บทวิเคราะห์ (Research)

Banks and government to support growth Top picks: BBIK for growth and NETBAY for yield During Maybank’s virtual Tech Services Day event (5 Jun) , BBIK, SAMTEL and DITTO shared their 2025 outlooks. BBIK maintained its double-digit growth target thanks to demand from BFSI (including virtual banks) and the government. We expect increases in government capex to boost FY25E net profit growth at SAMTEL (+69% YoY) and DITTO (+33% YoY) , but SAMTEL’s strong outlook is largely priced in, in our view, as its FY25E P/E of 18x is higher than DITTO’s 11x and SKY’s 12x. BBIK is our Top Pick due to 16% FY25E core profit growth and its cost advantage against global competitors. NETBAY is our second Top Pick due to FY25-26E yields of 6-7% and potential upside from non-trade businesses.