TISCO’s bottom-line will grow YoY through 2023, we believe, driven by lending (led by corporate biz) and non-NII expansion (we also expect brokerage/securities earnings to recover), even though NIM is likely to decline (funding costs are likely to rise faster than the lending yield). We forecast 2023 earnings of Bt7.5bn, up 3.4% YoY, and anticipate a dividend for 2023 of 8.5%. Our investment horizon rolls over to YE23 with an unchanged target price of Bt115, pegged to a PBV of 2.1x. BUY!
Result was in line with our model
TISCO posted a 3Q22 profit of Bt1.77bn, up 13.5% YoY but down 4.2% QoQ. The result was in line with our projection (and in line with the Bloomberg consensus). 9M22 earnings comprise 74% of our full-year forecast of Bt7.3bn.