Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>Technically, the SET Index is expected to move in a sideways-down pattern, with the support levels at 1,174/1,166 points and the resistance at 1,191/1,195/1,200 points.</li><li>In the medium term, the index remains in a downtrend with a zig-zag down pattern, searching for the bottom within the range of 1,100-1,506 points.</li><li>In the short term, the index has reverted to a downtrend, likely to retest its previous low, after weakening yesterday and nearly falling below the 10-day EMA, which it had just broken above last Wednesday. </li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern, with the support levels at 1,174/1,166 points and the resistance at 1,191/1,195/1,200 points.In the medium term, the index remains in a downtrend with a zig-zag down pattern, searching for the bottom within the range of 1,100-1,506 points.In the short term, the index has reverted to a downtrend, likely to retest its previous low, after weakening yesterday and nearly falling below the 10-day EMA, which it had just broken above last Wednesday. 

KTX Zoom - Vote of Confidence Result for Prime Minister and US Durable Goods Data

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 remains our core value pick among the Thai banks driving its solid post-provision profitability higher, delivering double-digit ROE, a sound balance sheet and attractive PBV and PE ratios</li>
<li>Krung Thai has the highest core capital ratios as well as delivering the best ROE of the peer group, along with one of the best efficiency ratios versus its peers</li>
<li>Its share price performance has been strong, yet we believe that this positive momentum should continue as Krung Thai still has scope to narrow the valuation gap with SCBx</li>
</ul>


Krung Thai remains our core value pick among the Thai banks driving its solid post-provision profitability higher, delivering double-digit ROE, a sound balance sheet and attractive PBV and PE ratios
Krung Thai has the highest core capital ratios as well as delivering the best ROE of the peer group, along with one of the best efficiency ratios versus its peers
Its share price performance has been strong, yet we believe that this positive momentum should continue as Krung Thai still has scope to narrow the valuation gap with SCBx


Thai Banks 4Q24 Screener; Krung Thai (KTB TB) Is in the Early Re-Rating Stages

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.

<ul>
<li>KTC has just released its 4Q24 results and presentation, with a stand out diagram on BOT debt relief measures</li>
<li>With the several measures in place by the BOT, including lowering minimum card payment, lengthening loan term and lowering rate, there are clear stresses.</li>
<li>ROA is under pressure, and part of this will be due to rising credit costs, which are up from 470bps to 610bps from FY22 to FY24</li>
</ul>


KTC has just released its 4Q24 results and presentation, with a stand out diagram on BOT debt relief measures
With the several measures in place by the BOT, including lowering minimum card payment, lengthening loan term and lowering rate, there are clear stresses.
ROA is under pressure, and part of this will be due to rising credit costs, which are up from 470bps to 610bps from FY22 to FY24


KTC - Stresses in Thailand Mass Market Credit Cards, Clear in BOT Debt Relief Measures

<ul>
<li>Krung Thai remains our sole best value pick among the Thai banks, having solid post-provision profitability, delivering double digit ROE, a sound balance sheet and attractive PBV and PE ratios</li>
<li>Krung Thai has the highest core capital ratios as well as delivering the best returns of the peer group, with reassuring metrics in terms of credit quality</li>
<li>Its share price is the best performer year-to-date, but we still see it to be attractively valued and the recent correction is a buying opportunity</li>
</ul>


Krung Thai remains our sole best value pick among the Thai banks, having solid post-provision profitability, delivering double digit ROE, a sound balance sheet and attractive PBV and PE ratios
Krung Thai has the highest core capital ratios as well as delivering the best returns of the peer group, with reassuring metrics in terms of credit quality
Its share price is the best performer year-to-date, but we still see it to be attractively valued and the recent correction is a buying opportunity


Thai Banks 3Q24 Screener; Krung Thai Offers the Best Value Relative to the Returns Outlook

