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

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<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

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

<ul>
<li>We reiterate our BUY rating with a new target price of Bt174. Our BUY call reflects (1) steady growth ahead from improving economic recovery; (2) adequate reserves against new NPLs</li>
<li>Focus on the quality of growth and NPL management ahead.</li>
<li>The bank guided lending growth of 6-8% YoY in 2022 with an emphasis on a rise in retail loans and SME loans.</li>
</ul>


We reiterate our BUY rating with a new target price of Bt174. Our BUY call reflects (1) steady growth ahead from improving economic recovery; (2) adequate reserves against new NPLs
Focus on the quality of growth and NPL management ahead.
The bank guided lending growth of 6-8% YoY in 2022 with an emphasis on a rise in retail loans and SME loans.


<ul>
<li>We reiterate our BUY rating with a target price at Bt172. Our BUY call reflects (1) steady growth ahead from improving economic recovery; (2) adequate reserves against new NPLs</li>
<li>Management forecasted Thai GDP to accelerate to 3.7% YoY in 2022 from an expected rise of 1% in 2021</li>
<li>Following the analyst meeting, we remain neutral and maintain our net profit projections for 2022-23</li>
</ul>


We reiterate our BUY rating with a target price at Bt172. Our BUY call reflects (1) steady growth ahead from improving economic recovery; (2) adequate reserves against new NPLs
Management forecasted Thai GDP to accelerate to 3.7% YoY in 2022 from an expected rise of 1% in 2021
Following the analyst meeting, we remain neutral and maintain our net profit projections for 2022-23


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. 


Thailand

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 (KBANK/F TB)

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

KBANK: More Focusing on Growth

We reiterate our BUY rating with a new target price of Bt174. Our BUY call reflects (1) steady growth ahead from improving economic recovery; (2)...

Pi Securities PCL, Thailand

KBANK: Growth Momentum Remains Intact

We reiterate our BUY rating with a target price at Bt172. Our BUY call reflects (1) steady growth ahead from improving economic recovery; (2)...

Pi Securities PCL, Thailand

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

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