Daily Brief Thailand: Thai Life Insurance, Bangkok Bank Public, Siam Commercial Bank and more

In today’s briefing:

Thai Life Insurance IPO Trading – One for Domestics and Cornerstones

Thai Life Insurance (TLI) raised around US$975m in its Thailand IPO. Cornerstone investors, including GIC, took up around 54% of the deal.
Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.
In this note, we talk about allocation and the trading dynamics

Maintain BUY for BBL with a target price of Bt159. withstand uncertainty, sustainable profit growth, potential benefits from an upcycle of interest rates, and undemanding valuation. BBL’s 2Q22 net profit
2Q22 results BBL reported a net profit of Bt7.0bn in 2Q22, up 10% YoY (-2% QoQ), which was 6% lower than expected on higher provisions. The YoY rise was supported
Lending growth in 2Q22 increased by 2.5% QoQ due to large corporate loans and loans made through the international network.The NPL ratio slightly increased to 3.4% and the coverage ratio

Maintain BUY for SCB with a target price of Bt139.00. SCB’s 2Q22 net profit came in line with our expectation of Bt10bn (+14% YoY, -1% QoQ). Asset quality remained resilient
Analyst meeting We are neutral after attending the analyst meeting on 21 July. SCB adjusted some2022 financial guidance to reflect its 1H22 performance and potential effects on the economic environment.
Despite the volatility in the cryptocurrency market,SCB would continue to pursue its business expansion in digital asset businesses. SCB mentioned that it had minimal cryptocurrency exposure of less than US$1m.

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