TH : Singer Thailand - Steady loan growth, yield and NPL outlook

1Q22 NP of THB215m (+54% yoy, +2% qoq) was 5%/8% below our estimate/consensus. EPS fell 13% yoy and 31% qoq on enlarged share base. We cut our FY22F EPS by 6% to reflect a slower-than-expected reduction in interest expense. We expect cost of funds to fall starting in 3Q22F. We reiterate our Add rating with a slightly higher TP of THB56.