Our 2023 earnings projection downsizes by 2.1% to Bt8.0bn (up 12.2% YoY), as we have cut our 2023 loan growth assumption (led by title loans) from 16.1% to 13.6%. We have rolled over our investment horizon to YE23 with a new target price of Bt60, pegged to a PBV of 4.2x. Note that our old YE22 target price was Bt67; we have a lower target for YE23 because we expect YoY earnings growth to slow from 22% for 2022 to 12% in 2023. Hence, our call shifts down from BUY to HOLD.
Result was in line with our projection
KTC posted 3Q22 earnings of Bt1.77bn, up 34.6% YoY but down 6.4% QoQ. The result was in line with our projection (and the Bloomberg consensus). Pre-provision operating profit was Bt2.6bn, up by 19% YoY and 2% QoQ. 9M22 earnings comprise 75.5% of our full-year forecast of Bt7.2bn.