BUY
Stock Data
Last close (Dec 23) (Bt)
12-m target price (Bt)
Upside (Downside) to TP (%)
Mkt cap (Btbn)
Mkt cap (US$mn)
32.25
44.00
36.43
41.21
1,253
Bloomberg code
Reuters code
Risk rating
Mkt cap (%) SET
Sector % SET
Shares issued (mn)
Par value (Bt)
12-m high / low (Bt)
Avg. daily 6m (US$mn)
Foreign limit / actual (%)
Free float (%)
Dividend policy (%)
TCAP TB
TCAP.BK
M
0.29
17.44
1,278
10
38.8 / 30
3.39
49 / 30
82.3
NA
Price Performance
Dec-14
Sep-14
Jun-14
Mar-14
Sep-13
Dec-13
Jun-13
Mar-13
Dec-12
Price (Bt)
60
50
40
30
20
10
0
Share performance
Absolute
Relative to SET
1M
(4.4)
(0.8)
3M
(15.1)
(11.8)
12M
1.6
(12.0)
Unit
(Btmn)
(Btmn)
(Bt)
(Bt)
(Bt)
(Bt)
(x)
(x)
(%)
(x)
(%)
(%)
2012
8,388
5,482
6.56
4.29
33.47
1.40
7.52
4.91
14.36
0.96
13.53
4.34
2013
20,742
9,231
16.23
7.22
37.07
1.60
4.46
1.99
68.38
0.87
20.48
4.96
2014F
12,519
5,227
9.80
4.09
40.11
1.22
7.88
3.29
(43.37)
0.80
10.60
3.77
2015F
12,815
5,774
10.03
4.52
43.59
1.13
7.14
3.22
10.46
0.74
10.80
3.50
2016F
13,146
6,164
10.29
4.82
47.29
1.21
6.69
3.13
6.75
0.68
10.62
3.74
The information in this report has been obtained from sources believed to be reliable. However, its accuracy or completeness is not guaranteed. Any opinions expressed herein
reflect our judgment at this date and are subject to change without notice. This report is for information only. It is not to be construed as an offer, or solicitation of an offer to sell
or buy any securities. We accept no liability for any loss arising from the use of this document. We or our associates may have an interest in the companies mentioned therein.
Financial statement
Profit and Loss Statement (Btmn)
FY December 31
Interest & dividend income
Interest expense
Net interest income
Non-interest income
Non-interest expenses
Earnings before tax & provision
Tax
Equities & minority interest
Core pre-provision profit
Provision
Core net profit
Extra item
Net profit
EPS (Bt)
DPS (Bt)
2012
49,999
25,765
24,234
13,175
22,571
14,838
2,463
3,987
8,388
2,906
5,482
0
5,482
4.29
1.40
2013
54,115
27,558
26,557
26,567
21,475
31,648
4,288
6,619
20,742
11,511
9,231
0
9,231
7.22
1.60
2014F
52,668
24,870
27,798
11,857
20,287
19,368
2,415
4,434
12,519
7,291
5,227
0
5,227
4.09
1.22
2015F
52,494
24,882
27,612
13,070
20,261
20,421
2,676
4,930
12,815
7,041
5,774
0
5,774
4.52
1.13
2016F
54,560
26,444
28,116
14,184
21,021
21,279
2,859
5,274
13,146
6,982
6,164
0
6,164
4.82
1.21
3Q13
13,627
6,950
6,677
3,632
5,222
5,086
682
1,057
3,348
1,687
1,661
0
1,661
1.30
-
4Q13
14,002
6,997
7,005
3,846
5,302
5,548
707
1,259
3,582
2,043
1,539
0
1,539
1.20
-
1Q14
13,573
6,801
6,772
3,182
5,023
4,932
671
1,282
2,980
1,657
1,323
0
1,323
1.04
-
2Q14
13,252
6,212
7,040
3,036
4,809
5,267
677
1,196
3,393
2,158
1,235
0
1,235
0.97
-
3Q14
13,177
6,285
6,893
2,959
5,014
4,838
553
1,292
2,993
1,791
1,202
0
1,202
0.94
-
FY December 31
Interest & dividend income
Interest expense
Net interest income
Non-interest income
Non-interest expenses
Earnings before tax & provision
Tax
Equities & minority interest
Core pre-provision profit
Provision
Core net profit
Extra item
Net profit
EPS (Bt)
2012
2013
2014F
2015F
2016F
15,181
17,940
18,651
19,956
21,344
72,174
70,215
56,172
64,598
71,057
152,438
150,076
150,076
150,076
150,076
755,330 791,175 759,528 782,313 821,429
1,072
1,015
1,015
1,015
1,015
24,891
30,773
36,165
41,250
46,179
731,512 761,417 724,378 742,078 776,265
1,024,102 1,052,770 1,002,399 1,029,831 1,071,865
693,421
715,931
656,938
674,676
706,386
87,972
81,082
81,082
81,082
81,082
89,506
109,290
109,290
109,290
109,290
940,312 957,331 898,338 916,076 947,785
41,018
48,071
52,805
58,050
63,654
12,778
12,778
12,778
12,778
12,778
42,772
47,369
51,256
55,705
60,426
33.47
37.07
40.11
43.59
47.29
2014F
2015F
4Q13
17,940
70,215
150,076
791,175
1,015
30,773
761,417
1,052,770
715,931
81,082
109,290
957,331
48,071
12,778
47,369
37.07
(4.00)
(18.30)
3.00
8.75
5.00
10.63
5.45
3.16
2.29
2.64
13.53
5.43
3.10
2.33
2.67
20.48
5.33
2.84
2.49
2.81
10.60
5.35
2.91
2.44
2.81
10.80
5.35
3.00
2.35
2.76
10.62
4.54
72.55
0.38
4.74
81.97
