Shares of TMBThanachart Bank, or TTB, are under heavy pressure after reports that ING Group is preparing to sell a Big Lot of 6.1 billion shares, equivalent to 6.3% of total shares, worth about 500 million US dollars. The offering price range has been set at 2.64 to 2.70 baht per share, a discount of about 7% to 9% from the previous closing price. After the sale, ING will still hold about 11 billion TTB shares, or 11.2% of all shares, with a 90-day lock-up restriction on further sales. Analysts at Bualuang Securities said the Big Lot sale price below the board price will pressure the share price in the short term, and they estimate TTB's net profit in 2027 will fall 10% from the previous year due to reduced tax benefits. Meanwhile, the 2027 price-to-book value ratio relative to return on equity is 0.145 times, higher than the banking group average of 0.118 times, so they have downgraded their recommendation to sell TTB shares. This morning the share price fell 3.45% to 2.80 baht.
TMBThanachart Bank Public Company LimitedING's Big Lot sale at a discount pressures TTB's share price, and analysts downgrade to sell due to reduced tax benefits and higher valuation.
ING Group NV ADRING is selling a 6.1bn-share Big Lot in TTB at a 7-9% discount, a portfolio divestment that is the subject of the report.
