachart Bank

TTB : Time to Start an Engine