1.45
4.60
103.62
0.96
4.60
114.75
0.90
4.60
122.34
0.85
96.48
95.87
99.13
99.79
100.71
55.47
14.30
9.07
5.24
51.16
15.56
10.24
5.31
49.80
16.41
11.22
5.19
3Q13
16.95
(49.08)
5.52
3.15
2.70
52.40
4.74
82.62
0.86
2016F
4.75
13.28
12.07
7.50
4.57
3Q13
12,606
54,770
150,103
787,712
934
30,848
757,798
1,027,292
702,334
81,458
102,804
934,839
46,699
12,778
45,755
35.81
1Q14
13,246
49,949
154,704
790,604
864
31,163
760,305
1,031,317
676,280
95,647
112,078
932,807
49,578
12,778
48,932
38.29
2Q14
12,950
64,183
140,765
783,236
853
31,123
752,966
1,021,547
712,920
64,408
99,036
922,442
49,942
12,778
49,162
38.47
3Q14
12,155
56,251
145,473
771,924
911
30,402
742,434
1,012,132
692,546
54,038
116,392
911,074
51,305
12,778
49,752
38.94
Financial Ratios
2013
18.56
47.42
63.58
FY December 31
Cash
Interbank assets
Investments
Gross loans
Accrued interest receivable
Loan loss reserve
Net loans
Total assets
Deposits
Interbank liabilities
Borrowings
Total liabilities
Minority interest
Paid-up capital
Total Equities
BVPS (Bt)
4Q13
12.56
(67.38)
5.59
3.12
2.80
55.47
4.74
81.97
1.03
1Q14
4.67
(75.84)
5.41
3.04
2.70
53.12
4.85
81.24
0.84
2Q14
1.52
(28.47)
5.35
2.82
2.84
50.61
4.90
81.04
1.10
3Q14
(2.08)
(62.91)
5.37
2.89
2.81
52.11
4.85
81.14
0.93
Price (Bt)
80
1.6x
70
49.70
17.03
12.04
4.99
60
1.3x
50
1.1x
40
0.8x
30
0.6x
20
0.3x
10
Jan-05
Jul-05
Jan-06
Jul-06
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Dec-14
Nov-14
Oct-14
Sep-14
-2.5%
Aug-14
-2.0%
-15.0%
Jul-14
-1.5%
-10.0%
Jun-14
-1.0%
-5.0%
May-14
-0.5%
0.0%
Apr-14
0.0%
5.0%
Mar-14
0.5%
10.0%
Feb-14
15.0%
Jan-14
NA
Dec-13
Sell
Buy
Buy
Buy
Buy
Sell
Buy
Buy
Sell
Price
Target
ETR
(Bt/Sh) (Bt/Sh) (%)
45.00
33.0
(25.2)
196.50
255.0
33.4
234.00
275.0
19.2
39.75
46.0
20.0
23.00
27.0
21.0
2.04
1.3
(34.4)
32.25
44.0
40.2
43.75
55.0
30.3
3.00
3.0
1.9
13A
23.0
10.4
13.6
7.5
9.5
29.0
4.5
8.2
22.8
14.1
P/E (x)
14F
20.0
10.3
12.0
11.6
10.5
21.5
7.9
8.5
15.5
12.9
15F
16.7
9.3
11.0
9.0
9.1
19.7
7.1
7.3
13.3
11.2
P/BV (x)
13A
14F
2.3
2.1
1.3
1.1
2.6
2.2
1.0
0.9
1.6
1.4
1.7
1.7
0.9
0.8
1.5
1.4
2.1
1.9
1.7
1.6
15F
1.9
1.1
1.9
0.9
1.3
1.6
0.7
1.2
1.7
1.4
ROE (%)
13A
14F
10
11
13
12
20
20
13
8
17
14
6
8
20
11
21
17
10
13
15
13
15F
12
12
18
10
15
8
11
18
14
14
Disclaimer
SCB SECURITIES COMPANY LIMITED (SCBS) ACTS AS MARKET MAKER AND ISSUER OF DERIVATIVE WARRANTS
on the ordinary shares of ADVANC, AOT, BANPU, BBL, BCH, BCP, BLA, BLAND, BMCL, BTS, CK, DTAC, EGCO,
INTUCH, ITD, IVL, JAS, KBANK, KKP, KTB, PS, PTT, PTTEP, PTTGC, QH, SAMART, SRICHA, STEC, STPI, TCAP, TICON,
TISCO, TOP, TPIPL, TRUE, TTA, UV.
Before making an investment decision over a derivative warrant, an investor should carefully read the
prospectus for the details of the said derivative warrants. Any opinion, news, research, analyse, price,
statement, forecast, projection and/or other information contained in this document (the Information) is
provided as general purpose information only, and shall not be construed as a recommendation to any
person of an offer to buy or sell, or the solicitation of an offer to buy or sell, any securities. SCBS and/or its
directors, officers, employees, and agents shall not be liable for any direct, indirect, incidental, special or
consequential loss or damage, resulting from the use of, or reliance on, the Information, including without
limitation, damages for loss of profits. The investor should use the Information in association with other
information and opinion, including his/her own judgment in making investment decision. The Information is
obtained from sources believed to be reliable, and SCBS cannot guarantee the accuracy, completeness
and/or correctness of the Information.
SCBS reserves the right to modify the Information from time to time at its sole discretion without giving any
notice. This document is delivered to intended recipient(s) only and is not permitted to reproduce,
retransmit, disseminate, sell, distribute, republish, circulate or commercially exploit the Information in any
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CG Rating 2013