บทวิเคราะห์ (Research)

Good quality; limited upside HOLD for decent dividend yield; prefer KKP and TTB We like TISCO for its decent dividend yield and high ROE. However, we expect only 2% YoY net profit growth as credit cost will likely increase due to the low-base effect. TISCO will control opex and grow high yield lending to increase NIM and offset higher credit cost in FY25. We project a c.8% dividend yield as TISCO maintains a high dividend payout ratio. HOLD with TP of THB105 (1.9x P/BV, 16.7% ROE). Prefer KKP (CP THB52.0, BUY, TP THB65.0) and TTB (CP THB1.83, BUY, TP THB2.10) given their higher EPS growth and rising ROEs.