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.