TISCO jumps more than 6 per cent on dividend news

Shares of TISCO Financial Group (TISCO) gained 6.09 per cent to 95.75 baht, with a transaction value of 1.16 billion baht, after it announced a dividend payment of 6.3 baht per share, exceeding expectations.

TISCO, a bank holding company in Thailand, notified the Stock Exchange of Thailand (SET) on Wednesday after trade ended that it approved the dividend payment of the 2020 operational year to be paid on May 17.

The dividend exceeded the market’s forecast of 3.8 – 5 baht per share. An analyst at Asia Plus Securities said that the payout was within the limits relative to net profit laid down by the central bank.

“This development reflects the company’s future growth as TISCO holds 23 per cent of the capital adequacy ratio as of the end of January, exceeding the minimum threshold of 11 per cent.” the analyst said.

Asia Plus recommends ‘Buy’ on the stock with a target price of 102 baht per share.

TISCO reported 2020 full-year earnings of 6 billion, down 17 per cent year-on-year. The decline was due to provisioning expenses to handle the uncertainties caused by the pandemic.

Meanwhile, the SET index surged 13.08 points or 0.88 per cent, to 1,504.19 points when trade began. An analyst at Krungsri Securities said the market was rebounding on positive sentiment from foreign markets.

“But there could be greater volatility in late trade on the back of the MSCI rebalancing, which would reduce weighting of Thai equities by 0.01 per cent, and potential selling to mitigate risk ahead of the long weekend,” the analyst said.

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