Market Roundup 21 February 2024

Thailand’s SET Index closed at 1,393.61 points, increased 12.54 points or 0.91% with a trading value of 64.86 billion baht. The analyst stated that the Thai stock market edged up to conform with the China and Hong Kong markets after the world’s second largest economy announced the LPR interest rate cuts. The Thai stock market rose from the gain of commercial bank stocks and finance stocks. SCB led the group as the company announced a high amount of dividend payment, while MTC reported a higher-than-expected net profit. Finance stocks were the group to be monitored as if the stocks generated positive earnings, they could grow even higher and be invested by foreign investors. As for today, the fund flow moved into stocks with dividend payment and stocks that were expected to recover in the year.

The analyst expected the market to extend its gain following the rebound of fund flow.


Jasmine Broadband Internet Infrastructure Fund (SET: JASIF) has announced that the company has changed its company’s name to 3BB Internet Infrastructure Fund, while also changing the security symbol from “JASIF” to “3BBIF” starting from 27 February 2024.


Asia Plus Securities stated that SCB announced its dividend payment for 2H23 at THB 7.84 per share (a dividend yield of around 7.54%), with an XD date of April 17, 2024. The total amount of dividend paid when combined with the 1H23 of THB 2.5 per share was THB 10.34 per share. The amount accumulated to the dividend payout ratio of 80%, an increase from 60% of net profit in the previous year.

Meanwhile, after allocating the remaining profit from the dividend payment to capital, the BIS ratio and Tier-1, based on the estimation of SCB, will be at 18.9% and 17.8%, respectively (the BIS ratio and Tier-1 were at 18.8% and 17.7% at the end of 2023), which were higher than the minimum criteria stated in the law of 12% and 9.5%, respectively.

As for the dividend payout ratio next year, it depends on investment opportunities in the future. With the aforementioned BIS ratio and Tier-1, as well as the moderate trend for an expansion of loan growth following Thai economic recovery, the analyst expected that the dividend payout ratio in the next three years would be around 60%-80%.

The aforementioned dividend yield of SCB in 2023 topped TISCO, which was considered the best dividend stocks in the financial sector, and could potentially be on top among the SET50 stocks.