TTB will achieve modest profit growth and we anticipate a good dividend for 2023 of 3.8%. But the market already recognizes TTB’s potential and has fully priced it in, so our call is HOLD.
Result was in line our expectation
TTB posted 4Q22 earnings of Bt3.8bn, up by 37.5% YoY and 11.9% QoQ. The result was in line with our estimate (but was 11.4% above the Bloomberg consensus). 2022 profit comprises 101% of our full-year projection of Bt14.0bn.