‘Bualuang’ looks at BAM, disappointing again Cut 2024 profit forecast 1

#Get the latest information on stocks – Bualuang Scan Securities, an asset management company Bangkok Commercial Public Company Limited or BAM’s research department expects Q3/2024 net profit to be 206 million baht, which is much lower than what it was the research and market departments had previously expected. This was a decrease of 46% YoY and 55% QoQ, weighed down by the cash collection trend of 3.4 billion baht, which was much lower than expected. This will put pressure on profits from APC sales to decrease.

It is estimated that the collateral asset management business will recover slowly this year. Because banks are still strict when giving loans. As a result, some customers who want to buy NPL and NPA may not apply for loans In addition, the economic recovery is not thorough. This has also caused some customers to delay their investment in purchasing assets.

Bank loans had loan insurance at the end of Q3/24 at 11.9 trillion baht, down 3% YoY and 2% QoQ, and the research department went to study the past. It was found that the loan of the bank group studied and BAM’s cash reserve had a correlation of 51%, meaning that BAM’s cash reserve would decrease during the period when the bank’s loan portfolio decreased.

Q4/2024 net profit trend will decrease by 8% YoY. (Finance expenses increased) but QoQ increased 106% (from a low profit base in Q3/24 and increased profit from NPL and APC sales).

Fundamentals Reduced 2024 net profit forecast by 12%. of the secured debt management business recovers more slowly than expected By also recommending for sale