บทวิเคราะห์ (Research)

Though TISCO’s 2024 net profit contracted 5.5% YoY, it will be difficult for the company to maintain absolute earnings in 2025 as it needs to boost loan yield 20bps and reduce COF 20bps to offset a step up in credit cost. However, this should not impact the company’s dividend policy given its high Tier I at 18.7%. The full-year dividend is expected to be around Bt7.00/sh for 2024F (already paid Bt2.00 for 1H24), down from Bt7.75 in 2023. We maintain a Neutral rating as TISCO remains a dividend play