MINT says worst is over in 2Q20, 70% of hotel operations and 90% of restaurants has resumed.
Comment: One would hope so. And now with their balance sheet “saved” with the recent cap raise. Each quarter for the next 16 quarters will show constant improvement.
MTC sees solid recovery in 2H from school reopening and crop harvesting, keeps NPLs at 2%, expands branches to 2,700, and maintaining loan growth at 20-25%.
Comment: I’ve admittedly misunderstood this industry for years. GSB can’t compete, the #6 player in the industry has cost of operations at 14% and therefore its impossible for GSB to provide financing at 8-9% (note they’ve walked that statement back). Hence why players such as MTC and SAWAD have to keep expanding. The customer base requires face to face interaction.
THRE said health insurance premium, boosted by the pandemic, will be realized over next 3 quarters, expects Bt3.8b this year or 10% growth, paving the way for dividend payment to resume.
ZEN sees margin recovery in 2H, target 100% growth in home delivery to Bt280-300m, from Bt120m yoy.
Comment: They have the outlets available to do this, but we have heard rumours that they are looking to sell a brand or 2.