BAM Gains 3% in Anticipation of Booking ฿5Bn of Extraordinary Items in 3Q20!

The share price of Bangkok Commercial Asset Management Public Company Limited (BAM) rose ฿0.70/share or 2.99% to ฿24.10/share as of 11:08 local time in Thailand on August 24, 2020.

 

Bangkok Commercial Asset Management Public Company Limited (BAM) is expecting to book extraordinary items worth 5,000 million baht from deferred tax asset (DTA) in the third quarter of 2020, revealed the source close to the matter.

BAM stated that EY Corporate Services Limited is currently auditing the item which should be completed within 3Q20. However, the company noted that the revenue recognition could be spreaded into 3Q20 and 4Q20, which would drive BAM’s revenue to record higher than what analysts had expected.

 

The company will announce its 2Q20 earnings on August 28, 2020, expecting the result to be lower compared to the same quarter of last year due to a full-quarter impact from the coronavirus outbreak, especially on debtors in hotel industries.

Nevertheless, the company expected the business in the second half to perform better than the previous half, partially from the easing of lockdown measures, making the company able to sell its assets.