Share prices of Thai banking stocks traded higher in the early session on July 22, 2022, after reporting earnings growth on their 2Q22 financial results. However, the positive push in the morning started to slow down as noon approached.
| Securities | Last | Change % | Consensus Target Price |
Upside to Target Price % |
Actual 2Q22 Net Profit |
2Q YoY Growth % |
Forecast Surprise % |
RSI 14 (Simple) |
| BAY | 31.25 | 0.81 % | 36.63 | 17.20 | 7,833.75 | -46.13 | 9.81 | 35.29 |
| BBL | 130.50 | 0 % | 160.86 | 23.27 | 6,961.07 | 9.51 | -4.68 | 42.86 |
| KBANK | 140.50 | 0 % | 178.91 | 27.33 | 10,793.75 | 21.36 | -2.85 | 28.26 |
| KKP | 63.25 | 0.4 % | 78.16 | 23.58 | 2,033.28 | 50.14 | 10.93 | 55.56 |
| KTB | 15.50 | 3.33 % | 14.99 | -3.28 | 8,358.39 | 39.05 | 20.91 | 40.00 |
| SCB | 96.50 | 2.66 % | 137.73 | 42.72 | 10,050.64 | 14.03 | -0.99 | 31.13 |
| TISCO | 87.75 | -0.57 % | 104.25 | 18.80 | 1,848.43 | 10.92 | 6.56 | 48.00 |
| TTB | 1.17 | -0.85 % | 1.42 | 21.27 | 3,438.33 | 35.68 | 13.65 | 39.13 |
*Net Profit in million
Major commercial banks in Thailand except Bank of Ayudhya Public Company Limited (SET: BAY) all reported annualized earnings growth in the second quarter of 2022 following economic recovery from the Covid-19 outbreak, though fears over rising inflation still remain. Some of the banks also reported higher-than-expected earnings for the quarter as well.
BAY reported 46.13% decline of net profit in the second quarter, mainly due to an incorporating of the extraordinary gain on investments from the sales of shares in Ngern Tid Lor Public Company Limited (SET: TIDLOR) in 1H21.
However, on a normalized year on year basis, the operating profit increased by THB 380 million, or 2.4% from 2Q21, largely attributed to higher net interest income.
Still, the current price gives a lot of upside to their target price based on the consensus of Refinitiv as most of the banking stocks remain slightly above oversold level.
