In today’s briefing:
- SCBx – Positive Strategy Development
- PRM : Excited Fleet Expansion Plan
SCBx – Positive Strategy Development
- The decision to not invest in BitKrub, crypto currency exchange, is highly positive
- Net interest margins are rising, with better loan yields, stable deposit costs
- Stage 2 loan decline is substantial, positive for future NPL outlook
PRM : Excited Fleet Expansion Plan
- Maintain HOLD recommendation for PRM but raised target price to Bt6.60 (Previous TP: Bt6.30) after revised earnings up by 16-25% in 2022-23E. We are positive toward 2H22 fleet expansion plan
- 2Q22 core profit dropped QoQ and YoY Report 2Q22 net profit at Bt199m. Excluding FX item,core earnings would be at Bt262m (-38%YoY -2%QoQ) YoY drop was due to high base
- Core revenue hit all-time high at Bt1.7bn along with fleet expansion(59 vessels as of 2Q22)and an increase in transportation volume for domestic trading business (45% of total revenue in 2Q22)
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