BAM Hikes 3% amid Projection of Returning to Pre-Covid Level to Book ฿6.5Bn in 2021
BAM Increases 3% amid Projection of Returning to Pre-Covid Level in 2021 at ฿6.5Bn of Earnings.
The share price of Bangkok Commercial Asset Management Public Company Limited (BAM) rose ฿0.60/share or 2.79% to ฿22.10/share as of 11:38 local time in Thailand on Thursday. The highest share price up to this point was ฿22.30/share and the lowest was ฿21.70/share.
The rising share price might be due to an anticipation of its earnings to return to pre-Covid level this year, expecting to record 6,549 million baht, representing a 256% increase from a net profit of 1,840 million baht in 2020.
BAM’s Chief Executive Officer, Mr. Bundit Anantamongkol, stated that the company’s profit will return to pre-Covid level at 6,549 million baht in 2021 with a projection of 17,000 million baht in revenue. The CEO added that the company will move in an aggressive business strategy, while establishing three subsidiaries to operate in unsecured debt business, asset evaluation business and asset quality improvement business. The company is expected to upgrade to a holding company in the future.
KGI Securities has given an “Outperform” rating on BAM with a target price at ฿26.20/share, following the company’s projection of 33% growth rate in 2021 and a 9-10% CAGR in 2022-2025.