In today’s briefing:
- TCAP : A Dividend Play
TCAP : A Dividend Play
- We initiate coverage of TCAP with a HOLD rating and a target price of Bt39.00. We expect TCAP’s net profit will decline by 10% YoY in 2022 before turning
- Positive lending growth intact despite uncertainties The Bank of Thailand (BOT) estimates Thailand’s economy will expand by 3.3% YoY in 2022 on the back of an improvement in domestic demand
- We expect TCAP’s lending growth to continue rising by 10% YoY in 2022 (2021:+7% YoY), supported by higher demand for hire purchase lending via Ratchthani Leasing (THANI) and higher SME
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