In today’s briefing:
- SCB X (SCB TB) – The Song Remains the Same
SCB X (SCB TB) – The Song Remains the Same
- SCB X has been a slightly disappointing performer since its restructuring under a new holding company to allow for a reallocation of capital towards growing tech areas.
- A key overhang has been its sizable planned investment into leading Thai crypto exchange BitKub but the due diligence for this has been extended signalling a potential cancellation.
- The bank’s core business is recovering with loan growth recovering and credit costs coming down plus strong growth in digital banking reducing costs. Valuations are attractive on 0.7x FY22E PBV.
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