In today’s briefing:
- Thai Banks 4Q22 Screener; We Reiterate that Krung Thai Is Our Top Pick
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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