← Bangkok Commercial Asset Management overview

Bangkok Commercial Asset Management vs Ares Capital: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Bangkok Commercial Asset Management Public Company Limited (BAM.BK)

Q3 2026
▲3

BAM buys SCB bad debt, cuts costs, targets 2bn baht profit

  • BAM buys 10bn baht SCB bad debt at cheap prices BAM took over about 10 billion baht of SCB bad debt, with revenue starting to show in Q3 2026. Because rivals pulled back, BAM negotiated prices of 14-20% of debt value, down from 23-25%, which should lift returns.

    This is the main new event driving BAM's profit outlook and stock price.

  • BAM shifts to asset-light, profit-focused strategy BAM is moving from buying debt and rushing collection to managing assets for net profit, keeping assets at 100-120 billion baht. It expects 2026 normal profit of about 1.2 billion baht plus 500-700 million baht from the new SCB portfolio.

    This strategy change is new and directly shapes future earnings and capital use.

  • BAM targets 2bn baht 2026 profit, more JV AMCs BAM set a 2026 net profit target of 2 billion baht, expects to close 1-billion-baht deals, and plans to set up two more asset management joint ventures in November 2026. It will also pay dividends at least twice a year from 2027.

    This gives a concrete profit target and new joint-venture plans that support the stock.

  • Brokers see strong H2 but full-year profit still down InnovestX expects H2/69 profit to jump 140% from H1 and 281% from a year earlier on higher debt collections, but keeps a Neutral rating and 7 baht target. Yuan Da keeps Buy with a 9 baht target, noting 2026 profit may fall 8.7% before growing in 2027.

    This shows the real counterweight: strong second-half recovery but full-year profit still lower than last year.

August 2026
▲3

BAM buys SCB bad debt, cuts costs, targets 2bn baht profit

  • BAM buys 10bn baht SCB bad debt at cheap prices BAM took over about 10 billion baht of SCB bad debt, with revenue starting to show in Q3 2026. Because rivals pulled back, BAM negotiated prices of 14-20% of debt value, down from 23-25%, which should lift returns.

    This is the main new event driving BAM's profit outlook and stock price.

  • BAM shifts to asset-light, profit-focused strategy BAM is moving from buying debt and rushing collection to managing assets for net profit, keeping assets at 100-120 billion baht. It expects 2026 normal profit of about 1.2 billion baht plus 500-700 million baht from the new SCB portfolio.

    This strategy change is new and directly shapes future earnings and capital use.

  • BAM targets 2bn baht 2026 profit, more JV AMCs BAM set a 2026 net profit target of 2 billion baht, expects to close 1-billion-baht deals, and plans to set up two more asset management joint ventures in November 2026. It will also pay dividends at least twice a year from 2027.

    This gives a concrete profit target and new joint-venture plans that support the stock.

  • Brokers see strong H2 but full-year profit still down InnovestX expects H2/69 profit to jump 140% from H1 and 281% from a year earlier on higher debt collections, but keeps a Neutral rating and 7 baht target. Yuan Da keeps Buy with a 9 baht target, noting 2026 profit may fall 8.7% before growing in 2027.

    This shows the real counterweight: strong second-half recovery but full-year profit still lower than last year.

Latest
▲3

BAM buys SCB bad debt, cuts costs, targets 2bn baht profit

  • BAM buys 10bn baht SCB bad debt at cheap prices BAM took over about 10 billion baht of SCB bad debt, with revenue starting to show in Q3 2026. Because rivals pulled back, BAM negotiated prices of 14-20% of debt value, down from 23-25%, which should lift returns.

    This is the main new event driving BAM's profit outlook and stock price.

  • BAM shifts to asset-light, profit-focused strategy BAM is moving from buying debt and rushing collection to managing assets for net profit, keeping assets at 100-120 billion baht. It expects 2026 normal profit of about 1.2 billion baht plus 500-700 million baht from the new SCB portfolio.

    This strategy change is new and directly shapes future earnings and capital use.

  • BAM targets 2bn baht 2026 profit, more JV AMCs BAM set a 2026 net profit target of 2 billion baht, expects to close 1-billion-baht deals, and plans to set up two more asset management joint ventures in November 2026. It will also pay dividends at least twice a year from 2027.

