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Tisco Financial Group Plc: 1 director

A director at Tisco Financial Group Plc bought 30,000 shares at 97.500THB and the significance rating of the trade was 72/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two y...

Jo Yee Ng ... (+11)
  • Jo Yee Ng
  • Johnny Yum Chung Man
  • Julia Pan Mengyao
  • Kong Ho Meng
  • Ming San Soong
  • Philip Wong
  • Posmarito Pakpahan
  • Roy Chen Chengzhi
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Tanaporn Visaruthaphong

Regional Morning Notes - Tuesday, January 16, 2024

GREATER CHINA Sector Dairy: Slowing demand to weigh on valuations in the near term. Downgrade to MARKET WEIGHT. Switch top pick to Yili. Online Travel Agencies: Strong travel demand visibility into 2024. Server: Edge AI penetration and enterprise investment to accelerate adoption of GenAI. Initiate Coverage Foxconn Industrial Internet (601138 CH/BUY/Rmb12.72/Target: Rmb18.90): Server ODM giant to remain a key winner of the gen ai investment trend. INDONESIA Update Bank Tabungan Negara (BBTN IJ/...

Tanaporn Visaruthaphong
  • Tanaporn Visaruthaphong

TISCO Financial Group (TISCO TB) - 4Q23: Results Below Our Expectation...

TISCO posted results of Bt1,782m in 4Q23 (-1% yoy and -5% qoq). The results were below our and consensus estimates by 7% and 4%, respectively. We revise TISCO’s 2024-25 earnings projections down by 4% and 3% respectively due to accelerating funding costs and higher credit costs. Management reiterated the normalisation of LLC ratio to pre-COVID-19 levels. Maintain HOLD with a lower target price of Bt94.00.

Tanaporn Visaruthaphong
  • Tanaporn Visaruthaphong

Thailand Daily - Tuesday, January 16, 2024

KEY HIGHLIGHTS Results TISCO Financial Group (TISCO TB/HOLD/Bt101.00/Target: Bt94.00) 4Q23: Results below our expectation; no exciting growth ahead.

Jonathan Koh ... (+3)
  • Jonathan Koh
  • Keith Wee Teck Keong
  • Posmarito Pakpahan

ASEAN Banks – ASEAN Banks: Quarterly Update

Interest rates have peaked and entered a downcycle. Indonesian banks are the biggest beneficiaries of lower interest rates and have the highest earnings growth in 2024 and 2025. Our top BUYs are OCBC (Target: S$16.85), CIMB (Target: RM6.65), SCB X (Target: Bt124) and BBNI (Target: Rp6,300). Yield plays, such as DBS (Target: S$41.65), RHB (Target: RM6.35), KTB (Target: Bt21.50) and BMRI (Target: Rp6,500), are attractive in an environment of lower bond yields.

Kwanchai Atiphophai
  • Kwanchai Atiphophai

TISCO Financial Group (TISCO TB) - 3Q23: Decent Results; Several Headw...

TISCO posted a net profit of Bt1,874m in 3Q23 (+6% yoy, +1% qoq). The results were 7% above our forecasts but in line with consensus. However, we revise TISCO’s 2024-25F earnings projections down by 6.7% and 12.6% respectively due to normalisation in funding and credit costs. We maintain HOLD on TISCO with a lower target price of Bt97.00.

Kampon Akaravarinchai ... (+2)
  • Kampon Akaravarinchai
  • Kwanchai Atiphophai

Thailand Daily - Monday, October 16, 2023

KEY HIGHLIGHTS Results TISCO Financial Group (TISCO TB/HOLD/Bt100.00/Target: Bt97.00) 3Q23: Decent results; several headwinds ahead. Asian Gems Corporate Highlights Home Product Center (HMPRO TB/BUY/Bt12.20/Target: Bt17.00) Better long-term outlook but under pressure in the short term.

Bella Lu Yifei ... (+17)
  • Bella Lu Yifei
  • Damon Shen
  • Jieqi Liu
  • Jo Yee Ng
  • Julia Pan Mengyao
  • Kampon Akaravarinchai
  • Ken Lee
  • Kwanchai Atiphophai
  • Limartha Adhiputra
  • Malaysia Research Team
  • Ming San Soong
  • Nurul Nazira Binti Abdullah
  • Roy Chen Chengzhi
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Tham Mun Hon
  • Vincent Khoo Boo Aik

Regional Morning Notes - Monday, October 16, 2023

GREATER CHINA Economics Inflation: Sep 23 CPI inflation lower on moderating food inflation. Money Supply: Further improvement necessary to entrench economic recovery. Trade: Trade on the mend in Sep 23; less pressure on the renminbi. Update China Overseas Property Holdings Page 5 (2669 HK/BUY/HK$6.45/Target: HK$9.83): Acquisition of construction supervision subsidiary from 830 HK brings both risks and opportunities. JD.com (9618 HK/BUY/HK$117.70/Target: HK$183.00): Negative impact on top-line gr...

