We have a BUY call on SCB to a YE22 target price of Bt141, premised on loan growth (driven by corporate and retail business), a fatter NIM, lighter LLPs, and good cost management. The stock currently trades at a cheap 2022 PER of 7.7x and our dividend yield assumption is 5.3%.
Earnings were in line with our expectation
SCB reported a 2Q22 net profit of Bt10.1bn, up 14% YoY but down 1% QoQ. The result was in line with our estimate (and the Bloomberg consensus). Pre-provision operating profit came to Bt22.8bn, up by 8% YoY and 5% QoQ. 1H22 earnings comprise 49.5% of our full-year forecast of Bt40.9bn.