CTG – Update – Raise target valuation
Posted: Oct 10, 2025
- Net profit after tax in 2025 is forecast to grow 20.5% YoY, mainly driven by a 23.3% YoY decline in provisioning expenses.
- Asset quality has improved and remains favorable compared to the sector average.
- We maintain our POSITIVE recommendation as we raise the target P/B multiple to 1.9x, reflecting a premium valuation versus the sector supported by positive profit growth prospects in 2025/2026.
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