ASL's research note recommends "Buy" on BAM and has rolled its target price forward to 2027 at 8.10 baht, based on a PBV of 0.58 times. It expects third-quarter 2026 results to grow continuously both quarter on quarter and year on year, driven by an acceleration in cash collection, which it estimates at no less than 5 billion baht for the period. It also expects the second half of 2026 to be better than the first half, as collections enter the high season, while ECL has room to fall further, revenue is recognised from newly purchased debt portfolios, and NPA sales tend to improve. Management is maintaining its target of growing the asset portfolio to 600 billion baht, or a 21% year-on-year increase from 592 billion baht in the first half, along with a 2026 net profit target of at least 2.0 billion baht, even though the first half delivered only 451 million baht, or 22% of the goal. ASL estimates this year's net profit at 1.9 billion baht, up 4.7% year on year and slightly below the company's target, reflecting uncertainty over cash collection and large NPA sales, but it still sees upside to its estimates if collections accelerate to the targeted 17.9 billion baht. It names BAM as its Top pick in the AMC group because of its attractive valuation, with the current share price trading at a PBV close to one standard deviation below its historical average, and it expects a dividend yield of 7.5% this year and 8.3% next year. On the technical side, the price has swung sharply higher on a bullish candle with rising trading volume, with the 100-200 day EMA at 6.75 and 6.95 as the resistance range to watch, and support at 6.50 and 6.35.
Bangkok Commercial Asset Management Public Company LimitedASL recommends Buy on BAM with a rolled-forward target price of 8.10 baht, naming it Top pick in the AMC group on attractive valuation and 7.5-8.3% dividend yield.
