Earnings Report /
Thailand

Bangkok Commercial Asset Management PCL: Profit in line with our model

  • 2Q22 earnings were in line with our estimate

  • BAM posted 2Q22 NPAT of Bt831m

  • The 2Q22 top-line was Bt2.6bn

Bualuang Securities
15 August 2022

We forecast 2022 earnings growth of 21% YoY, driven by strong NII expansion (supported by accelerating debt-restructuring and the launching of promotions), NPA sales (supported by promotional pricing and enhanced visibility by offering real estate for sale over online platforms), and more assertive cash collection. BAM currently trades at a cheap YE22 PBV of 1.3x (1.0SD below its long-term mean) and a 2022 PER of 18.0x (0.7SD below its long-term mean). BUY!

2Q22 earnings were in line with our estimate

BAM posted 2Q22 NPAT of Bt831m, up by 5% YoY and 166% QoQ. The result was in line with our estimate. Pre-provisioning operating profit was Bt2.0bn, down 9% YoY but up 39% QoQ. 1H22 earnings comprise 36% of our full-year forecast of Bt3.1bn.