In today’s briefing:
- Hokkoku Financial (7381) Earnings Report Delay But HUGE Buyback. Again.
- Thai Banks 4Q22 Screener; We Reiterate that Krung Thai Is Our Top Pick
Hokkoku Financial (7381) Earnings Report Delay But HUGE Buyback. Again.
- Yesterday Hokkoku Financial Holdings (7381 JP) came out with an odd decision to delay earnings from 28 April to 8 May. Volume traded.
- Today, despite not reporting earnings, the Kanazawa-based regional bank announced a BIG buyback with subsequent share cancellation. This was not unexpected. They have an aggressive policy which started last year.
- Hokkoku Bank policy introduced last year is special. It has worked. They are pursuing it. Expect more policy action like this as banks report.
Thai Banks 4Q22 Screener; We Reiterate that Krung Thai Is Our Top Pick
- Krung Thai Bank Pub (KTB TB) remains our pick; it ranks top in terms of post-provision profitability, screens well on NPL coverage, funding and valuations, including its attractive PEG ratio
- We also like Bank Of Ayudhya (BAY TB), with its sound pre and post-provision profitability in 1Q23, strong credit quality metrics and very attractive valuations
- Kasikorn has seen its high cost of risk come down in 1Q23, but this remains elevated versus its domestic peers; Kasikorn may be a 2023 opportunity, one for the watchlist
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