Equity Analysis /
Thailand

TH : Tisco Financial Group - Superior credit quality justifies premium

    CGS-CIMB
    18 January 2021
    Published byCGS-CIMB

    We expect an 8% EPS recovery in FY21F led by lower provisioning, while PPOP should stablise yoy amid a bumpy domestic economic recovery. No major surprises in 4Q20 as 12M20 made up 101% of our FY20F estimate. Reiterate Add, with a higher TP, with upward EPS and ROE revisions, as TISCO continues to report superior credit quality vs. the banking industry.