บทวิเคราะห์ (Research)

Positive on rising ROE outlook Catalysts: Expect dividend and share buyback BUY with TP of THB2.10 (0.83x FY25E P/BV and 9.5% ROE). We are confident TTB’s ROE can reach 10% in FY26 from 9.0% in FY24 due to: (i) shift in loan mix; (ii) rising dividend; (iii) good cost control; (iv) lower credit cost; and (v) potential share buyback. We expect TTB to announce THB0.065/sh dividend and share buyback in 1Q25. TTB is likely to trade at a premium valuation to the big banks due to high earnings visibility and rising ROE. Key risks are weaker-than-expected asset quality and potential share divestment by the Ministry of Finance.