Bella Lu Yifei ... (+12)
  • Bella Lu Yifei
  • Carol Dou Xiao Qin
  • Damon Shen
  • Jieqi Liu
  • Jonathan Koh
  • Ken Lee
  • Kwanchai Atiphophai
  • Malaysia Research Team
  • Philip Wong
  • Stevanus Juanda
  • Sunny Chen
  • Vincent Khoo Boo Aik

Regional Morning Notes - Friday, September 15, 2023

GREATER CHINA Sector Automobile: Weekly: Passenger EV retail sales up 40% yoy/9% mom, beating estimates. Maintain UNDERWEIGHT. Top BUYs: BYD, CATL and Li Auto. Healthcare: Easing pressure from anti-corruption campaign, long-term growth outlook remains intact. Update Link REIT (823 HK/BUY/HK$37.30/Target: HK$50.70): Key DPU drivers remain intact; yield at historical high. INDONESIA Initiate Coverage Cisarua Mountain Dairy (CMRY IJ/BUY/Rp3,890/Target: Rp4,800): Product innovations and sales force...

Kwanchai Atiphophai
  • Kwanchai Atiphophai

TISCO Financial Group (TISCO TB) - Expect Decent 3Q23 Results

We expect TISCO to post 3Q23 net profit of Bt1,752m (flat yoy, -6% qoq). The delinquency rate for the banking sector continues to deteriorate from unfavourable economic conditions. Thanks to TISCO’s robust loan loss reserves, the bank should be able to keep its credit cost low. Valuation-wise, we believe the upside gains from price appreciation are limited as it trades close to the fair price. Maintain HOLD. Target price: Bt106.00.

Kwanchai Atiphophai
  • Kwanchai Atiphophai

Thailand Daily - Friday, September 15, 2023

KEY HIGHLIGHTS Update TISCO Financial Group (TISCO TB/HOLD/Bt100.00/Target: Bt106.00) Expect decent 3Q23 results.

Kwanchai Atiphophai
  • Kwanchai Atiphophai

TISCO Financial Group (TISCO TB) - 2Q23: Decent Results But Upside Gai...

TISCO posted 2Q23 net profit of Bt1,854m (+0.3% yoy, +3.4% qoq). The results were in line with our and consensus expectations. TISCO’s 1H23 earnings accounted for 50% of our 2023 forecast. We like the company’s strategy of yield improvement and solid asset quality. However, the upside gains from capital appreciation are limited. Maintain HOLD. Target price: Bt106.00.

Benjaphol Suthwanish ... (+12)
  • Benjaphol Suthwanish
  • Carol Dou Xiao Qin
  • Chong Lee Len
  • Kampon Akaravarinchai
  • Ken Lee
  • Kwanchai Atiphophai
  • Llelleythan Tan Tan
  • Malaysia Research Team
  • Paula Ruth
  • Sunny Chen
  • Tanaporn Visaruthaphong
  • Tham Mun Hon

Regional Morning Notes - Friday, July 14, 2023

GREATER CHINA Economics Trade: Impacted by global manufacturing weakness. Sector Automobile: Weekly: China PV sales dropped 7% yoy/2% mom during 1-9 July, missing estimates. Maintain UNDERWEIGHT. Top BUYs: BYD, CATL and Li Auto. Healthcare: Underpenetrated ICL market in China; leading leading players to deliver steady growth in non-COVID-19-related revenue. INDONESIA Update Sarana Menara Nusantara (TOWR IJ/HOLD/Rp1,080/Target: Rp1,100): Lacklustre NPAT growth potential in 2023 and 2024; trading...

Benjaphol Suthwanish ... (+4)
  • Benjaphol Suthwanish
  • Kampon Akaravarinchai
  • Kwanchai Atiphophai
  • Tanaporn Visaruthaphong

Thailand Daily - Friday, July 14, 2023

KEY HIGHLIGHTS Strategy El Nino − The Good And The Bad Eyes on the El Nino conditions in 4Q23. Results TISCO Financial Group (TISCO TB/HOLD/Bt96.00/Target: Bt106.00) 2Q23: Decent results, but the upside gains are limited; maintain HOLD. Update Thai Oil (TOP TB/BUY/Bt45.25/Target: Bt53.00) We expect 2Q23 net profit to experience a seasonal decline. Upgrade to BUY.

