Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>The long-term decline in Thailand allocations among Asia Ex-Japan funds appears to be stabilising.</li>
<li>Over the past 6-months, Thailand weights have increased by 0.29%, with 6.5% of the funds in our analysis adding exposure, though managers remain underweight and underinvested.</li>
<li>CP ALL PCL is the most widely held stock, but recent fund activity has favoured Central Pattana Pub, Bangkok Dusit Medical Services and Asian Sea.</li>
</ul>


The long-term decline in Thailand allocations among Asia Ex-Japan funds appears to be stabilising.
Over the past 6-months, Thailand weights have increased by 0.29%, with 6.5% of the funds in our analysis adding exposure, though managers remain underweight and underinvested.
CP ALL PCL is the most widely held stock, but recent fund activity has favoured Central Pattana Pub, Bangkok Dusit Medical Services and Asian Sea.


ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/siam-commercial-bank-pub-co" target="_blank" data-smartkarma-citation="entities:214:1" rel="noopener">Siam Commercial Bank (SCB TB)</a>recently published a solid set of results reflecting the gradual recovery of its core banking business and increasing digitalisation of its customers base.</li>
<li>The real excitement will come with the formation of SCBX, involving the reallocation of excess capital, which will be invested in adjacent lending and high-growth technology businesses.</li>
<li>
<a href="https://www.smartkarma.com/entities/siam-commercial-bank-pub-co" target="_blank" data-smartkarma-citation="entities:214:1" rel="noopener">Siam Commercial Bank (SCB TB)</a>trades at a slight premium to peers on 0.92x FY2022E PBV but has the potential to generate higher returns, which should lead to further re-rating.</li>
</ul>



Siam Commercial Bank (SCB TB)recently published a solid set of results reflecting the gradual recovery of its core banking business and increasing digitalisation of its customers base.
The real excitement will come with the formation of SCBX, involving the reallocation of excess capital, which will be invested in adjacent lending and high-growth technology businesses.

Siam Commercial Bank (SCB TB)trades at a slight premium to peers on 0.92x FY2022E PBV but has the potential to generate higher returns, which should lead to further re-rating.


Siam Commercial Bank (SCB TB) - Let the Games Begin

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

<ul>
<li>These five value oriented Thai banks all have healthy credit quality, NPL coverage and sound capital adequacy ratios; in addition, encouraging cost of risk trends support the outlook for earnings</li>
<li>Of these, we believe Kasikorn Bank screens well, with its attractive pre-provision and post-provision profitability versus peers, whilst trading on relatively undemanding multiples; we also highlight Bangkok Bank positively</li>
<li>Of the other Thai banks, we think that TMBThanchart could be a potential “turn around” stock, especially if management can improve credit quality, driving down its cost of risk further</li>
</ul>


These five value oriented Thai banks all have healthy credit quality, NPL coverage and sound capital adequacy ratios; in addition, encouraging cost of risk trends support the outlook for earnings
Of these, we believe Kasikorn Bank screens well, with its attractive pre-provision and post-provision profitability versus peers, whilst trading on relatively undemanding multiples; we also highlight Bangkok Bank positively
Of the other Thai banks, we think that TMBThanchart could be a potential “turn around” stock, especially if management can improve credit quality, driving down its cost of risk further


Top Five Thai Banks in Our Chart Screener; Kasikorn Bank (KBANK TB)  Is Top

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

<ul>
<li>Bangkok Bank reported 4Q21 bottom-line results of THB 6.3 bn, declining THB 591 mn (8.6%) on a linked quarter basis, driven by costs which rose THB 3.5 bn or 21.8%; </li>
<li>Outside of expenses, BBL had a pretty solid quarter with net interest income improving and provisions declining; and </li>
<li>We find that BBL’s annualized net new NPLs were negative, and that reserves likely will begin being reversed in the near-term. </li>
</ul>


Bangkok Bank reported 4Q21 bottom-line results of THB 6.3 bn, declining THB 591 mn (8.6%) on a linked quarter basis, driven by costs which rose THB 3.5 bn or 21.8%; 
Outside of expenses, BBL had a pretty solid quarter with net interest income improving and provisions declining; and 
We find that BBL’s annualized net new NPLs were negative, and that reserves likely will begin being reversed in the near-term. 


Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Debt Capital Markets

Siri Hub Investment Digital Tokens / Debt Capital Markets

<ul>
<li>This research report will take readers back to our idea to reduce an income gap in Thailand through tokenization of investments.</li>
<li>We suggest the ideal security tokens and our recommendation for security token usage in Thailand.</li>
<li>SCBX PCL’s acquisition of BitKup Online is a major milestone which will lead to a major acceptance of cryptocurrency as investments in Thailand.</li>
</ul>


This research report will take readers back to our idea to reduce an income gap in Thailand through tokenization of investments.
We suggest the ideal security tokens and our recommendation for security token usage in Thailand.
SCBX PCL’s acquisition of BitKup Online is a major milestone which will lead to a major acceptance of cryptocurrency as investments in Thailand.


Security Token Journal: A Pad Thai Way to Reduce Income Disparity

Thailand

Bangkok Bank Public Company Limited provides various banking and financial services including commercial, consumer, credit card, and mortgage lending, international trade financing, investment banking, and securities services.

Krung Thai Bank Public Company Limited is a state-owned commercial bank offering various banking and financial services including commercial, consumer, credit card, and mortgage loans, as well as provident fund management, foreign exchange, and international trade financing services.  The Bank is majority owned by the Financial Institutions Development Fund.

