Equity Analysis /
Thailand

TH : TMB Bank - Strong PPOP growth but portfolio risks linger

    CGS-CIMB
    20 January 2021
    Published byCGS-CIMB

    TMB Bank’s 15.5% EPS growth in FY21F is expected to be led by tax savings and a strong PPOP growth from leveraging on its merger synergies. 4Q20 net profit missed our estimate by 24%, while FY20 missed by 4%. Reiterate Add, as we believe near-term pressure from asset quality concerns is likely to be outweighed by one of the sector’s strongest PPOP recovery.