The Siam Commercial Bank (SET: SCB) traded marginally higher on Monday, with a trading value of THB393 million in the morning session.
Capital Nomura Securities (CNS) recommends “BUY” on Siam Commercial Bank Public Company Limited, or SCB, with a target price of THB150 per share on an estimated net profit of THB8.55 billion, a 72% increase year over year due to higher loan growth and lowered provisions, but a net profit would decline quarter on quarter due to a higher opex according to seasonality. CNS maintains a THB38 billion earnings forecast for 2022, up 5% year on year.
SCB is restructuring to be a holding company known as SCBX. It is anticipated that business plans with major partners that have already announced collaboration, such as mortgage loans, will be clear by the second half of 2022. SCB remains as the banking sector’s top pick.
