3QFY17 profit seen at Bt9.2bn, up y‐y and q‐q

We expect KTB to report a 3QFY17 profit of Bt9.2bn, up 7.2% y‐y and 186.9% q‐q. In our view, a dramatic drop in interest expenses would largely contribute to the y‐y profit rise in this period while the spectacular profit growth in q‐q terms would be chiefly credited to a substantial fall in loan‐loss provisions compared to the prior quarter when it set aside huge loan loss provisions to cover EARTH’s debt and an exceptional income from AQ’s B1.6bn debt settlement in this period.