← Bangkok Commercial Asset Management overview

Bangkok Commercial Asset Management vs MFC Asset Management: 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 202621 Jul – 22 Sep 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 202621 Jul – 22 Sep 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.

Latest21 Jul – 22 Sep 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.

MFC Asset Management Public Company Limited (MFC.BK)

Q3 202618 Aug – 9 Oct 2026

▲4

MFC profit surges, PVD fund booms, new funds and trust deals expand assets

Q2 profit jumps 142%, first-half revenue tops 1 billion baht MFC's second-quarter profit rose 142% to 186 million baht, with first-half revenue up 50% to 1.09 billion baht. Strong earnings show the company is growing fast, which supports a higher stock price.
Directly shows MFC's strong financial performance, a key driver of its stock price.
PVD fund AUM grows 20%, triple industry rate, bidding for 30 billion baht more MFC's provident fund assets grew 20% in the first half, triple the industry average, thanks to new clients and strong returns. It plans to bid for 30 billion baht more, which would further boost assets and fee income.
Highlights a major business segment's rapid growth and future expansion, driving revenue and stock price.
MII Trust raises 416 million baht, acquires Green Park 1 factory assets MII Trust, managed by MFC, raised 416 million baht in a capital increase that was oversubscribed, and acquired factory assets worth 1.386 billion baht. This expands MFC's trust management business and fee base.
Shows successful capital raising and asset expansion under MFC's management, boosting its reputation and earnings potential.
New M-GMEMORY fund IPO targets AI memory chip growth MFC launched the M-GMEMORY fund, investing in global memory chip companies tied to AI growth. The IPO ran in late September, adding a new product that can attract investor money and generate fees.
New product launch expands MFC's fund offerings and potential revenue, a positive for the stock.

September 202618 Aug – 9 Oct 2026

▲4

MFC profit surges, PVD fund booms, new funds and trust deals expand assets

Q2 profit jumps 142%, first-half revenue tops 1 billion baht MFC's second-quarter profit rose 142% to 186 million baht, with first-half revenue up 50% to 1.09 billion baht. Strong earnings show the company is growing fast, which supports a higher stock price.
Directly shows MFC's strong financial performance, a key driver of its stock price.
PVD fund AUM grows 20%, triple industry rate, bidding for 30 billion baht more MFC's provident fund assets grew 20% in the first half, triple the industry average, thanks to new clients and strong returns. It plans to bid for 30 billion baht more, which would further boost assets and fee income.
Highlights a major business segment's rapid growth and future expansion, driving revenue and stock price.
MII Trust raises 416 million baht, acquires Green Park 1 factory assets MII Trust, managed by MFC, raised 416 million baht in a capital increase that was oversubscribed, and acquired factory assets worth 1.386 billion baht. This expands MFC's trust management business and fee base.
Shows successful capital raising and asset expansion under MFC's management, boosting its reputation and earnings potential.
New M-GMEMORY fund IPO targets AI memory chip growth MFC launched the M-GMEMORY fund, investing in global memory chip companies tied to AI growth. The IPO ran in late September, adding a new product that can attract investor money and generate fees.
New product launch expands MFC's fund offerings and potential revenue, a positive for the stock.

Latest18 Aug – 9 Oct 2026

▲4

MFC profit surges, PVD fund booms, new funds and trust deals expand assets

Q2 profit jumps 142%, first-half revenue tops 1 billion baht MFC's second-quarter profit rose 142% to 186 million baht, with first-half revenue up 50% to 1.09 billion baht. Strong earnings show the company is growing fast, which supports a higher stock price.
Directly shows MFC's strong financial performance, a key driver of its stock price.
PVD fund AUM grows 20%, triple industry rate, bidding for 30 billion baht more MFC's provident fund assets grew 20% in the first half, triple the industry average, thanks to new clients and strong returns. It plans to bid for 30 billion baht more, which would further boost assets and fee income.
Highlights a major business segment's rapid growth and future expansion, driving revenue and stock price.
MII Trust raises 416 million baht, acquires Green Park 1 factory assets MII Trust, managed by MFC, raised 416 million baht in a capital increase that was oversubscribed, and acquired factory assets worth 1.386 billion baht. This expands MFC's trust management business and fee base.
Shows successful capital raising and asset expansion under MFC's management, boosting its reputation and earnings potential.
New M-GMEMORY fund IPO targets AI memory chip growth MFC launched the M-GMEMORY fund, investing in global memory chip companies tied to AI growth. The IPO ran in late September, adding a new product that can attract investor money and generate fees.
New product launch expands MFC's fund offerings and potential revenue, a positive for the stock.