BAM takes over 10 billion baht of SCB bad debt, boosting ROE momentum, target 9 baht

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Bangkok Commercial Asset Management Public Company Limited, or BAM, has taken over bad debt from SCB worth around 10 billion baht, with revenue beginning to be gradually recognized in the third quarter of 2026, following an analyst meeting yesterday. Research from Yuan Da Securities noted that BAM's cash collection improved compared with the previous quarter after some debtors who had requested payment deferrals resumed payments under their contracts. Meanwhile, competition in auctions to buy secured bad debt from commercial banks has fallen sharply because the second- and third-ranked competitors have reduced their bad debt purchases and small AMCs are facing liquidity problems, allowing BAM to negotiate purchases at lower prices, down from around 23-25% of debt value to only 14-20%. As for the establishment of JVAMCs, two are expected to be set up in November this year and one more in early 2027, giving BAM as many as five JVAMCs in 2027, up from two currently, which are with GSB and KBANK. The research house maintained its forecast for 2026 net profit at 1.655 billion baht, down 8.7% year on year, before returning to growth of 6.7% in 2027, and kept its buy recommendation, noting the stock trades at a 2026 PBV of only 0.5 times, with 30.4% upside from a 2027 fundamental value of 9 baht, and an expected dividend yield of another 6.6%.

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Yuanta Securities (Thailand) Company LimitedPrivate± Mixed
Capitalrelevance

Yuanta's research is the source of the analysis, but the news is about BAM, not a development for Yuanta itself.

Government Savings Bank (ธนาคารออมสิน)Private± Mixed
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