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.

Equity Bottom-Up

<ul>
<li>Krung Thai has solid post-provision profitability, close to double digit ROE with a healthy balance sheet, along with attractive PBV and PE ratios</li>
<li>We add Kasikorn to the buy list, as its cost of risk sharply improved in 4Q23, suggesting that it peaked in 3Q23; this should improve post-provision returns going forward</li>
<li>We remove Ayudhya from the buy list, as its worsening cost of risk trends are eroding post-provision returns; it is also relatively weak in terms of capital adequacy</li>
</ul>


Krung Thai has solid post-provision profitability, close to double digit ROE with a healthy balance sheet, along with attractive PBV and PE ratios
We add Kasikorn to the buy list, as its cost of risk sharply improved in 4Q23, suggesting that it peaked in 3Q23; this should improve post-provision returns going forward
We remove Ayudhya from the buy list, as its worsening cost of risk trends are eroding post-provision returns; it is also relatively weak in terms of capital adequacy


Thai Banks 4Q23 Screener; Stick with Krung Thai, Switch Out of Ayudhya into Kasikorn

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Thai Credit Bank PCL / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-credit-bank-pcl" target="_blank" data-smartkarma-citation="entities:40192:1" rel="noopener">Thai Credit Bank PCL (3674238Z TB)</a> is looking to raise up to US$281m in its Thailand IPO.</li>
<li>TCB is a commercial bank that focuses on providing business loans to small and medium-size enterprises (SMEs), nano loans and micro credits to merchants, and home loans for individual customers.</li>
<li>In this note, we will look at the updates since, undertake a quick peer comparison, and share our thoughts on valuation.</li>
</ul>



Thai Credit Bank PCL (3674238Z TB) is looking to raise up to US$281m in its Thailand IPO.
TCB is a commercial bank that focuses on providing business loans to small and medium-size enterprises (SMEs), nano loans and micro credits to merchants, and home loans for individual customers.
In this note, we will look at the updates since, undertake a quick peer comparison, and share our thoughts on valuation.


Thai Credit Bank IPO - Sentiment Isn’t the Best, but Valuations Aren't Demanding

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>In this note, we will look at the Asia Pacific IPO pipeline for 2024, following up with ASEAN and ANZ after having looked at other regions earlier.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will look at the Asia Pacific IPO pipeline for 2024, following up with ASEAN and ANZ after having looked at other regions earlier.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2024 Asia IPO Pipeline - ASEAN and ANZ

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

Cross Asset Strategy

<ul>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a>, <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia (BBRI IJ)</a>, <a href="https://www.smartkarma.com/entities/mr-diy-group-m-bhd" target="_blank" data-smartkarma-citation="entities:28430:1" rel="noopener">MR DIY (MRDIY MK)</a>, <a href="https://www.smartkarma.com/entities/united-overseas-bank-ltd" target="_blank" data-smartkarma-citation="entities:113:1" rel="noopener">UOB (UOB SP)</a>, and <a href="https://www.smartkarma.com/entities/singapore-airlines-ltd" target="_blank" data-smartkarma-citation="entities:74:1" rel="noopener">Singapore Airlines (SIA SP)</a> </li>
<li>There were alos insights on the Malaysian economic outlook, <a href="https://www.smartkarma.com/entities/vinfast-auto-ltd" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">Vinfast</a>, the LQ45 Index rebalance, <a href="https://www.smartkarma.com/entities/japfa-comfeed-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8258:1" rel="noopener">Japfa Comfeed Indonesia</a>, <a href="https://www.smartkarma.com/entities/lippo-malls-indonesia-retail-trust" target="_blank" data-smartkarma-citation="entities:10946:1" rel="noopener">Lippo Malls Indonesia Retail Trust</a>, and <a href="https://www.smartkarma.com/entities/medco-energi-internasional-tbk-pt" target="_blank" data-smartkarma-citation="entities:20844:1" rel="noopener">Medco Energi (MEDC IJ)</a>.</li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.</li>
</ul>