<ul>
<li>Where there are many other areas of interest in Asia, globally, the figures just out for Bangkok Bank are incredible to us, not in a positive way.</li>
<li>The bank has seen its NPLs rise from THB71bn to THB85bn to THB92bn from 4Q23 to 2Q24 to 3Q24, putting YTD growth at 29%</li>
<li>The bank has more than 1/4 of its loans in manufacturing &amp; commercial where loan balances are down 4.0% YTD and down 4.3% QoQ</li>
</ul>


Where there are many other areas of interest in Asia, globally, the figures just out for Bangkok Bank are incredible to us, not in a positive way.
The bank has seen its NPLs rise from THB71bn to THB85bn to THB92bn from 4Q23 to 2Q24 to 3Q24, putting YTD growth at 29%
The bank has more than 1/4 of its loans in manufacturing &amp; commercial where loan balances are down 4.0% YTD and down 4.3% QoQ


Bangkok Bank - BBL Sees 29% Higher NPLs YTD and Core Manufacturing & Commercial Loans -4% YTD

Thailand

Bank of Ayudhya Public Company Limited provides a full range of banking and financial services.  The Bank offers corporate and personal lending, retail and wholesale banking, international trade financing, asset management and investment banking services, to customers through its nationwide branches. It also has branches in Hong Kong, Vietnam, Laos, and Cayman Islands.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Bank Of Ayudhya (BAY TB)

KTX Zoom - Vote of Confidence Result for Prime Minister and US Durable Goods Data

Technically, the SET Index is expected to move in a sideways-down pattern, with the support levels at 1,174/1,166 points and the resistance at...

Krungthai XSpring

Thai Banks 4Q24 Screener; Krung Thai (KTB TB) Is in the Early Re-Rating Stages

We emphasize Krung Thai as our core value pick among Thai banks; its strong capital ratios, healthy credit quality and premium returns warrant its...

Victor Galliano

KTC - Stresses in Thailand Mass Market Credit Cards, Clear in BOT Debt Relief Measures

KTC reveals granular detail for many Bank of Thailand relief measures on consumer debt, suggesting that credit metrics are very weak, and this is...

Daniel Tabbush

Thai Banks 3Q24 Screener; Krung Thai Offers the Best Value Relative to the Returns Outlook

Krung Thai continues to stand out as our top pick among Thai banks, with its sound profitability, high ROE, solid balance sheet and attractive...

Victor Galliano

Bangkok Bank - BBL Sees 29% Higher NPLs YTD and Core Manufacturing & Commercial Loans -4% YTD

BBL is seeing dwindling loan balances in its core segment - manufacturing and commercial loans are -4% YTD. And what's worse: its NPLs are surging,...

Daniel Tabbush

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KTX Zoom - Vote of Confidence Result for Prime Minister and US Durable Goods Data

Technically, the SET Index is expected to move in a sideways-down pattern, with the support levels at 1,174/1,166 points and the resistance at...

Krungthai XSpring

Thai Banks 4Q24 Screener; Krung Thai (KTB TB) Is in the Early Re-Rating Stages

We emphasize Krung Thai as our core value pick among Thai banks; its strong capital ratios, healthy credit quality and premium returns warrant its...

Victor Galliano

KTC - Stresses in Thailand Mass Market Credit Cards, Clear in BOT Debt Relief Measures

KTC reveals granular detail for many Bank of Thailand relief measures on consumer debt, suggesting that credit metrics are very weak, and this is...

Daniel Tabbush

Thai Banks 3Q24 Screener; Krung Thai Offers the Best Value Relative to the Returns Outlook

​Krung Thai continues to stand out as our top pick among Thai banks, with its sound profitability, high ROE, solid balance sheet and attractive...

Victor Galliano

Bangkok Bank - BBL Sees 29% Higher NPLs YTD and Core Manufacturing & Commercial Loans -4% YTD

BBL is seeing dwindling loan balances in its core segment - manufacturing and commercial loans are -4% YTD. And what's worse: its NPLs are surging,...

Daniel Tabbush

Krung Thai continues to stand out as our top pick among Thai banks, with its sound profitability, high ROE, solid balance sheet and attractive...