reports
- Tanaporn Visaruthaphong
Krungthai Card (KTC TB) - 1Q24: Results In Line With Consensus Estimat...
KTC posted a 1Q24 net profit of Bt1.8b (-4% yoy, +2% qoq). The results were in line with consensus estimate. Credit costs rose qoq due to the accelerated write-off criteria. Regarding adopting a faster bad-debt write-off policy, the company revised down the original loan growth of 10% to 6-7% in 2024. Based on the increase in minimum payment for credit cards, most of the company’s debtors could pay a minimum payment of 8% in 1Q24. Maintain HOLD. Target price: Bt48.00.
- Tanaporn Visaruthaphong
Thailand Daily - Monday, April 22, 2024
KEY HIGHLIGHTS Results Kiatnakin Phatra Bank (KKP TB/HOLD/Bt51.25/Target: Bt55.00) 1Q24: Surprising results; a significant qoq drop in provisioning. Krung Thai Bank (KTB TB/BUY/Bt16.00/Target: Bt19.00) 1Q24: Positive results surprise, more positive on asset quality outlook. Upgrade to BUY with a higher target price of Bt19.00. Krungthai Card (KTC TB/HOLD/Bt42.75/Target: Bt48.00) 1Q24: Results in line with consensus estimate. SCB X (SCB TB/BUY/Bt103.00/Target: Bt128.00) ...
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kate Luang
- Limartha Adhiputra
- Nurul Nazira Binti Abdullah
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Friday, March 22, 2024
GREATER CHINA Strategy China And Hong Kong Property: Channel checks and observations of Shanghai/Hong Kong primary markets. Results AAC Technologies (2018 HK/BUY/ HK$22.70/ Target: HK$27.20): 2H23: Slight beat in results; outlook in 2024 seems promising. Sunny Optical (2382 HK/BUY/HK$46.85/Target: HK$63.00): 2023: Results in line but forward shipment guidance weaker than expected. Small/Mid Cap Highlights Crystal International (2232 HK/NOT RATED/HK$3.30): 2023: Results in line with guidance, bul...
- Tanaporn Visaruthaphong
Krungthai Card (KTC TB) - 1Q24 Results Preview: Expect Soft Earnings G...
We expect KTC to post a 1Q24 net profit of Bt1,497m (-20% yoy, -15% qoq). The main drag will be higher credit costs due to an uneven economic recovery. The increased minimum payment in the credit card business and implementation of Persistent Debt will be issues. However, the unexpected rate cut will be a positive catalyst for KTC. Maintain HOLD. Target price: Bt48.00.
- Tanaporn Visaruthaphong
- Kwanchai Atiphophai
Krungthai Card (KTC TB) - 3Q23: Results Above Our Forecasts But In Lin...
KTC posted a 3Q23 net profit of Bt1,857m, up 5% yoy and 3% qoq. The results were above our forecasts by 6% but in line with consensus estimates. The key surprise to our forecast was a higher-than-expected non-II and lower-than-expected provision expenses. Asset quality remains worse, indicated by a rise in the NPL ratio to 2.3% and a lower loan loss coverage ratio to 382%, down by 51ppt. Maintain BUY. Target price: Bt51.00.
- Benjaphol Suthwanish
- Kwanchai Atiphophai
- Tanaporn Visaruthaphong
Thailand Daily - Friday, October 20, 2023
KEY HIGHLIGHTS Results Bangkok Bank (BBL TB/HOLD/Bt168.50/Target: Bt164.00) 3Q23: Results beat but a record high NPL formation signifies asset quality deterioration. Krung Thai Bank (KTB TB/HOLD/Bt19.30/Target: Bt21.50) 3Q23: Results above our forecasts; improving asset quality. Krungthai Card Plc (KTC TB/BUY/Bt45.75/Target: Bt51.00) 3Q23: Results above our forecasts but in line with consensus estimates. TMBThanachart Bank (TTB TB/HOLD/Bt1.74/Target: Bt1.72) 3Q23: Decent results. Update PTT G...
- Ariel Poh Yun Li
- Johnny Yum Chung Man
- Jonathan Koh
- Jun Sian Tan
- Kwanchai Atiphophai
- Nurul Nazira Binti Abdullah
- Posmarito Pakpahan
- Roy Chen Chengzhi
Regional Morning Notes - Thursday, October 05, 2023
GREATER CHINA Sector Shipping and Ports: Outlook still largely cautious despite some early signs of stabilisation; sector valuation very attractive. Maintain MARKET WEIGHT. Top picks: CSH and CSP. IT Hardware: Shipment on track for sequential recovery. Remain cautious on 2024’s growth. Maintain MARKET WEIGHT. INDONESIA Sector Banking: Expecting another solid quarterly results. MALAYSIA Initiate Coverage Ekovest (EKO MK/BUY/RM0.54/Target: RM1.10): Multi-year growth story in the making. SINGAPO...
- Kwanchai Atiphophai
Krungthai Card (KTC TB) - 3Q23 Results Preview: Expect Manageable Incr...
We expect KTC to post a 3Q23 net profit of Bt1,746m (-2% yoy, -3% qoq). The main drag will be higher credit cost due to a weakening economy. Meanwhile, increasing the minimum payment in the credit card business will be another concern as KTC needs to raise credit costs to cushion an unexpected bad loan. Due to a 9.8% mom correction in share price and widening upside to the target price, we upgrade to BUY with an unchanged target price of Bt51.00.
- Kwanchai Atiphophai
- Kwanchai Atiphophai
Krungthai Card (KTC TB) - Neutral Tone From Meeting; KTC Will Be Conse...
