1Q21 net profit of THB10.6bn (+44% yoy) was 40% ahead of our estimate from lower-than-expected provisioning and strong recovery in fee income. In our view, concern is likely to turn towards asset quality in the near term, as credit cost is likely to rise in 2Q21F, as borrowers exit its relief programme. We foresee turning fundamentals in 2H21F as a re-rating catalyst, while we raise our FY21-23F EPS to reflect a less conservative credit cost expectation.
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