Siam Commercial Bank's earnings predicted to climb 36% to THB14.2b

Check out what segments will boost growth.

According to Maybank Kim Eng, it expects Siam Commercial Bank to post new record earnings in 2Q13F of THB14.2b, up 8% QoQ and 36% YoY.

Here's more:

Loans are expected to expand well by 2.6% QoQ, led by mortgages, auto HP and SME loans. The NIM should be sustained at similar levels as last quarter. Fee and Non-NII are expected to grow well and SCB may realise some fees from the CPALL and MAKRO buyout this quarter (larger portion will be booked in 3Q13F).

Opex is expected to decline significantly due partly to reversal of a provision for TAMC loans. Asset quality remains solid with a low NPL ratio of 2%, while credit costs are expected to remain at THB2.5b.

Management remains confident that the bank’s operating performance is growing in line with targets, despite signs of an economic slowdown. We expect new record 2Q13F earnings. The recent share price slump and resulting attractivevaluation provides a good opportunity for accumulation. We thus reiterate our BUY call with a new target price of THB213.00.

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