Upload
others
View
2
Download
0
Embed Size (px)
Citation preview
Results Review 9 Nov 2016
Please see disclaimer on last page 1
Muangthai Leasing PCL (MTLS)
Healthy loan expansion
► 3Q16 net profit surged 33.5% QoQ and 82.2% YoY to
Bt401mn. This beat both our estimate and the
Bloomberg consensus.
► Despite solid loan expansion, NPLs remained at a low
0.95%.
► We maintain our BUY recommendation with a 2017
target price of Bt28.00.
3Q16 net profit jumped both QoQ and YoY
MTLS reported a 3Q16 net profit of Bt401mn, up 33.5% QoQ and
82.2% YoY. This beat both our estimate and the Bloomberg
consensus by 16% and 21%, respectively. Our projection
overestimated the level of provision expense. The outstanding 3Q16
performance was attributed to its solid loan growth in tandem with
continuous branch expansion, especially in the Northeastern region.
In 3Q16, its number of branches surged to 1,515, from 1,236
branches in 2Q16. Meanwhile, lending increased 18.9% QoQ and
62.4% YTD. In terms of OPEX, the 3Q16 cost-to-income ratio
stayed at 48.6%, down from 49.3% in 2Q16 and 53.4% in 3Q15.
This suggests that the company was able to generate income at a
faster pace than its costs from branch expansion. Overall, 9M16
earnings made up 78% of our FY16 earnings estimate.
Healthy loan expansion
Although MTLS’ 3Q16 NPL ratio slightly increased to 0.95% from
0.94% in 2Q16, this is still low given its aggressive loan expansion
and the current economic environment. We believe one of the
reasons for this low NPL level is the company’s locally-penetrated
strategy allowing its staff to develop closer relationships and easily
track customers, hence better NPL management. MTLS aims to
continue its expansion strategy aiming to reach more of the
population still without access to the traditional banking system.
Specifically, it targets 1,600 branches in 2016 which we believe is
definitely achievable.
Maintain BUY recommendation
Given the promising growth prospects and strong asset quality, we
maintain our BUY recommendation with a 2017 target price of
Bt28.00. Our target price is based on a prospective PBV of 8.0x
(Gordon Growth Model) and long-term ROE forecast of 20%.
BUY
2017 TP: Bt28.00 Closing price: Bt19.40
Upside/downside 44.3%
Sector Finance & Securities
Paid-up shares (shares mn) 2,120
Market capitalization (Bt mn) 41,128
Free float (%) 20.07
12-mth daily avg. turnover (Bt mn) 147.56
12-mth trading range (Bt) 22.10/14.00
Major shareholders (%)
Mr. Chuchat Petaumpai 37.4
Mrs. Daonapa Petaumpai 34.0
Financial highlights
Source: SETSMART, AWS
Thailand Research Department
Mr. Warut Siwasariyanon,
License, No. 17923
Tel: 02 680 5041
Ms. Veeraya Rattanaworatip,
Assistant Analyst
2014 2015 2016E 2017E
Revenue (Btmn) 1,590 2,331 4,032 5,842
Net profit (Btmn) 544 825 1,252 1,707
EPS (Bt) 0.33 0.39 0.59 0.81
EPS growth (%) 49.6 16.6 51.7 36.4
P/E (x) 58.1 49.9 32.9 24.1
BVPS (Bt) 2.4 2.7 3.1 3.6
P/BV (x) 8.1 7.3 6.3 5.4
DPS (Bt) 0.13 0.20 0.30 0.41
Div. yield (%) 0.7 1.0 1.5 2.1
ROE (%) 15.5 15.3 20.6 24.3
Please see disclaimer on last page
Results Review 9 Nov 2016
2
Figure 1: MTLS’ 3Q16 results review
Unit: Btmn 3Q15 2Q16 3Q16 %QoQ %YoY 9M15 9M16 %YoY
Net-interest income 532 826 994 20.4% 86.8% 1,378 2,523 83.1%
Non-interest income 84 106 119 12.4% 41.8% 246 321 30.5%
Net operating income 616 931 1,113 19.5% 80.6% 1,624 2,844 75.1%
Non-interest expense 329 459 541 17.8% 64.4% 897 1,392 55.2%
Pre-provision profit 287 472 573 21.2% 99.2% 727 1,452 99.8%
Provision expense (reversal) 13 106 77 -27.4% 514.4% -4 240 6525.4%
Pre-tax profit 275 367 496 35.2% 80.3% 731 1,212 65.9%
Net Profit 220 300 401 33.5% 82.2% 585 981 67.8%
EPS (Bt)* 0.10 0.14 0.19 33.5% 82.2% 0.28 0.46 67.8%
Source: Company data, AWS estimates
Please see disclaimer on last page
Results Review 9 Nov 2016
3
Please see disclaimer on last page
Results Review 9 Nov 2016
4
Please see disclaimer on last page
CG Report
5
Score Range Number of Logo Description
90 – 100
80 – 89
70 – 79
60 – 69
50 – 59
Below 50
No logo given
Excellent
Very Good
Good
Satisfactory
Pass
N/A
Corporate Governance Report of Thai Listed Companies (CGR). CG Rating by the Thai Institute of Directors Association (IOD) in 2015.
