We have a BUY call on MTC, premised on strong business and earnings growth (even though our model points to a slimmer YoY NIM for 2022). And the stock is cheap (the price has dived 22% since YE21)—a YE22 PBV of 3.3x (1.5SD below its long term mean of 4.6x) and a 2022 PER of 16.5x (0.8SD below its long term mean of 19.5x). BUY!
Result was in line with our estimate
MTC posted a 1Q22 bottom-line of Bt1.38bn, flattish YoY but up 25.0% QoQ. The result was in line with our estimate, but was 10.6% ahead of the Bloomberg consensus. Pre-provision operating profit came to Bt1.9bn, up by 0.7% YoY and 17.9% QoQ. 1Q22 earnings comprise 23.4% of our full-year forecast of Bt5.9bn.