In today’s briefing:
- BBL: Good Quality Growth
BBL: Good Quality Growth
- Maintain our BUY call with a target price of Bt162. Our valuation is derived from the Gordon Growth Model (ROE 6.6%,growth 2%), implying 0.6x PBV’22E, -1SD to its five-year means.
- With its focus on corporate and international loans, BBL will likely suffer fewer impacts when compared with its competitor from elevated household debts and a conflict between Russia and Ukraine.
- Net profit will continue to rise further in 2022-23, supported by solid fundamentals and an improvement in economic activity.
Before it’s here, it’s on Smartkarma
