Headline: S&P downgrades 4 major Thai banks; KBANK, SCB, KTB and TTB
For the first time since the Tom Yum Kung crisis, S&P reduced the credit ratings of four Thai banks, downgrading KBANK and SCB from BBB+ to BBB, and KTB and TTB from BBB to BBB-, while maintaining the credit ratings of BAY and BBL at BBB+. This move was made in response to concerns that NPLs would exceed 8 billion baht. Analysts recommend “BUY” on KBANK with a THB172.00 target price and SCB with a THB150.00 target price.
Headline: AEONTS to continue business as usual despite allegation from BOT of misconduct
The Bank of Thailand has accused AEON Thana Sinsap (Thailand) Plc. (SET: AEONTS) with violating market conduct regulations relating to customer data privacy following the company’s transfer of customer information to third parties in order to offer insurance. AEONTS, However, stated that it recognizes the value of Market Conduct and will continue to operate its insurance broker business as usual. Meanwhile, analysts propose a “BUY” rating on AEONTS with a target price of THB250.00, citing the bank’s strong 4Q21/22 (December 2021-February 2022) recovery forecast.
Headline: SSP to double its capacity in reaching its 400 megawatt target by 2024
Sermsang Power Corporation Plc. (SET: SSP) plans to double its capacity in order to reach its goal of 400 megawatts by the year 2024. The company expects a 20% increase in revenue this year, mainly from the contribution of a 45-megawatt wind farm in Mukdahan province.
Headline: PTTEP and TOP lead gains after world oil prices rise above USD115 a barrel
PTT Exploration and Production Plc. (SET: PTTEP) and Thai Oil Plc. (SET: TOP) led sector gains yesterday (22 March) as crude oil prices surged above USD115 per barrel. BCP, ESSO, and SPRC, meanwhile, are expected to benefit from a rise in refinery margins.
Headline: BBIK to record a profit increase of 50% this year
Bluebik Group Plc. (SET: BBIK) expects revenue and earnings to grow by at least 50% this year, owing to the rapid growth of Thailand’s and Southeast Asia’s digital transformation markets. Additionally, the company is planning to expand its operations internationally, with the goal of completing one joint venture and/or M&A transaction per year.
