Waraporn Wiboonkanarak

Krungthai XSpring

Equity Bottom-Up

<h2>Thanachart Capital Plc. (TCAP) </h2>
<p>Banking </p>
<p><strong>Sound dividend yield and good 1Q20E NP the near-term catalysts</strong></p>
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<p>We maintain a Hold rating for TCAP despite our earnings cut. We see TCAP’s near-term catalysts coming from its sound dividend yield of 3.4% (based on the DPS for 2H19 of Bt1.80/share) and the likely good 1Q20E earnings backed by gain from the sale of Ajinomoto. Moreover, TCAP’s attractive dividend yield going forward (expected at 5-6%) should be another catalyst for the stock.</p>
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<p><strong>Financial</strong>…</p>

Thailand

Thanachart Capital Public Company Limited provides financial services including consumer, corporate and mortgage financing.  Additionally the Company provides securities underwriting and investment advisory services.  Thanachart Capital also provides insurance services through its subsidiaries.

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