SCB X PCL | Asia Pacific Risk Reward Update

Research evidence excerpt

Not for redistribution without written consent of Morgan Stanley

M

Update

August 11, 2026 09:30 AM GMT

Morgan Stanley Asia (Singapore) Pte.+

SCB X PCL | Asia Pacific

Selvie Jusman, CFA

Equity Analyst

Risk Reward Update

What’s Changed

SCB X PCL (SCB.BK)

From

To

Price Target

Bt136.00

Bt137.00

Base Case

Bt132.00

Bt134.00

Bear Case

Bt98.00

Bt101.00

SCB X PCL (SCB.BK, SCB TB)

Updated Components

ASEAN Financials | Thailand

EPS

Stock Rating

Industry View

Price target

Shr price, close (Aug 10, 2026)

52-Week Range

Investment Thesis

Bull Base Bear Scenarios

Risks to Price Target / Rating

Equal-weight

In-Line

Bt137.00

Bt152.00

Bt160.00-125.00

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

Risk Reward for SCB X PCL (SCB.BK) has been updated

EPS (Bt)**

Prior EPS (Bt)**

14.09

Reason for change

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

We make +15%/+7%/+7% revisions to our FY26/FY27/FY28 EPS estimates following

12.74

11.10

12.53

11.77

13.42

12.49

2Q results. Upward revisions are largely driven by higher revenues. As a result, our

base and bear case valuations rise by 1.5% and 3.1% respectively. Our PT rises by 1%.

Morgan Stanley does and seeks to do business with

companies covered in Morgan Stanley Research. As a result,

investors should be aware that the firm may have a conflict of

interest that could affect the objectivity of Morgan Stanley

Research. Investors should consider Morgan Stanley

Research as only a single factor in making their investment

decision.