Thanachart Capital

Thanachart Capital  Plc (TCAP)  
 

TCAP’s management is orchestrating an operational turnaround. However, the turnaround will likely be gradual. We look for 2H12 as the starting point for
the noticeably stronger numbers to feed through. We maintain our forecasts and target price, set at 1.1x FY12F P/BV (GGM assuming
12% ROE, 11.7% COE and 6% growth). While TCAP retains its place on our Outperform list, we see the stock as the next switching idea
after our current top picks BAY and SCB.