Earnings Report /
Thailand

Kiatnakin Bank PCL: Profit was in line with our forecast

  • Profit in line with our expectation

  • KKP posted 1Q21 earnings of Bt1.46bn

  • Lending increased 2.1% QoQ for the quarter

Poramet Tongbua
Poramet Tongbua

Equity Research Analyst

Follow
Bualuang Securities
20 April 2021

We anticipate earnings growth for 2021, driven by lighter LLPs and loan growth of 3.5% YoY (especially HP-for-cars and home mortgages). KKP currently trades at a YE21 PBV of 1.0x (below its long-term mean). Our dividend yield assumption for the year is 4.8%. BUY!

Profit in line with our expectation

KKP posted 1Q21 earnings of Bt1.46bn, flattish YoY and up 32% QoQ. The result was in line with the Bloomberg consensus and our projection. Earnings for 1Q21 comprise 24.0% of our full-year forecast of Bt6.1bn.