บทวิเคราะห์ (Research)

Over-penalised, valuation look attractive at 7.7x PER and c.6% dividend yield We maintain BUY and cut our FY25-26 earnings forecast by 19-21% and TP to THB27.0 (based on 1.15x FY25E P/BV and 10x P/E) from THB36.4. Although earnings and asset quality are weaker than expected, the stock has been over-penalised (share price fell 17% in 2 days). We see a buying opportunity as loan growth and asset quality are likely to recover in 2H25. SAWAD is trading at 7.7x FY25E PER and offers a 6.0% dividend yield. We expect SAWAD to change dividend payment from stock to cash due to weak loan growth in FY25. Key risk is weaker-than-expected asset quality.