In today’s briefing:
- Kasikornbank (KBANK TB): Potential MSCI Inclusion
- SCB – Steady Lending, Capital Growth
- BBL : So Far so Good
Kasikornbank (KBANK TB): Potential MSCI Inclusion
- Kasikornbank PCL (KBANK-R TB) was deleted from the MSCI Thailand Index in June 2021 following the issuance of NVDR’s approaching its permitted limit of 25% of issued shares.
- With 12 months since deletion complete and meeting market cap, liquidity and foreign room thresholds, Kasikornbank PCL (KBANK TB) could be added to the MSCI Thailand Index in August.
- If added to the MSCI Thailand Index, we estimate passive trackers will need to buy 47.39m shares (US$199m; 3.9 days of ADV) of Kasikornbank PCL (KBANK TB) on 31 August.
SCB – Steady Lending, Capital Growth
- SCB is well-positioned to benefit from the delta in tourism
- There will be a special dividend at mid-year, amount still unknown
- BitKub acquisition announced last year, remains pending, may not go through
BBL : So Far so Good
- Maintain BUY for BBL with a target price of Bt159.00. We like its strong balance sheet to withstand uncertainty, sustainable profit growth, potential benefits from an upcycle of interest rates
- A solid net profit in 2Q22 : We expect Bangkok Bank (BBL) to post a net profit of Bt7.4b in 2Q22, up 17% YoY (+4% QoQ).
- Lending growth in 2Q22 is expected to rise by 1% QoQ given an expected rise in business loans and loans made through the international network. Asset quality remains resilient
Before it’s here, it’s on Smartkarma