Corporate Governance Report disclaimer
The disclosure of the survey result of the Thai Institute of Directors
Association (“IOD”) regarding corporate governance is made pursuant
to the policy of the Office of the Securities and Exchange Commission.
The survey of the IOD is based on the information of a company listed
on the Stock Exchange of Thailand and the Market for Alternative
Investment disclosed to the public and able to be accessed by a
general public investor. The result, therefore, is from the perspective of
a third party. It is not an evaluation of operation and is not based on
inside information.
The survey result is as of the date appearing in the Corporate
Governance Report of Thai Listed Companies. As a result, the survey
result may be changed after that date, Asia wealth Securities Company
Limited does not conform nor certify the accuracy of such survey result.
Please see disclaimer on last page
CG Report
6
ขอมล Anti-Corruption Progress Indicator ของบรษทจดทะเบยน
ระดบ 1ACD AEONTS AFC AIRA AJ ALUCON AMC AQUA ARIP AUCT BAT-3K BIG BJCBLISS BMCL BOL BRR BSBM CBG CCET CCN CGD CMR CPH CSC CSPCTW DCON DRACO DSGT DTCI E EMC ESSO FOCUS FSMART GIFT GLANDGRAND GUNKUL HFT HTECH IHL ILINK ITD JSP KDH KTIS KTP LEE LSTMAJOR MATCH MAX M-CHAI MDX MIDA ML MPIC NC NEP NNCL NWR OHTLPICO PK PL PPM PRAKIT PRECHA PRIN PSTC PYLON RAM RICH RS SANKOSAUCE SAWAD SAWANG SCN SEAFCO SF SHANG SIRI SMART SMM SOLAR SPACK SPGSPPT SPVI STA STAR SVH SVOA SWC TAPAC TC TCCC TCJ TCOAT THTKS TNH TNPC TPA TPAC TPOLY TRC TRUBB TSE TTA TTI TTL TTTMTWP TWZ U UMS UPA UPOIC UTP UVAN VARO VI VIBHA VIH VTEWG
ระดบ 22S ABICO AF AKP AMARIN AMATA AOT APCO AYUD BEAUTY BFIT BH BKDBLAND BTNC CCP CI CSR CSS EFORL EPCO FE FNS FVC GEL GLOBALHEMRAJ IEC IFS INET JUTHA KASET KCAR KKC KSL L&E LALIN LTX MMALEE MBK MBKET MEGA MK MPG MTLS NCH NCL NPP OCC OCEAN PBPCA PRINC QH ROCK RPC S&J SGP SIAM SIS SKR SMG SMIT SORKONSUSCO TAKUNI TEAM TF TIC TIP TIPCO TMC TMI TPP TRT TRU TRUETSC TSI TTW TVD TVO UKEM UNIQ UWC VNG WIIK WIN XO
ระดบ 3AABC ACAP ADVANC AEC AGE AH AIE AMANAH ANAN AP APCS APURE ASASIA ASIAN ASIMAR BIGC BROOK BTS BWG CEN CENTEL CFRESH CHARAN CHO CHOTICM CNT COL CPALL CPF CPI CPL DELTA DEMCO DIMET DNA DTAC EAECF EE EVER FPI GBX GC GFPT GLOW HMPRO HOTPOT ICC ICHI IFECINOX INSURE IRC JAS JTS JUBILE KC KTC KYE LHK LPN LRH MAKROMC MCOT MFC MFEC MINT MJD MONO MOONG NBC NDR NINE NMG NSINTV OGC PACE PCSGH PDI PG PHOL PLAT PPS PR PRANDA PREB PSQLT RATCH RML ROBINS ROJNA RWI SAMCO SCCC SCG SEAOIL SE-ED SENA SINGERSITHAI SMK SMPC SPALI SPC SPCG SPI SRICHA SSI STANLY SUPER SVI SYMCSYNEX SYNTEC TASCO TCMC TFI THAI THRE THREL TICON TKT TLUXE TNL TPCORPTMILL TMT TSTE TSTH TTCL TU TVI UOBKH UREKA VGI VNT WACOAL WHAZMICO
ระดบ 3BAAV AHC AI AIT AKR ARROW ASK BA BDMS BEC BECL BJCHI BUICGH CHG CHOW CIG CITY CK CKP COLOR CWT EARTH EASON EPG F&DFANCY FIRE FMT FORTH GENCO GL GOLD GPSC GRAMMY HYDRO IRCP IT JCTKCM KWC LH LIT LOXLEY MACO MANRIN MATI MODERN MSC NOBLE NOK NPKNUSA OISHI OTO PAF PAP PATO PF PJW PLANB PLE POLAR PRG PTLQ-CON QTC RCI S11 SALEE SAM SAMART SAMTEL SAPPE SC SCP SFP SIMSLP SMT SPA SPORT SSC SST STEC STPI SUC SUTHA T TAE TBSPTCC TFD TGCI TGPRO THANA THIP TIW TK TMW TNDT TOPP TPC TPCHTPIPL TSR TT TYCN UAC UBIS UEC UMI UP UPF UT UV VPOWAVE WINNER YUASA