    This gives a concrete profit target and new joint-venture plans that support the stock.

  • Brokers see strong H2 but full-year profit still down InnovestX expects H2/69 profit to jump 140% from H1 and 281% from a year earlier on higher debt collections, but keeps a Neutral rating and 7 baht target. Yuan Da keeps Buy with a 9 baht target, noting 2026 profit may fall 8.7% before growing in 2027.

    This shows the real counterweight: strong second-half recovery but full-year profit still lower than last year.

Ares Capital Corporation (ARCC)

Q3 2026
▼3

Private credit stress tests ARCC's dividend as defaults rise

  • Rising non-accruals and dividend coverage gap Loans not paying interest rose to 2.4% of the portfolio from 1.8%, and core earnings of $0.47 fell short of the $0.48 dividend. That makes the payout less safe and pressures ARCC's price.

    This is the core new credit-quality deterioration directly threatening ARCC's dividend.

  • Record private credit defaults and sector dividend cuts Private credit defaults hit a record 6%, and peer Blue Owl cut its dividend. This raises fears ARCC may follow, weighing on its shares even though ARCC kept its own dividend steady.

    Sector-wide default record and a peer dividend cut are new negative signals for ARCC's payout.

  • Falling loan rates squeeze income ARCC's average loan rate dropped to 10.3% from higher levels, and peers show similar declines. Lower rates mean less interest income, making it harder to cover the dividend and pressuring the stock.

    Declining portfolio yield is a new earnings headwind for ARCC.

  • New $750M bond issue at higher cost ARCC priced $750 million of 6.250% notes due 2033 to repay bank debt. It locks in higher borrowing costs but extends maturities and keeps liquidity strong, so the effect on the stock is mixed.

    This new financing event affects ARCC's capital costs and liquidity.

August 2026
▼3

Private credit stress tests ARCC's dividend as defaults rise

  • Rising non-accruals and dividend coverage gap Loans not paying interest rose to 2.4% of the portfolio from 1.8%, and core earnings of $0.47 fell short of the $0.48 dividend. That makes the payout less safe and pressures ARCC's price.

    This is the core new credit-quality deterioration directly threatening ARCC's dividend.

  • Record private credit defaults and sector dividend cuts Private credit defaults hit a record 6%, and peer Blue Owl cut its dividend. This raises fears ARCC may follow, weighing on its shares even though ARCC kept its own dividend steady.

    Sector-wide default record and a peer dividend cut are new negative signals for ARCC's payout.

  • Falling loan rates squeeze income ARCC's average loan rate dropped to 10.3% from higher levels, and peers show similar declines. Lower rates mean less interest income, making it harder to cover the dividend and pressuring the stock.

    Declining portfolio yield is a new earnings headwind for ARCC.

  • New $750M bond issue at higher cost ARCC priced $750 million of 6.250% notes due 2033 to repay bank debt. It locks in higher borrowing costs but extends maturities and keeps liquidity strong, so the effect on the stock is mixed.

    This new financing event affects ARCC's capital costs and liquidity.

Latest
▼3

Private credit stress tests ARCC's dividend as defaults rise

  • Rising non-accruals and dividend coverage gap Loans not paying interest rose to 2.4% of the portfolio from 1.8%, and core earnings of $0.47 fell short of the $0.48 dividend. That makes the payout less safe and pressures ARCC's price.

    This is the core new credit-quality deterioration directly threatening ARCC's dividend.

  • Record private credit defaults and sector dividend cuts Private credit defaults hit a record 6%, and peer Blue Owl cut its dividend. This raises fears ARCC may follow, weighing on its shares even though ARCC kept its own dividend steady.

    Sector-wide default record and a peer dividend cut are new negative signals for ARCC's payout.

  • Falling loan rates squeeze income ARCC's average loan rate dropped to 10.3% from higher levels, and peers show similar declines. Lower rates mean less interest income, making it harder to cover the dividend and pressuring the stock.

    Declining portfolio yield is a new earnings headwind for ARCC.

  • New $750M bond issue at higher cost ARCC priced $750 million of 6.250% notes due 2033 to repay bank debt. It locks in higher borrowing costs but extends maturities and keeps liquidity strong, so the effect on the stock is mixed.

    This new financing event affects ARCC's capital costs and liquidity.

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