TISCO’s bottom-line will expand QoQ through 2H22, we believe, driven by a recovery in lending (led by retail and corporate biz) and lighter LLPs (we expect asset quality to improve, due to tighter loan approval standards; the end-June loan loss coverage ratio was high at 253%). Furthermore, NIM should fatten (led by high-yield lending expansion and effective cost management). The stock currently trades at a 2022 PER of 9.4x with a high expected dividend yield of 9.1% for 2022. BUY!
Result was in line with our model
TISCO posted a 2Q22 profit of Bt1.85bn, up by 10.9% YoY and 2.9% QoQ. The result was in line with our projection (but was 6.5% ahead the Bloomberg consensus). 2H22 earnings comprise 49.4% of our full-year forecast of Bt7.4bn.