ระดบ 4ASP BAFS BANPU BAY BBL BKI BLA CIMBT CNS CSL DCC DRT DTCEASTW ECL EGCO ERW FSS GCAP HANA HTC INTUCH IRPC IVL KBANK KCEKGI KKP KTB LANNA LHBANK MTI NKI PSL PTG PTTEP SABINA SCB SNCSNP SSF SSSC TCAP THCOM TISCO TIMB TMD TNITY TOG
ระดบ 5BCP CPN GYT PE PM PPP PT PTT PTTGC SAT SCC THANI TOP
ไมเปดเผยหรอไมมนโยบายA ACC AJD AQ BCH BGT BROCK BSM BTC CHUO CPR CRANE EICFER JMART JMT KAMART KBS KIAT LDC MBAX MCS METCO NEW NEWS NYTPAE PDG PERM PMTA POST RCL RICHY ROH S SIMAT TCB TR TSFTVT WORKหมายเหตระดบ 1 : มนโยบายระดบ 2 : ประกาศเจตนารมณระดบ 3 : มมาตรการปองกน ซงทง 2 กรณ ถอเปนผลการประเมนในระดบเดยวกน
3A : บรษทมการประกาศเจตนารมณเขารวมโครงการ CAC หรอภาค3B : บรษทมค ามน และนโยบายของบรษท แตมไดประกาศเจตนารมณเขารวมโครงการ CAC หรอภาค
ระดบ 4 : ไดรบการรบรองระดบ 5 : ขยายผลสผท เกยวของ
Contact/Disclaimer
This Report has been prepared by Asia Wealth Securities Company Limited (”AWS”). The information in here has been obtained from sources believed to be reliable and accurate, but AWS makes no representation as to the accuracy and completeness of such information. AWS does not accept any liability for any loss or damage of any king arising out of the use of such information or opinions in this report. Before making your own independent decision to invest or enter into transaction, investors should study this report carefully and should review information relating. All rights reserved. This report may not be reproduced, distributed or published by any person in any manner for any purpose without permission of AWS. Investment in securities has risks. Investors are advised to consider carefully before making investment decisions.
Asia Wealth, Empower Your Wealth Call Center
02-680-5000
Branch Address Phone Fax
Head Office 540 Floor 7,14,17 , Mercury Tower, Ploenchit Road, Lumphini,
Pathumwan Bangkok 10330
02-680-5000 02-680-5111
Silom 191 Silom Complex Building,21st Floor Room 2,3-1 Silom Rd., Silom,
Bangrak, Bangkok, 10500 Thailand
02-630-3500 02-630-3530-1
Asok 159 Sermmitr Tower, 17th FL. Room No.1703, Sukhumvit 21 Road,
Klong Toey Nua, Wattana, Bangkok 10110
02-261-1314-21 02-261-1328
Pinklao
7/3 Central Plaza Pinklao Office Building Tower B, 16th Flr., Room
No.1605-1606 Baromrajachonnanee Road, Arunamarin, Bangkoknoi,
Bangkok 10700
02-884-7333 02-884-7357,
02-884-7367
Chaengwattana
99/99 Moo 2 Central Plaza Chaengwattana Office Tower, 22nd Flr., Room
2204 Chaengwattana Road, Bang Talad, Pakkred, Nonthaburi 11120
02-119-2300 02-835-3014
Chaengwattana 2
9/99 Moo 2 Central Plaza Chaengwattana Office Tower, 22nd Flr.,
Room 2203 Chaengwattana Road, Bang Talad, Pakkred, Nonthaburi
11120
02-119-2388 02-119-2399
Mega Bangna 39 Moo6 Megabangna, 1st Flr., Room 1632/7 Bangna-Trad Road,
Bangkaew Bangplee, Samutprakarn 10540
02-106-7345 02-105-2070
Rayong 356/18 Sukhumvit Road, Nuen-Phra Sub District, Muang District, Rayong
Province 21000
038-808200 038-807200
Khonkaen 26/9 Srijanmai Road, Tamboonnaimuang, Khon Khaen
40000
043-334-700 043-334-799
Chonburi 55/22 Moo 1, Samed Sub District, Muang District, Chonburi 20000 038-053-858 038-784-090
Chaseongsao 233-233/2 Moo2 1st Flr., Sukprayoon Road, Na Meung Sub-District,
Meung District, Chachoengsao 24000
038-981-587 038-981-591