บทวิเคราะห์ (Research)

TTB notified SET that its board of directors had approved a share repurchase project for financial management purposes with a budget not exceeding Bt21bn over three years, from 2025-2027, or not exceeding Bt7.0bn per annum. We revise up our 2025F earnings forecast by 3% reflecting i) NIM being revised up 20bps to 3.24% and ii) loan growth being revised down to 0.2%, from 2.5%. We re-rate the bank’s PBV multiple to 0.9x (from 0.85x) to reflect ROE expanding more than 10%. The share repurchase project will be a key investment theme for TTB on both dividend play and ROE expansion to boost valuation. We upgrade TTB to Outperform, from Neutral, with a 2025 target price of Bt2.30, from Bt2.16.