The past week saw insights on Siloam International Hospitals (SILO IJ), Bank Rakyat Indonesia (BBRI IJ), MR DIY (MRDIY MK), UOB (UOB SP), and Singapore Airlines (SIA SP) 
There were alos insights on the Malaysian economic outlook, Vinfast, the LQ45 Index rebalance, Japfa Comfeed Indonesia, Lippo Malls Indonesia Retail Trust, and Medco Energi (MEDC IJ).
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - Siloam International Intl Hospitals, Bank Rakyat, and MrDIY

<ul>
<li>Krung Thai ranks second from top in terms of post-provision profitability and it has double digit ROE with a healthy balance sheet, along with attractive PBV and PE ratios</li>
<li>We also like Ayudhya, with its sound pre and post-provision profitability metrics with healthy ROE and ROA, its sound credit quality metrics and undemanding valuations</li>
<li>Kasikorn’s TTM cost of risk remain high versus the peers, and in 3Q23 it continued to worsen; its pre-provision profitability is healthy but there is, as yet, no CoR improvement</li>
</ul>


Krung Thai ranks second from top in terms of post-provision profitability and it has double digit ROE with a healthy balance sheet, along with attractive PBV and PE ratios
We also like Ayudhya, with its sound pre and post-provision profitability metrics with healthy ROE and ROA, its sound credit quality metrics and undemanding valuations
Kasikorn’s TTM cost of risk remain high versus the peers, and in 3Q23 it continued to worsen; its pre-provision profitability is healthy but there is, as yet, no CoR improvement


Thai Banks 3Q23 Screener; Stick with Krung Thai and Ayudhya

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)

Thai Banks 4Q23 Screener; Stick with Krung Thai, Switch Out of Ayudhya into Kasikorn

Krung Thai has strong profitability, a healthy balance sheet and attractive valuations. Kasikorn's cost of risk has improved, hints at potentially...

Victor Galliano

Thai Credit Bank IPO - Sentiment Isn’t the Best, but Valuations Aren't Demanding

Thai Credit Bank PCL (3674238Z TB) is looking to raise up to US$281m in its Thailand IPO. In this note, we will look at the updates since, and...

Clarence Chu

Aequitas 2024 Asia IPO Pipeline - ASEAN and ANZ

In this note, we will look at the Asia Pacific IPO pipeline for 2024, following up with ASEAN and ANZ after having looked at other regions earlier.

Sumeet Singh

The Week That Was in ASEAN@Smartkarma - Siloam International Intl Hospitals, Bank Rakyat, and MrDIY

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

Thai Banks 3Q23 Screener; Stick with Krung Thai and Ayudhya

Of the Thai banks, Krung Thai and Ayudhya have strong profitability and healthy balance sheets, with attractive PBV and PE ratios, while...

Victor Galliano

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thai Banks 4Q23 Screener; Stick with Krung Thai, Switch Out of Ayudhya into Kasikorn

​Krung Thai has strong profitability, a healthy balance sheet and attractive valuations. Kasikorn's cost of risk has improved, hints at potentially...

Victor Galliano

Thai Credit Bank IPO - Sentiment Isn’t the Best, but Valuations Aren't Demanding

Thai Credit Bank PCL (3674238Z TB) is looking to raise up to US$281m in its Thailand IPO. In this note, we will look at the updates since, and...

Clarence Chu

Aequitas 2024 Asia IPO Pipeline - ASEAN and ANZ

In this note, we will look at the Asia Pacific IPO pipeline for 2024, following up with ASEAN and ANZ after having looked at other regions earlier.

Sumeet Singh

The Week That Was in ASEAN@Smartkarma - Siloam International Intl Hospitals, Bank Rakyat, and MrDIY

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

Thai Banks 3Q23 Screener; Stick with Krung Thai and Ayudhya

​Of the Thai banks, Krung Thai and Ayudhya have strong profitability and healthy balance sheets, with attractive PBV and PE ratios, while...

Victor Galliano

Krung Thai has strong profitability, a healthy balance sheet and attractive valuations. Kasikorn's cost of risk has improved, hints at potentially...

Of the Thai banks, Krung Thai and Ayudhya have strong profitability and healthy balance sheets, with attractive PBV and PE ratios, while...