บทวิเคราะห์ (Research)

Solid asset quality; attractive valuation BUY with TP of THB180 (0.6x FY25E P/BV, 8.2% ROE). We like BBL for its cheap valuation, clear earnings visibility, and solid asset quality. Although NIM is likely to drop following the 26 Feb policy rate cut, we expect improving fee income and gain on investment to support earnings growth this year. Valuation looks attractive as the stock is trading at 5.6x FY25E PER, 0.44x P/BV (the lowest level among big banks) and offers a 6.6% dividend yield. Key risks are weaker-than-expected asset quality and NIM.