BAM shares rose 5.51%, or 0.35 baht, to 6.70 baht, with trading value of 263.05 million baht, after InnovestX said debt collections will increase significantly in H2/69 from four mid-sized deals worth a combined 1.2 billion baht, split into 400 million baht from two NPL deals and 800 million baht from two NPA deals. It also sees upside from two large transactions: Soneva Kiri Resort on Koh Kood and the Indra Regent Hotel in Pratunam. The broker expects collections of 5-6 billion baht per quarter in Q3/69 and Q4/69, compared with 3 billion baht in Q1/69 and 3.5 billion baht in Q2/69. For the full year 69, collections are expected to be at least 16.5 billion baht, against a target of 17.9 billion baht, or an 8% decline from an unusually high base in year 68. Meanwhile, BAM is in the process of setting up three more JVAMCs with commercial banks, with two deals expected to be concluded in December 69 and one more in H1/70, on top of the existing two, Ari AMC and Arun AMC, which contributed 72 million baht in share of profit in H1/69. The research team kept its year 69 profit forecast at 1.6 billion baht, down 11%, and expects H2/69 profit to rise 140% HoH and 281% YoY. It maintained a NEUTRAL rating and a mid-70 price target of 7 baht based on the DDM method, supported by a strong dividend yield of 7%, and expects a DPS of 0.45 baht for year 69, a payout ratio of 90%, compared with 0.5 baht in year 68.
Bangkok Commercial Asset Management Public Company LimitedInnovestX sees H2/69 profit up 140% HoH and 281% YoY on higher debt collections from four mid-sized deals and two large transactions, keeping a 7 baht target and 7% yield.
Existing JVAMC Ari AMC contributed 72 million baht in share of profit in H1/69, cited as part of BAM's JVAMC upside.
Existing JVAMC Arun AMC contributed 72 million baht in share of profit in H1/69, cited as part of BAM's JVAMC upside.
