We forecast 2022 earnings growth of 21% YoY, driven by strong NII expansion (supported by accelerating debt-restructuring and the launching of promotions), NPA sales (supported by promotional pricing and enhanced visibility by offering real estate for sale over online platforms), and more assertive cash collection. BUY!
1Q22 profit was in line with the street
BAM posted 1Q22 earnings of Bt312m, up 26% YoY but down 68% QoQ. The result was in line with the Bloomberg consensus. Pre-provisioning operating profit was Bt1.4bn, down by 9% YoY and 39% QoQ. 1Q22 earnings comprise 10% of our full-year forecast of Bt3.1bn.