Earnings Report /
Thailand

Tisco Financial Group: Profit beat our projection

  • Earnings were 8% above our expectation

  • TISCO posted a 1Q22 profit of Bt1.795bn

  • Lending grew by 0.3% QoQ for the quarter

Poramet Tongbua
Poramet Tongbua

Equity Research Analyst

Bualuang Securities
19 April 2022

TISCO’s bottom-line should expand QoQ through 2H22, driven by a recovery in lending (led by motorbike title loans and HP-for-used cars) and lighter LLPs (we expect asset quality to improve, due to tighter loan approval standards). Furthermore, we anticipate that NIM will fatten (led by high-yield lending expansion). The stock currently trades at a 2022 PER of 11.0x with high expected dividend yields of 7.2% for 2021 and 7.8% for this year. BUY!

Earnings were 8% above our expectation

TISCO posted a 1Q22 profit of Bt1.795bn, up by 1.8% YoY and 0.3% QoQ. The result was 8% above our projection (but was in line with the Bloomberg consensus), due to lighter LLPs than assumed. 1Q22 earnings comprise 24% of our full-year forecast of Bt7.4bn.