Asia Plus Securities reported that ING sold TTB shares through an overnight block trade at 2.64 baht per share, totaling 6.9 billion shares, worth about 550 million US dollars, or around 18 billion baht. The transaction was executed through BofA and JPM, and the sale price represented a discount of about 6.9% to 9.0% from the previous closing price. Before the sale, ING held about 17 billion TTB shares, and the remaining shares will be subject to a 90-day lockup. The research team views that the share price may face short-term pressure from negative sentiment, but fundamentals are unchanged, with a fair value of 3.20 baht. They noted that the block trade price is equivalent to the estimated book value per share at the end of 2026 of 2.64 baht. If the share price pulls back near the block trade price range, it would offer a dividend yield of almost 6% per year, presenting a trading opportunity before the interim dividend announcement.
TMBThanachart Bank Public Company LimitedING sells 6.9 billion TTB shares at a discount, pressuring the share price.
ING Groep NVING sells TTB shares, reducing its stake; impact on ING is indirect.
Bank of America Corp
JPMorgan Chase & Co