Kasikornbank's margins to rise to 3.75% by 2015F

Nomura adjusted its Kasikornbank’s 2013-14F earnings forecast by 1%.

Nomura adjusted its forecasts of Kasikornbank’s 2013-14F earnings by 1% on the back of 1bps increase in net interest margins.

Here's more from Nomura:

This puts us 2% above the street on 2013F earnings and 3% above the street on 2014F earnings.

Our view is that KBANK’s margins, which were down from 3.67% in 2009 to 3.59% in 2012, rise to 3.75% by 2015F.

This reflects a stable/rising domestic interest rate outlook, less non-commercial state bank competition in the deposit market and increased loan pricing power.