TISCO to Report a 4Q20 Profit of ฿1.6Bn, Analysts Expect Dividend Payment of ฿5-6/share

The analyst expected TISCO to report its earnings on January 18, estimating a net profit in 4Q20 at 1.6 billion baht, stable compared to the previous quarter, citing that the capital funds remained strong and the coverage ratio was at a higher level at 196%. The analysts estimated TISCO’s dividend payment around 5-6 baht per share.

 

Kasikorn Securities stated that for Tisco Financial Group Public Company Limited (TISCO)’s 4Q20 performance, non-performing loan (NPL) would increase slightly as relief measures for customers expired, while ECL impairment would remain flat as the current coverage ratio is at 196%, therefore the provisions would not weight significantly on TISCO’s 4Q20 profit.

 

Bualuang Securities targets a net profit of TISCO at 1.3 billion baht in 4Q20, a decrease of 29% YoY due to a slower growth in loan, as well as an increase of OPEX from branch expansion, and NIM declined. While ECL still remains high, Bualuang believes that TISCO’s performance will get back on growth track in 2021 driven by lower provisions and business expansion, particularly car for cash’s loans. Therefore, reiterating a “BUY” rating on TISCO with a target of ฿99.00/share.

 

Finansia Syrus Securities has given a “BUY” recommendation with a target price of ฿102.00/share, believing TISCO to have strongest performance among its Flat peers, an increase of 14% YoY. 

 

Meanwhile, DBS Vickers Securities also maintains its “BUY” recommendation on TISCO, but has revised up a target price to ฿96.00/share (from ฿85.00/share) based on 1.8x P/BV.