KTC will achieve modest earnings growth this year and we expect a dividend for 2023 of 2.5%. But the market has already fully priced in the value of the stock, we believe, so our HOLD stands.
Result was in line with our projection
KTC posted 4Q22 earnings of Bt1.67bn, up 33.5% YoY but down 6.0% QoQ. The result was in line with our estimate (but was 11% shy the Bloomberg consensus). Pre-provision operating profit was Bt2.8bn, up by 16% YoY and 5% QoQ. 2022 earnings comprise 99% of our full-year projection of Bt7.2bn.