TTB Broker recommends BUY with a target of 1.72 baht, expecting NIM to move up further, with rising interest rates.

Dao Securities noted in the analysis today (June 2, 2023). TMB Thanachart Bank Public Company Limited or TTB The NIM is expected to continue to increase following the gradual increase in interest rates in 3Q23, with full quarterly benefits.

Profit forecasts for the rest of the year TTB has an opportunity to grow. Compared to the previous quarter, TTB’s loan quality was good, NPL was low (Q1’23 decreased to 2.69%, compared to 4Q’23 at 2.73%).

Regarding the provision for the rest of the year, there is a chance that the profit will be reduced. The estimated net profit in 2023 was 15.9 billion baht, growing 12% compared to the same period last year, and in 2024 it was 17.2 billion baht, growing 8% compared to the same period the last year. Recommend a buy with a target price of 1.72 baht.


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