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>We turn cautious on our sole positive Thai recommendation Bangkok Bank, downgrading it to neutral from buy, despite its very attractive value attributes</li>
<li>We believe that Thailand’s unilateral suspension of the peace accord in the Thailand-Cambodia conflict is likely to be negative for sentiment towards Thai equities, including banks, in the short term</li>
<li>Consequently, in the worsening investor climate, we do not expect Bangkok Bank shares to benefit from a re-rating over the short term</li>
</ul>


We turn cautious on our sole positive Thai recommendation Bangkok Bank, downgrading it to neutral from buy, despite its very attractive value attributes
We believe that Thailand’s unilateral suspension of the peace accord in the Thailand-Cambodia conflict is likely to be negative for sentiment towards Thai equities, including banks, in the short term
Consequently, in the worsening investor climate, we do not expect Bangkok Bank shares to benefit from a re-rating over the short term


Bangkok Bank (SET:BBL) Downgraded on Thailand-Cambodia Suspension of Peace Accord

<ul>
<li>We upgrade deep value Bangkok Bank to buy from neutral; it trades on a 40%+ PBV discount to SCBx and its return trends improved further alongside solid balance sheet credentials</li>
<li>TMB Thanachart’s share price has corrected versus the peer group, so its PBV valuation no longer looks so stretched especially versus SCBx; we upgrade TMB Thanachart to neutral from sell</li>
<li>Krung Thai remains a neutral, even though it is delivering on improved returns, as it is not compelling value and has been narrowing the discount with SCBx</li>
</ul>


We upgrade deep value Bangkok Bank to buy from neutral; it trades on a 40%+ PBV discount to SCBx and its return trends improved further alongside solid balance sheet credentials
TMB Thanachart’s share price has corrected versus the peer group, so its PBV valuation no longer looks so stretched especially versus SCBx; we upgrade TMB Thanachart to neutral from sell
Krung Thai remains a neutral, even though it is delivering on improved returns, as it is not compelling value and has been narrowing the discount with SCBx


Thai Banks; Bangkok Bank (SET:BBL) Is Our Deep Value Pick, TMB Thanachart (SET:TTB) Is Now a Neutral

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 24th. We estimate that they had an aggregated short interest worth USD2.4bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Intouch, Advanced Info Service, True, Gulf Energy Development, PTT, Ptt, Advanced Info Service, True, Gulf Energy Development.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 24th. We estimate that they had an aggregated short interest worth USD2.4bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Intouch, Advanced Info Service, True, Gulf Energy Development, PTT, Ptt, Advanced Info Service, True, Gulf Energy Development.


Thailand Short Interest Weekly (Oct 24th): Intouch, Advanced Info Service, True

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 17th. We estimate that they had an aggregated short interest worth USD2.5bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Intouch, Plan B Media, TISCO Financial, Advanced Info Service, True, Advanced Info Service, True, Tisco Financial.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 17th. We estimate that they had an aggregated short interest worth USD2.5bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Intouch, Plan B Media, TISCO Financial, Advanced Info Service, True, Advanced Info Service, True, Tisco Financial.


Thailand Short Interest Weekly (Oct 17th): Intouch, Plan B Media, TISCO Financial

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Aug 8th. We estimate that they had an aggregated short interest worth USD2.3bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Intouch, Bangkok Bank, Home Product Center, PTT GlobalChem, VGI, Bangkok Bank, Home Product Center, Ptt Globalchem.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Aug 8th. We estimate that they had an aggregated short interest worth USD2.3bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Intouch, Bangkok Bank, Home Product Center, PTT GlobalChem, VGI, Bangkok Bank, Home Product Center, Ptt Globalchem.


Thailand Short Interest Weekly (Aug 8th): Intouch, Bangkok Bank, Home Product Center, PTT GlobalChem

Thailand

SCB X Public Company Limited provides banking services. The Bank offers accounts, loans, cards, deposits, insurance, investment, payment, digital banking, and other related services. SCB X serves customers worldwide.

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Siam Commercial Bank (SCB TB)

Bangkok Bank (SET:BBL) Downgraded on Thailand-Cambodia Suspension of Peace Accord

We turn cautious on Bangkok Bank, downgrading it to neutral from buy; Thailand’s suspension of the peace accord in the conflict with Cambodia is...

Victor Galliano

Thai Banks; Bangkok Bank (SET:BBL) Is Our Deep Value Pick, TMB Thanachart (SET:TTB) Is Now a Neutral

Upgraded Bangkok Bank upgraded to buy, for its deep value and improving returns, TMB Thanachart upgraded to neutral from sell; Krung Thai remains...

Victor Galliano

Thailand Short Interest Weekly (Oct 24th): Intouch, Advanced Info Service, True

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Advanced Info Service...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Oct 17th): Intouch, Plan B Media, TISCO Financial

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Plan B Media (PLANB TB),...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Aug 8th): Intouch, Bangkok Bank, Home Product Center, PTT GlobalChem

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Bangkok Bank (BBL TB), Home...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bangkok Bank (SET:BBL) Downgraded on Thailand-Cambodia Suspension of Peace Accord

​We turn cautious on Bangkok Bank, downgrading it to neutral from buy; Thailand’s suspension of the peace accord in the conflict with Cambodia is...

Victor Galliano

Thai Banks; Bangkok Bank (SET:BBL) Is Our Deep Value Pick, TMB Thanachart (SET:TTB) Is Now a Neutral

​Upgraded Bangkok Bank upgraded to buy, for its deep value and improving returns, TMB Thanachart upgraded to neutral from sell; Krung Thai remains...

Victor Galliano

Thailand Short Interest Weekly (Oct 24th): Intouch, Advanced Info Service, True

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Advanced Info Service...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Oct 17th): Intouch, Plan B Media, TISCO Financial

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Plan B Media (PLANB TB),...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Aug 8th): Intouch, Bangkok Bank, Home Product Center, PTT GlobalChem

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Bangkok Bank (BBL TB), Home...

Ke Yan, CFA, FRM

We turn cautious on Bangkok Bank, downgrading it to neutral from buy; Thailand’s suspension of the peace accord in the conflict with Cambodia is...

Upgraded Bangkok Bank upgraded to buy, for its deep value and improving returns, TMB Thanachart upgraded to neutral from sell; Krung Thai remains...