Valued at 1.3x PBV (GGM: 10% ROE), we derive a Fair Value (FV) of THB 48. We maintain a Buy recommendation. The JV AMC enhances NPL management flexibility, while the projected 10% ROE remains the highest among large commercial banks, complemented by a dividend yield of ~5% per annum (excluding special dividends).
KTB20261109.pdf
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