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 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 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 Sep 26th. 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, VGI, Thai Union, True, Gulf Energy Development, True, Gulf Energy Development, Thai Union.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Sep 26th. 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, VGI, Thai Union, True, Gulf Energy Development, True, Gulf Energy Development, Thai Union.


Thailand Short Interest Weekly (Sep 26th): Intouch, VGI, Thai Union, True, Gulf Energy Development

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Sep 5th. 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, Kasikornbank, Bangkok Dusit, Supalai, Advanced Info Service, Kasikornbank, Bangkok Dusit, Advanced Info Service, Supalai.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Sep 5th. 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, Kasikornbank, Bangkok Dusit, Supalai, Advanced Info Service, Kasikornbank, Bangkok Dusit, Advanced Info Service, Supalai.


Thailand Short Interest Weekly (Sep 5th): Intouch, Kasikornbank, Bangkok Dusit, Supalai

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Aug 29th. 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, Home Product Center, PTT Oil and Retail, True, BTS, True, Bts, Home Product Center, PTT Oil&amp;Retail.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Aug 29th. 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, Home Product Center, PTT Oil and Retail, True, BTS, True, Bts, Home Product Center, PTT Oil&amp;Retail.


Thailand Short Interest Weekly (Aug 29th): Intouch, Home Product Center, PTT Oil and Retail, True

Thailand

Krung Thai Bank Public Company Limited is a state-owned commercial bank offering various banking and financial services including commercial, consumer, credit card, and mortgage loans, as well as provident fund management, foreign exchange, and international trade financing services.  The Bank is majority owned by the Financial Institutions Development Fund.

Price Gauge
52-week Range	0.00 - 0.00
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Krung Thai Bank Pub (KTB TB)

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 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 (Sep 26th): Intouch, VGI, Thai Union, True, Gulf Energy Development

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch, VGI, Thai Union, True, Gulf Energy...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Sep 5th): Intouch, Kasikornbank, Bangkok Dusit, Supalai

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

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Aug 29th): Intouch, Home Product Center, PTT Oil and Retail, True

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Home Product Center (HMPRO...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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 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 (Sep 26th): Intouch, VGI, Thai Union, True, Gulf Energy Development

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch, VGI, Thai Union, True, Gulf Energy...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Sep 5th): Intouch, Kasikornbank, Bangkok Dusit, Supalai

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

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Aug 29th): Intouch, Home Product Center, PTT Oil and Retail, True

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Home Product Center (HMPRO...

Ke Yan, CFA, FRM

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