Kasikorn Securities (KS) recently attended the analyst meeting of Bangkok Commercial Asset Management Public Company Limited (SET: BAM), where the company maintained its neutral outlook. According to management, BAM is holding firm on its profit target for 2026 at THB 2 billion, driven mainly by a series of strategic initiatives and anticipated transactions.
A significant profit contributor will be the sale of three medium-sized assets, collectively valued at THB 300 – 500 million, expected to be finalized during the second quarter of 2026. Additionally, BAM is rolling out a more attractive debt restructuring plan, offering customers an upfront haircut of 30% starting mid-year. Executives believe this will encourage more clients to participate, accelerating the restructuring process.
Another earnings driver is cost optimization. The company is seeing a reduction in various expenses, notably interest payments, which will support net profit growth.
To further accelerate the clearance of non-performing assets (NPA) with a value of less than THB 3 million, BAM is expanding its partnership with the Bangkok Metropolitan Administration (BMA). The new initiative allows civil servants to purchase these properties through direct installment plans with BAM, with payments conveniently deducted from their payroll accounts.
Looking ahead, BAM expects its cost of funds to continue declining in the second and third quarters, projected at 3.1% and 3%, respectively.
Kasikorn projected that BAM will report significantly higher profits in the second quarter of 2026 versus the first. This is attributed to the transfer of large assets and a likely improvement in cash collection rates, both of which will bolster financial performance.
