The share price of TMBThanachart Bank Public Company Limited (SET: TTB) rose THB0.04/share or 2.84% to THB1.45/share at the afternoon session on Thursday, with a trading value of THB1,870 million.
Finansia Syrus Securities (FSS) recommends “BUY” on TTB with a target price of THB1.80 per share, forecasting TTB’s 2022 net profit to increase at the highest rate in the banking sector, 32% greater than last year’s same period. This will be boosted by full year post-merger benefits, including cross selling as well as reducing redundant expenses and being the only bank where ROE will be higher than pre-COVID-19 levels.
Additionally, the increased retail client base results in a higher loan yield and the possibility of rerate valuation. TTB is now trading at 0.6x PBV, which is regarded as excessively cheap.
