บทวิเคราะห์ (Research)

TCAP : Earnings Result - Weak Result from THANI We have a slightly negative view on net profit of Baht 1,621 million, which was below our and market expectations, due to lower-than-expected on non-interest income (Non-NII) and expected credit loss (ECL). Net profit decreased -11% y-y and -16% q-q due to i) a decrease in investment (FVTPL) ii) a decrease in dividend income and iii) an increase in expected credit loss (ECL) due to weakening asset quality of THANI, with NPL Ratio rising to 4.76% from 4.36% in 2Q24. Total loans decreased -6% y-y and -1% q-q (-3% YTD) due to THANI's strict lending policy. We revised down our 2024-26F earnings by -(2-9)% due to total loans and investment (FVTPL), affecting our TP25F to Baht 54, and downgrading our recommendation to NEUTRAL. We view TCAP maintains its strength in dividends. We expect in 2024F a dividend of 3.30 baht/share (6% yield), an increase from 2023's 3.20 baht/share.