Equity Analysis /
Thailand

TH : Krungthai Card - Valuation still way ahead of fundamentals

    CGS-CIMB
    19 January 2021
    Published byCGS-CIMB

    We foresee EPS recovering 10% in FY21F, led by lower provisioning expense, as PPOP face the full-year impact of lower interest rate ceiling. 4Q20 net profit was within our estimate, with qoq growth led by strong cost management and lower provisioning expense. Maintain Reduce; valuation remains significantly ahead of its fundamentals.