- Profit was in line with estimate
- KTC posted 1Q21 earnings of Bt1.6bn
- Pre-provision operating profit was Bt2.4bn
KTC’s share price has shot up to 49% above our YE21 target price, pushing its 2021 PER up to 29x (2.5SDs above its long-term mean). Hence, we maintain our SELL call.
Profit was in line with estimate
KTC posted 1Q21 earnings of Bt1.6bn, flattish YoY and up 23.6% QoQ. The result was 10% above the Bloomberg consensus, but was in line with our projection. Pre-provision operating profit was Bt2.4bn, down 5% YoY but up 4% QoQ. Earnings for 1Q21 comprise 25.0% of our full-year forecast of Bt6.5bn.
- 1 Macro Analysis/Global G7 reiterates support for SDR allocation and seeks to boost its impact
- 2 Strategy Note/Global G7's 'Build Back Better World' is not an answer to China's Belt and Road
- 3 Strategy Note/Vietnam Vietnam: The best emerging market is still spoilt by foreign ownership limits
- 4 Macro Analysis/Pakistan Pakistan's FY22 Federal Budget – Serious push on growth
- 5 Strategy Note/Global Egypt's military spend is not securing the Nile in its dispute with Ethiopia
This publication is being distributed by Tellimer solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not con...