We attended KTC’s analyst meeting which had a neutral tone. The credit card business performed well, with a significant improvement expected in 2H23, especially in 4Q23, due to the high season of credit card spending. Meanwhile, management guided that the impact of the persistent debt measures remains unchanged, as disclosed in 2Q23’s Management Discussion & Analysis (MD&A) report. We maintain HOLD with a target price of Bt51.00.
- Benjaphol Suthwanish
- Kwanchai Atiphophai
- Tanaporn Visaruthaphong
Thailand Daily - Thursday, August 17, 2023
KEY HIGHLIGHTS Update Krungthai Card (KTC TB/HOLD/Bt46.25/Target: Bt51.00) Neutral tone from meeting; KTC will be conservative moving forward. PTT Oil & Retail Business (OR TB/BUY/Bt20.30/Target: Bt29.00) Targets to invest more in global business to support long-term growth.
- Bella Lu Yifei
- Benjaphol Suthwanish
- Greater China Research Team
- Heidi Mo Jinghui
- Julia Pan Mengyao
- Ken Lee
- Kong Ho Meng
- Kwanchai Atiphophai
- Llelleythan Tan Tan
- Ming San Soong
- Nurul Nazira Binti Abdullah
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
Regional Morning Notes - Thursday, August 17, 2023
GREATER CHINA Sector Aviation: Airlines: Operating data of three major airlines improved further in Jul 23. Maintain UNDERWEIGHT as we believe the recovery has been priced in. Top pick: Air China. Results Hong Kong Exchanges and Clearing (388 HK/BUY/HK$299.60/Target: HK$380.00): 1H23: Historically high NII and derivative ADV boost earnings. JD.com (9618 HK/BUY/HK$140.60/Target: HK$199.00): 2Q23: Strong earnings beat; 3Q outlook to be the market focus. Nexteer (1316 HK/SELL/HK$5.20/Target: HK$2.7...
- Kwanchai Atiphophai
Krungthai Card (KTC TB) - 2Q23: Results Below Our Forecasts But In Lin...
KTC posted a 2Q23 net profit of Bt1,806m, down 5% yoy and 4% qoq. The results were below our forecasts by 7% but in line with consensus estimates. The main driver was net interest income which grew well (including loan growth). However, asset quality remains a concern as the NPL ratio rose qoq to 2.0% despite the company maintaining a high coverage ratio. Maintain HOLD. Target price: Bt51.00.
- Kwanchai Atiphophai
Thailand Daily - Monday, July 24, 2023
KEY HIGHLIGHTS Results Kasikorn Bank (KBANK TB/HOLD/Bt129.00/Target: Bt145.00) 2Q23: Results in line, but weaker asset quality outlook ahead; downgrade to HOLD. Kiatnakin Phatra Bank (KKP TB/BUY/Bt60.50/Target: Bt78.00) 2Q23: Results below our and consensus expectations. Krung Thai Bank (KTB TB/HOLD/Bt20.20/Target: Bt21.50) 2Q23: Results beat our forecasts with an improvement in asset quality. Krungthai Card Plc (KTC TB/HOLD/Bt46.00/Target: Bt51.00) 2Q23: Results below our forecasts but in...
- Kwanchai Atiphophai
Krungthai Card (KTC TB) - 2Q23 Results Preview: Unexciting Growth With...
We expect KTC to post a 2Q23 net profit of Bt1,933m (+2% yoy, +3% qoq). The unexciting earnings growth in 2Q23 is likely to be dragged by credit default risks, and we believe provision expenses would soar 43% yoy. In terms of credit costs, it would jump to 568bp in 2Q23. On an upbeat tone, credit card spending is expected to grow in 2Q23 with the continued recovery of the consumer confidence index and an influx of foreign tourists. Maintain HOLD. Target price: Bt54.00.
- Kochakorn Sutaruksanon
- Kwanchai Atiphophai
Thailand Daily - Thursday, June 15, 2023
KEY HIGHLIGHTS Update Airports of Thailand (AOT TB/BUY/Bt71.75/Target: Bt83.00) Bright earnings momentum with solid long-term growth strategies. Krungthai Card (KTC TB/HOLD/Bt51.50/Target: Bt54.00) 2Q23 results preview: Unexciting growth with cautious asset quality.
- Ariel Poh Yun Li
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kochakorn Sutaruksanon
- Kwanchai Atiphophai
- Malaysia Research Team
- Stevanus Juanda
Regional Morning Notes - Thursday, June 15, 2023
GREATER CHINA Sector Internet: Generative AI to empower the game value chain. IT Hardware: Sector approaching trough in 3Q23, end-demand to pick up in 4Q23. Maintain MARKET WEIGHT. INDONESIA Update Gojek Tokopedia (GOTO IJ/BUY/Rp116/Target: Rp145): Rise in take rate, strict expense management to drive profitability. MALAYSIA Sector Building Materials: The sector is poised for a rebound in 2023 on the back of favourable supply-demand dynamics. HUME to benefit from rising cement prices and easin...
- Kwanchai Atiphophai
Krungthai Card (KTC TB) - 1Q23: Results In Line With Consensus’ Expect...
KTC posted a 1Q23 net profit of Bt1,872m, up 7.1% yoy and 12.4% qoq. The results are in line with consensus expectations. Despite credit costs increasing yoy accordingly with loan growth expansion, asset quality remains strong with a loan-loss coverage ratio of 544%. Credit card spending continued to grow due to the positive impact of the government stimulus package (Shop Dee Mee Kuen), which was in effect during Jan- Feb 23. Maintain HOLD. Target price: Bt54.00.
- Kwanchai Atiphophai
- Waritthorn Kaewmuang
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