Celine Yuan Xinlin ... (+9)
  • Celine Yuan Xinlin
  • Damon Shen
  • Jieqi Liu
  • Johnny Yum
  • Jonathan Koh
  • Keith Wee Teck Keong
  • Kwanchai Atiphophai
  • Singapore Research Team
  • Tham Mun Hon

Regional Morning Notes - Monday, July 03, 2023

GREATER CHINA Economics PMI: Manufacturing PMI meets expectations, domestic demand improves. Strategy Fundamentals Of Property Sector Weakened; HMF Benefits Property Management Sector INDONESIA Strategy Alpha Picks: Slight Outperformance In Jun 23: Our picks are BSDE, CTRA, HMSP, BBNI, BMRI, BUKA, SMGR, KLBF and MAPI. MALAYSIA Sector Banking: May 23 loans growth improved; 2023 loans growth is still expected to moderate. Attractive valuation is offset by pedestrian growth. SINGAPORE Strategy ...

Kwanchai Atiphophai
  • Kwanchai Atiphophai

TISCO Financial Group (TISCO TB) - 2Q23 Preview: Mixed Earnings Outloo...

We expect TISCO to post flat yoy and qoq earnings growth at Bt1,773m in 2Q23. The market is concerned over asset quality deterioration, especially in auto-HP. However, based on our channel check, the number of repossessed cars remains under control. Incidentally, the bank’s NIM for 2Q23 and the rest of 2023 should continue to decline, dragged by rising funding costs. Maintain HOLD. Target price: Bt106.00.

Kwanchai Atiphophai
  • Kwanchai Atiphophai

Thailand Daily - Tuesday, June 20, 2023

KEY HIGHLIGHTS Update TISCO Financial Group (TISCO TB/HOLD/Bt96.50/Target: Bt106.00) 2Q23 preview: Expect earnings to be flat yoy and qoq.

Kwanchai Atiphophai
  • Kwanchai Atiphophai

TISCO Financial Group (TISCO TB) - 1Q23: Results In Line

TISCO posted a 1Q23 net profit of Bt1,793m (-0.2% yoy, -0.8% qoq). The results were in line with our and consensus expectations. While we believe TISCO’s strategy of expanding high-yield loans, coupled with its ample excess loan loss reserves, should be enough to offset the adverse impacts from rising funding costs, the earnings growth for 2023 is marginal. Maintain HOLD. Target price: Bt106.00.

Kwanchai Atiphophai ... (+2)
  • Kwanchai Atiphophai
  • Waritthorn Kaewmuang

Thailand Daily - Thursday, April 20, 2023

KEY HIGHLIGHTS Results Krung Thai Bank (KTB TB/BUY/Bt16.70/Target: Bt19.40) 1Q23: Results beat our and consensus expectations. Upgrade to BUY. TISCO Financial Group (TISCO TB/HOLD/Bt101.50/Target: Bt106.00) 1Q23: Results in line. TMBThanachart Bank (TTB TB/BUY/Bt1.42/Target: Bt1.63) 1Q23: Solid performance; upgrade to BUY. Update VGI Public Company (VGI TB/BUY/Bt4.02/Target: Bt4.60) To post mild loss in 4QFY23, moderate growth outlook for FY24. Upgrade To BUY.

Ariel Poh Yun Li ... (+6)
  • Ariel Poh Yun Li
  • Jacquelyn Yow Hui Li
  • Johnny Yum Chung Man
  • Jonathan Koh
  • Kwanchai Atiphophai
  • Waritthorn Kaewmuang

Regional Morning Notes - Thursday, April 20, 2023

GREATER CHINA Sector IT Hardware: Sector reaches a trough but meaningful recovery may take more time. Maintain MARKET WEIGHT. MALAYSIA Update GHL SYSTEMS (GHLS MK/BUY/RM0.83/Target: RM1.00): Reiterate BUY on the back of tourist spending and higher growth of non-cash transactions in ASEAN countries. SINGAPORE Results Keppel REIT (KREIT SP/BUY/S$0.895/Target: S$1.12): 1Q23: Resiliency from home base Singapore. THAILAND Results Krung Thai Bank (KTB TB/BUY/Bt16.70/Target: Bt19.40): 1Q23: Results ...

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