บทวิเคราะห์ (Research)

SCB’s 4Q24 earnings showed signs of improving in terms of credit costs for unsecured loans declined from 10% to 7.5%, resulting in the bank’s overall credit cost falling nearly 20bps to 162bps (lowest level in four quarters). The bank has guided for credit costs to decline further in 2025F and fee income growth to recover from wealth management. As such we raise our fee income growth assumption to 5% YoY in 2025F, from 2%, reduce opex growth by 2ppts, and raise net profit 8%. Our 2025 target price is raised to Bt130, from Bt118. As we expect the bank to pay a high dividend, we maintain a Neutral rating. Mkt cap (Btbn/US$mn) 414,154/12,004 Outstanding shares (mn) 3,367 Foreign ownership (mn) 641 3M avg. daily trading (mn) 6.64 52-week trading range (Bt) 100.5-124.5 Performance (%) 3M 6M 12M Absolute 7.0 19.4 16.0 Relative 15.7 15.3 17.9 Quarterly EPS 1Q 2Q 3Q 4Q 2022 3.00 2.96 3.04 2.15 2023 3.24 3.50 2.85 3.24 2024 3.32 2.95 3.22 3.56