Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

Asia Capital Group PCL / Equity Bottom-Up

Today, a representative of the BAAC (Bank of Agriculture and Cooperatives) announced on Spring TV news government plans to systematize loan sharks who previously operated outside the law and resisted the government's nano-finance scheme and came up with an alternate pico-finance scheme whereby these former loan sharks could enter the scheme and offer loans of no more than Bt50,000 a pop with maximum interest rate of 3% a month (so around 36% a year). Normal microlenders can't charge more than…

Today, a representative of the BAAC (Bank of Agriculture and Cooperatives) announced on Spring TV news government plans to systematize loan sharks who previously operated outside the law and resisted the government's nano-finance scheme and came up with an alternate pico-finance scheme whereby these former loan sharks could enter the scheme and offer loans of no more than Bt50,000 a pop with maximum interest rate of 3% a month (so around 36% a year). Normal microlenders can't charge more than…

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul><li>There is a boom in Bangkok, yet again.</li><li>This tends to be positive for banks.</li><li>It creates loan demand, both by developers and also companies making and selling products for construction.It also supports mortgage lending and collateral values behind loans.</li><li>A benign credit cycle, high provisions and reasonable margins is reason enough to be positive on Thai banks. Additionally is the current construction boom.</li><li>But the warning and focus of this note is that not all banks are created equal. And it may be surprising, that some of Thailand&rsquo;s newest banks are showing trends completely at odds with mainstream banks. </li><li>It pays to differentiate, even in a boom</li></ul>

There is a boom in Bangkok, yet again.This tends to be positive for banks.It creates loan demand, both by developers and also companies making and selling products for construction.It also supports mortgage lending and collateral values behind loans.A benign credit cycle, high provisions and reasonable margins is reason enough to be positive on Thai banks. Additionally is the current construction boom.But the warning and focus of this note is that not all banks are created equal. And it may be surprising, that some of Thailand&rsquo;s newest banks are showing trends completely at odds with mainstream banks. It pays to differentiate, even in a boom

Thailand: Despite Boom, Small Banks are Dull. Big Banks are Irresistible.

Thailand

Asia Capital Group PCL provides financial advisory and corporate finance advisory services, as well as asset management services.

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Asia Capital Group PCL (ACAP TB)

Swimming with the Loan Sharks

Today, a representative of the BAAC (Bank of Agriculture and Cooperatives) announced on Spring TV news government plans to systematize loan sharks...

Athaporn Arayasantiparb, CFA

Thailand: Despite Boom, Small Banks are Dull. Big Banks are Irresistible.

There is a boom in Bangkok, yet again. This tends to be positive for banks. It creates loan demand, both by developers and also companies making...

Daniel Tabbush

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