บทวิเคราะห์ (Research)

MTC guided for slightly better asset quality, slower loan growth, and lower margin for 4Q24F. We expect the 4Q24F net profit to grow 3% QoQ and 20% YoY, and full-year net profit to grow 21% YoY. We have trimmed our 2025F earnings forecast by 3.5% as we reduced our assumptions on loan yield and credit cost (Figure 1). Applying PE 15.5x of 2025F earnings, we reach a 2025 target price of Bt50.50, from Bt52.00. We believe the share price is near the bottom as its PE is approaching a 3-year low of 14x, so further pullback should be seen as a buying opportunity. We upgrade MTC to Outperform, from Neutral.