Earnings Report /
Thailand

Muangthai Capital PCL: Profit in line with our estimate

  • Result was in line with our model

  • MTC posted a 2Q22 bottom-line of Bt1.38bn

  • Gross loans grew by 8.9% QoQ and 34.5% YoY in 2Q22

Poramet Tongbua
Poramet Tongbua

Equity Research Analyst

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Bualuang Securities
10 August 2022

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). Asset quality should start improving later this year, once inflation has peaked and oil prices ease.

Result was in line with our model

MTC posted a 2Q22 bottom-line of Bt1.38bn, up by 8.7% YoY and 0.4% QoQ. The result was in line with our estimate and the Bloomberg consensus. Pre-provision operating profit came to Bt2.3bn, up by 30.4% YoY and 18.8% QoQ. 1H22 earnings comprise 47.0% of our full-year forecast of Bt5.9bn.