บทวิเคราะห์ (Research)

HOLD; prefer KTB among big banks HOLD with TP of THB118 (0.8x FY25E P/BV, 9.5% ROE). We believe SCB will maintain a high dividend payout ratio to meet its double-digit ROE target. However, SCB’s highest dividend yield in the sector is already reflected in its premium valuation of 8.9x PER vs other big banks at 6-7x PER in FY25E.We thus see limited share price upside risk while downside risks are weaker-than-expected asset quality in its unsecured and auto title loans. We prefer Krung Thai Bank (KTB TB, CP THB21.8, BUY, TP THB25.0) for its low-risk loan portfolio and cheaper valuation.