Shares in BAM drop 2% after NPL auction suspended in Jan #SootinClaimon.Com

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

Shares in BAM drop 2% after NPL auction suspended in Jan

EconJan 11. 2021

By The Nation

Shares in Bangkok Commercial Asset Management (BAM) opened over 2 per cent down on Monday after the Legal Execution Department suspended January’s auction of non-performing loans in response to the Covid-19 outbreak.

At Friday’s close, BAM’s stock price had dropped by Bt0.60 or 2.73 per cent to Bt21.40 per share.

Asia Plus Securities said the Legal Execution Department’s move would affect BAM’s non-performing loans (NPLs) sales, which accounted for 69 per cent of the company’s revenue in the first nine months last year.

The securities company added that the Legal Execution Department would extend the suspension of auction sales until February if Thailand cannot contain the spread of Covid-19.

“We expect BAM’s net profit last year to drop by 69.3 per cent due to a two-month closure of the Legal Execution Department in response to the Covid-19 outbreak, but rise by 60.2 per cent this year amid the economic recovery, the securities company said.

“Also, we expect the company to focus on selling non-performing assets online to mitigate the impact of the Legal Execution Department’s temporary closure.”

The securities company also forecast BAM shares’ future value (FV) at Bt26 per share this year based on net asset value of Bt84 billion, advising investors to switch shares.

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