Earnings Report /
Thailand

Tisco Financial Group: Profit in line with our estimate

  • NPAT was in line with our expectation

  • TISCO posted 3Q21 earnings of Bt1.56bn

  • Lending declined by 4.5% QoQ and 9.1% YTD for the quarter

Poramet Tongbua
Poramet Tongbua

Equity Research Analyst

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Bualuang Securities
15 October 2021

TISCO’s bottom-line is forecast to expand through 2022, driven by a recovery in lending (led by motorbike title loans) and lighter LLPs—asset quality should be more-or-less maintained, due to tighter loan approval standards. Furthermore, we anticipate that non-NII will increase (led by brokerage and fund management fees and retail business fees with the easing of the lockdown). The stock currently trades at PERs of 11.3x for 2021 and 10.8x for 2022 with high expected dividend yields of 7.4% for this year and 7.7% for next. Our BUY call stands.

NPAT was in line with our expectation

TISCO posted 3Q21 earnings of Bt1.56bn, down by 3.2% YoY and 6.4% QoQ. The result was in line with our projection and the Bloomberg consensus. 9M21 profit comprises 75.9% of our full-year forecast of Bt6.6bn.