Bank of Ayudhya Public Company Limited provides a full range of banking and financial services.  The Bank offers corporate and personal lending, retail and wholesale banking, international trade financing, asset management and investment banking services, to customers through its nationwide branches. It also has branches in Hong Kong, Vietnam, Laos, and Cayman Islands.

TMBThanachart Bank Public Company Limited provides a full range of banking and financial services. The Bank offers corporate and personal lending, retail and wholesale banking, international trade financing, and investment banking services to its customers throughout Thailand.  It also has branches in Hong Kong, Laos, and Cayman Island.

Tisco Financial Group Pcl is a bank holding company.  The Company's banking subsidiary offers working capital, project, term, automobile and home loans; custodian services; securities brokerage; mutual funds; and private banking; and advises on equity and debt capital markets, privatizations, debt restructuring, project finance, and mergers and acquisitions.

Thanachart Capital Public Company Limited provides financial services including consumer, corporate and mortgage financing.  Additionally the Company provides securities underwriting and investment advisory services.  Thanachart Capital also provides insurance services through its subsidiaries.

Kiatnakin Bank Public Company Limited provides commercial banking services including commercial, developmental, consumer, hire-purchase, and mortgage financing to its customers in Thailand. The Company also provides securities brokerage and investment advisory services.

LH Financial Group Pcl, through a subsidiary, offers banking services.  The bank offers retail banking services through its branch network.

CIMB Thai Bank PCL provides a full range of banking and financial services.  The Bank offers corporate and personal lending, retail and wholesale banking, international trade financing, and investment banking services.

Muangthai Capital Public Company Limited operates as a commercial lending company. The Company provides car title, personal, agricultural vehicle, land title, and other loan products. Muangthai Capital serves customers in Thailand.

Hong Leong Bank Berhad provides commercial banking and related financial services.  The Company's services include leasing and hire purchase, nominee, Islamic Banking, and unit trust management.  Through its subsidiaries, the Company also develops and invests in real estate.

Vietnam Joint Stock Commercial Bank For Industry and Trade accepts deposits and offers commercial banking services.  The bank offers corporate and consumer loans; insurance; securities and derivatives brokerage; lease financing; money transfer; credit cards; and other services

Vietnam Joint Stock Commercial Bank For Industry and Trade (CTG VN)

Vietnam Joint Stock Commercial Bank For Industry and Trade

Taishin Financial Holding Co., Ltd. is a holding company. Through its subsidiaries, the Company conducts commercial banking business, such as deposits, loans, discount bills, guarantees, remittances, and foreign exchange transactions.

Industrial Bank of Korea(IBK) is a policy bank providing development finance and related banking services to support small and medium-sized enterprises in Korea. The Bank provides loans, discount bills, trade finance, deposits, foreign exchange, and payment guarantees. The company also offers services such as credit cards, insurance and smart-phone banking.

YES BANK Limited provides banking services. The Bank offers deposits, personal loans, e-banking, trade finance, corporate, and business banking services. YES BANK serves the food and agribusiness, life sciences, healthcare, biotechnology, telecommunications, media, information technology, and infrastructure development industries in India.

Popular, Inc. is a bank holding company that provides commercial banking services through branches in Puerto Rico, the British Virgin Islands, the Dominican Republic, and the United States mainland. The Company also provides mortgage and consumer finance, lease financing, investment banking, broker and dealer activities, retail financial services, and automated tellers.

First Horizon National Corporation, through its subsidiaries, provides a range of financial services. The Company offers a variety of commercial banking services and also conducts mortgage banking, capital markets, and transaction processing.

Zions Bancorporation is a bank holding company that operates full-service banking offices in western United States. The Company also offers an array of investment, mortgage, insurance, and electronic commerce services.  In addition, Zions provides financing solutions for small businesses across the United States.

UCO Bank provides a full range of banking services throughout India. UCO Bank operates over 1,700 banking branches in India, as well as four branches in overseas locations.

Western Alliance Bancorp is a multi-bank holding company.  The Company provides a full range of banking and related services to businesses and consumers in Nevada, Arizona, and California.

Kasikornbank Public Company Limited provides commercial banking services including personal and commercial banking, international trade, as well as investment banking services, to its customers throughout Thailand.  The Bank has foreign branches in Los Angeles, Hong Kong, Cayman Islands, and Shenzhen; and representative offices in Shanghai, Beijing, and Kunmin.

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Kasikornbank PCL (KBANK TB)

The Thailand Turnaround

The long-term decline in Thailand allocations among Asia Ex-Japan funds appears to be stabilising. We analyse the shift in sentiment among investors.

Steven Holden

Siam Commercial Bank (SCB TB) - Let the Games Begin

Siam Commercial Bank trades at a slight premium to peers on 0.9x FY2022E PBV but has the potential to generate higher returns with the formation of...

Angus Mackintosh

Top Five Thai Banks in Our Chart Screener; Kasikorn Bank (KBANK TB) Is Top

Thai banks have healthy credit quality, NPL coverage & sound capital adequacy ratios, also positive cost of risk trends support the outlook for...

Victor Galliano

Bangkok Bank – Positive Credit Turn

BANGKOK BANK: BBL reported 4Q21 bottom-line results of THB 6.3 bn, declining 8.6% QOQ, driven by costs. BBL’s net new NPLs were negative and...

Thomas J. Monaco

Security Token Journal: A Pad Thai Way to Reduce Income Disparity

Here is our academic research on tokenization and the trend in Thailand. Watch this space as we will continue to update with recent debt token...

Bondcritic

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