Siam Commercial Bank: Asset Quality Remains A Concern Despite Higher Dividend Payout [Seeking Alpha]
SIAM COMML BK UNSP/ADR (SMUUY)
Company Research
Source: Seeking Alpha
Summary Siam Commercial Bank's 4Q 2019 net profit declined -22% YoY and -63% QoQ to Bt5.5 billion, largely due to higher credit costs, a deterioration in asset quality and cost pressures. The bank's ambitious financial targets for FY2020 could potentially set the stage for further disappointment, and further valuation de-rating. On the other hand, there could be upside to Siam Commercial Bank's future dividend payout, after the bank removed its 50% dividend payout cap with a new dividend policy. Siam Commercial Bank currently trades at 0.83 times P/B and offers a consensus forward FY2020 dividend yield of 5.9%. Elevator Pitch I maintain my "Neutral" rating on Thailand-listed Siam Commercial Bank Public Company Limited ( OTCPK:SMCBF OTCPK:SMUUY OTC:SMUUF Please refer to my initiation article prior update Siam Commercial Bank currently trades at 0.83 times P/B versus the stock's historical three-year and five-year P/B multiples of 1.29 times and 1.43 times, respectively. The bank also o
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