GLOBAL: reaffirms 15% FY22 sales growth target supported by shopping tax rebate stimulus in 1Q, positive SSSG yoy, contribution from Indonesia and Cambodia, mulls tap in Lao, Phil, Myanmar market.

Comment: Consistently surprised by the growth in this industry throughout the region

MTC: reported 3 tranches of CD total Bt 4b carrying interest rates of 3.13%, 3.45% & 3.7% p.a, fully subscribed, expects to keep FY22 credit costs under control, eyes 25-30% loan growth target, loan book >Bt 100b by end of year.

Comment: Still growing, its incredible. Question marks are now 1) on the NIMs which I think will disappear as a q over the next 6 months and 2) NPLs…normally they’ll refinance their own existing customers, but how much pain can be taken by the population given the stagnant economy and the obviously higher cost of living with food and oil prices being so much higher.

TTB: issues warrant (TTB-W1) total 966.22m units for existing holders at 100:1, XW Apr 21, announced dividend Bt 0.038 dps, XD Apr 21.

Comment: WTF is this from TTB? Issuing a warrant? What backwards form of capital raising is this? Issuing warrants is for smaller companies to provide the illusion of a target price and to potentially raise capital in the future.