TMThanachart Bank (TTB.BK): 2Q26 beat on non-ll; theses affirmed on wealth & dividends reallocation

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TMThanachart Bank (TTB.BK): 2Q26 beat on non-ll; theses affirmed on wealth & dividends reallocation

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20 Jul 2026 09:42:19 ET │ 15 pages

TMBThanachart Bank (TTB.BK)

2Q26 beat on non-II; theses affirmed on wealth & dividends reallocation

CITI'S TAKE

Buy TTB 2Q26 reinforced our positive catalyst watch theses that (1) robust

capital generation led by muted loans growth and double-digits fees Catalyst Watch: Upside, expires 13-AUG-26

income should mean DPS optimism. This is driven by +35%qoq higher Price (20 Jul 26 17:00) Bt2.96

USD and global asset allocation by wealth customers. (2) Reallocation of Target price Bt3.22↑

excess capital return via share buybacks into special dividends addresses from Bt2.85

investors' concerns on float and drive stock re-rating as dividend yield Expected share price return 8.8%

spread with peers compresses. Residual THB14bn could be reallocated Expected dividend yield 6.3%

into special DPS of THB 0.04/yr across FY26-29e (~1.3% yield/yr). 2Q26

Expected total return 15.1% highlights: NII +1%qoq driven by stable NIM and loans +0.5%qoq from

Market Cap Bt288,811M corporate and consumer loans. Non-II +11%qoq driven by wealth and

dividend income. During the quarter, TTB also saw stable asset quality US$8,784M

with robust topline allowing for accelerated amortization, opex write-off

and management overlays which increases LLC. CET1 17.0% vs 16%

comfort levels. Raise TP to THB 3.22 implying 1.2x 27e P/B on 9.8% LT

Yong Hong TanAC

ROE.

+65-6657-7873

yong.hong.tan@citi.com

2Q26 in brief — [1]NII THB 12.3bn +1%qoq driven by NIM 3.03% (+1bps qoq) and

loans growth +0.5%qoq.Asset yield -4bps on full quarter repricing from Feb-26 BoT

rate cuts, while CoF-7bps on Mar-26 deposits rate cut. Looking ahead, CoF