"Tisco"

Two of Thailand’s financial giants – LH Financial Group (LHFG) and Tisco Financial Group (Tisco) – saw their net profits fall sharply last year amid the Covid-19 crisis.

Uncertainty over weak profit forecasts, political issues, and the global economic freeze are hammering the Stock Exchange of Thailand (SET) Index, said an expert at Tisco Securities.

Tech, healthcare stocks and digital learning platforms are the winners in this present situation, the head of wealth product development at Tisco bank, Vorasinee Sethabutr, said, recommending the firm’s mutual funds that invest in such companies.

Tisco Group reported a 20.1 per cent fall in net profit year on year in the first half of 2020 due to the Covid-19 outbreak.

Tisco Asset Management is seeking a further Bt2 billion capital investment for its Tisco Cloud Computing Equity Fund (TCLOUD) after investors snapped up the maximum Bt2 billion worth of subscriptions in the initial public offering (IPO). The fund will reopen for subscriptions tomorrow (July 16).

Thailand’s Gross Domestic Product (GDP) would grow by only 0.8 per cent this year, with high risk of contraction if the Covid-19 situation, drought, and the falling oil price become more severe or prolonged for the estimated period, Tisco Economic Strategy Unit (ESU) said.

KKP research revealed that gross domestic product (GDP) in the last quarter of 2019 grew by just 1.6 per cent year on year, and 0.2 per cent quarter on quarter, the lowest since the 2014 coup d'état.

Tisco Research has predicted that the Stock Exchange of Thailand (SET) Index has a chance to rebound with support at 1,490-1,480 and resistance at 1,500-1,515 due to uncertainty among investors following the coronavirus outbreak.

The Stock Exchange of Thailand (SET) Index ended at 1,600.48 points on Friday (January 17), up 4.61 points or 0.29 per cent from the previous day, while the average daily trading value was Bt61.064 billion.

Tisco Bank forecast on Wednesday (January 8) that the SET Index will reach 1,620 points in the first quarter of 2020, up from 1,562 in the previous quarter, while the conflict between the US and Iran will affect the crude oil price and global funds flow in this quarter and the next.

Tisco Financial Group predicts that interest-rate cuts will have a far more adverse effect on large banks than smaller ones.

Tisco Financial Group Plc reported a consolidated net profit Bt3.527 billion for the first half of 2019, up 1.5 per cent year on year.