Krung Thai Bank Pub

KTB: Steady Growth with Resilient Asset Quality

Equity Bottom-Up
156 Views, 17 May 2022 13:10
EXECUTIVE SUMMARY
  • Maintain BUY with a higher target price of Bt16.70. Our BUY call reflects steady net profit growth,resilient asset quality, and attractive valuation.Our valuation is derived from the Gordon growth model 
  • Management maintained its key 2022 financial guidance. It affirmed that the KTB’s coverage ratio was high enough to withstand uncertainties and there was room to reduce provisions ahead.
  • We increased our net profit forecast by 5-9%for 2022-24 to reflect our lower provision estimates.We expect KTB’s net profit growth to be solid at 19%YoY in 2022 and continue rising
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Pi Securities PCL, Thailand
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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