บทวิเคราะห์ (Research)

TISCO : Earnings Preview - 3Q24F net profit drops both y-y and q-q We have a neutral view on TISCO’s 3Q24F net profit of Baht 1.70 billion, declines by -9%y-y and -3%q-q due mainly to i) a decrease in its outstanding loans growth ii) an increase in deposit cost iii) a decrease in net fee service such as bancassurance, brokerage fee and IB fee iv) an increase in expected credit loss from asset quality deterioration, NPL Ratio of 2.50% from 2.44% in 2Q24. We still do not see a positive indicators such as asset quality, yield on loan and car price in hire purchase market. We maintain NEUTRAL recommendation and TP25F of Baht 97 because we expect to see high dividend yield of 7-8%.