บทวิเคราะห์ (Research)

BUY with TP THB65; Top Pick in banking sector Maintain BUY with TP THB65 (0.8x FY24E P/BV, 8.7% ROE). We are positive on its strategy to grow its high ROE business (wealth management fee) and slow its low ROE business (lending in low yield segment). The stock is trading at 8x FY25E PER and 0.7x P/BV, or -1SD its 10-year historical mean, and offers an 8% dividend yield. We forecast its dividend payout ratio (DPR) to reach 60-65% in FY25-26 as loan contraction should leave room to increase its DPR and carry out share buybacks. Note that KKP’s DPR was 70-92% during the slow loan growth period in FY15-18.