บทวิเคราะห์ (Research)

KKP : Earnings Result - Net profit in 4Q24 was better than expected We maintain our NEUTRAL rating with a TP25F of 55 baht due to the expected full-year dividend of 3.00 baht per share, representing a dividend yield of 5.8%. We expect 2H24 to pay 1.75 baht per share (yield of 3.4%). Additionally, net profit in 4Q24 of 1,406 million baht was better than our and the market's expectations due to higher-than-expected investments (FVTPL). Profit increased by 110% y-y and 8% q-q. This quarter, repossession losses decreased to -1,110 million baht from -1,400 million baht in 4Q23 and -1,190 million baht in 3Q24. Overall, loans contracted by 1.5% q-q, representing a -7.8% YTD decrease, mainly due to auto loans. In terms of asset quality, NPL Ratio was at 4.22%, up from 4.10% in 3Q24. KKP will hold an analyst meeting on January 22, 2025. If there is any information that differs from our previous expectations, we will review our estimates again.