Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Event-Driven

UOB Kay Hian Securities Thai / Event-Driven

Compared to the peak in 2013, deal flow has been slow in Thailand this year. Apart from the blockbuster takeover of Big C by Berli Jucker (BJC), there were few landmark deals this year. For the remainder of the year, we see continued tepid deal flow. On a 12-month view, we identified several potential targets in brokerage industry (Globex, Trinity, and Asia Plus' retail arm) and the possible divestment of Thanachart by Nova Scotia.The three most acquisitive companies in Thailand, CPF, BJC, and TU, will remain on the prowl, but it is virtually impossible for us to guess who the targets are, since they will look at hundreds of potential deals. All we can do is identify some possibilities, though most likely, these deals will come as a surprise when they actually materialize.

Compared to the peak in 2013, deal flow has been slow in Thailand this year. Apart from the blockbuster takeover of Big C by Berli Jucker (BJC), there were few landmark deals this year. For the remainder of the year, we see continued tepid deal flow. On a 12-month view, we identified several potential targets in brokerage industry (Globex, Trinity, and Asia Plus' retail arm) and the possible divestment of Thanachart by Nova Scotia.The three most acquisitive companies in Thailand, CPF, BJC, and TU, will remain on the prowl, but it is virtually impossible for us to guess who the targets are, since they will look at hundreds of potential deals. All we can do is identify some possibilities, though most likely, these deals will come as a surprise when they actually materialize.

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

UOB Kay Hian Securities (Thailand) Public Company Limited operates a securities business.  The Company is licensed to conduct securities brokerage, securities trading, investment advisory, and securities underwriting.  UOB Kay is also licensed to provide financial advisory and unit trusts agency.

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UOB Kay Hian Securities Thai (UOBKH TB)

Takeover Kingpins of Thailand

Compared to the peak in 2013, deal flow has been slow in Thailand this year. Apart from the blockbuster takeover of Big C by Berli Jucker (BJC),...

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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