Based on first quarter performance, CIMB Securities (Thailand) expects banks' shares to continue similar excellence in 2Q11 with an anticipated earnings expansion of 32% yoy and 3% qoq. The strong earnings growth in 2Q11 was likely driven by robust loan and fee income expansion while costs should have remained under control.
CIMB Securities (Thailand) likes SCB and KTB for their aggressive strategies to expand their loan books. Their target price for SCB remains unchanged at THB139, still based on 2.6x CY11 P/BV (GGM with 18% ROE, 12.4% COE, 9% growth), while our target price for KTB is THB25.90, pegged to 2.1x CY11 P/BV (GGM with 14% ROE, 12% COE and 10% growth).
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