Analysts at CGS International Securities (Thailand) have provided an outlook on TMBThanachart Bank (TTB) following the news that ING Bank N.V. is launching a massive big lot sale of its holdings. The divestment, valued at approximately US$500 million, involves roughly 6,149.2 million shares, or about 6.3% of the bank’s total shares.
According to CGS International, this transaction will significantly reduce ING’s stake in TTB. While the bank’s operational performance has been steady, the brokerage firm views TTB’s current valuation as “pricey,” trading at 1.2x 2026F P/BV.
Furthermore, CGS International projects a downward trend for TTB’s Return on Equity (ROE). The bank’s ROE is expected to drop from 9.3% in 2026F to 7.7% in 2027F, primarily driven by the expiration of tax benefits that have supported the bank’s bottom line in recent years.
In light of the pricey valuation and the anticipated dip in ROE, CGS International maintains a “Hold” rating on TTB. The firm has set a 2026 target price (TP) of 2.54 THB per share.
Transaction Details and Market Impact
The big lot sale is reportedly being offered at a price range of 2.64 to 2.70 THB per share, representing a sharp discount of 6.8% to 8.9% from the most recent closing price. To ensure market stability post-sale, ING Bank will be subject to a 90-day lock-up period. The minimum requirement for buyers in this offering is set at 8 million shares.
Despite the large-scale exit by a major shareholder, CGS International aligns with the bank’s earlier communications that the sale will not have an impact on TTB’s business strategy or financial targets. TTB CEO Piti Tantakasem has previously emphasized that changes in ING’s shareholding do not alter the bank’s management structure or its long-term commitment to shareholder returns.
