บทวิเคราะห์ (Research)

U/G to BUY with higher THB77 TP Upgrade to BUY from HOLD with a higher TP of THB77 (0.93x P/BV, 10% ROE and 7.2% dividend yield) from THB68 after raising our FY26-27 earnings forecasts. We see ample room to improve ROE in the next three years, thanks to improving asset quality (post balance sheet clean up), growing wealth management fees and active capital management on high dividend payment and share buyback. We believe the bank will keep its share buyback program until the share price reaches 1x P/BV. Key risk is weaker-than-expected asset quality.