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MarketScreener Homepage  >  Equities  >  STOCK EXCHANGE OF THAILAND  >  KASIKORNBANK PCL    KBANK   TH0016010009

KASIKORNBANK PCL

(KBANK)
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KASIKORNBANK PCL : Go-Jek to expand financial services, food delivery in Thailand

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07/11/2019 | 08:29am EDT
Commuters pass by a Gojek advertisement in Singapore

BANGKOK (Reuters) - Indonesian ride-hailing app Go-Jek will offer more financial services and expand its Thai food delivery business following an investment from Thailand's top lender, an executive said on Thursday.

Siam Commercial Bank Pcl said it made a "significant investment" in Go-Jek's Series F funding round.

The company raised around $1 billion earlier this year. It is valued at up to $10 billion, according to sources.

The tie-up with SCB will allow Go-Jek to add to its app the bank's products in payments, digital lending and insurance, to be rolled out in coming months, Go-Jek's head of international, Andrew Lee, told Reuters.

Go-Jek began operations in Thailand with motorcycle rides and food delivery earlier this year, under the brand Get, putting pressure on rival ride-hailing firm, Singapore-based Grab. Get says it has over 20,000 drivers on its app.

"Our products will be connected, SCB will oversee finance while Go-Jek and Get will look at digital and logistics," SCB President Arak Sutivong told reporters at a news conference.

Drivers, merchants and customers will have more access to the bank's products like lending for small business and insurance, boosting the lender's business.

"We have more then 20 services, in Indonesia. We will pick and choose the best playbook for Thailand and carefully curate that," Lee said adding they wanted to focus on food delivery.

Launched in 2011, Go-Jek has evolved from ride-sharing to allowing its customers to make online payments and order everything from food, to groceries to massage.

Grab, which also delivers food, in January secured a $200 million investment from mall and restaurant operator Central Group.

Go-Jek was also testing out deliver-only restaurants, or cloud kitchens, in Indonesia where these are becoming an important source of growth, Lee said.

SCB's rival, second-ranked Kasikornbank Pcl, invested $50 million in Grab last year.

(Reporting by Chayut Setboonsarng; writing by Patpicha Tanakasempipat; Editing by Stephen Coates and Subhranshu Sahu)

By Chayut Setboonsarng

Stocks mentioned in the article
ChangeLast1st jan.
KASIKORNBANK PCL End-of-day quote.
SIAM COMMERCIAL BANK PCL End-of-day quote.
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Financials (THB)
Sales 2019 157 B
EBIT 2019 86 459 M
Net income 2019 40 083 M
Debt 2019 -
Yield 2019 2,40%
P/E ratio 2019 10,7x
P/E ratio 2020 9,53x
Capi. / Sales2019 2,74x
Capi. / Sales2020 2,54x
Capitalization 428 B
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 214,99  THB
Last Close Price 179,00  THB
Spread / Highest target 50,8%
Spread / Average Target 20,1%
Spread / Lowest Target -13,4%
EPS Revisions
Managers
NameTitle
Banthoon Lamsam Chairman & Chief Executive Officer
Predee Daochai Co-President & Executive Director
Kattiya Indaravijaya Co-President & Executive Director
Pipit Aneaknithi Co-President & Director
Chongrak Rattanapian Executive VP-Finance & Control Division
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