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>The PBV and PE valuations for TMB Thanachart, which are close to those of SCBx, seem stretched; TMB Thanachart’s return trends are well below those of SCBx</li>
<li>On the weighted metrics applied to our proprietary scorecard, TMB Thanachart is the new bottom marker in the scorecard among its Thai bank peers</li>
<li>Krung Thai was our core buy-rated Thai bank; we downgrade it to a hold, as its valuation discounts to its own history and its peer SCBx are no longer compelling</li>
</ul>


The PBV and PE valuations for TMB Thanachart, which are close to those of SCBx, seem stretched; TMB Thanachart’s return trends are well below those of SCBx
On the weighted metrics applied to our proprietary scorecard, TMB Thanachart is the new bottom marker in the scorecard among its Thai bank peers
Krung Thai was our core buy-rated Thai bank; we downgrade it to a hold, as its valuation discounts to its own history and its peer SCBx are no longer compelling


Thai Banks 2Q25; TMB Thanachart (SET:TTB) Re-Rating at Risk, Krung Thai (SET:KTB) Is Now a Hold

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 Nov 7th. 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, Bumrungrad Hospital, Bangkok Bank, Bangkok Dusit, True, Bangkok Dusit, Bumrungrad Hospital, True, Bangkok Bank.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Nov 7th. 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, Bumrungrad Hospital, Bangkok Bank, Bangkok Dusit, True, Bangkok Dusit, Bumrungrad Hospital, True, Bangkok Bank.


Thailand Short Interest Weekly (Nov 7th): Intouch, Bumrungrad Hospital, Bangkok Bank, Bangkok Dusit

<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

<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 10th. 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, PTT GlobalChem, Airports of Thailand, TMBThanachart Bank, Bangkok Bank, Airports Of Thailand, Bangkok Bank, Ptt Globalchem.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 10th. 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, PTT GlobalChem, Airports of Thailand, TMBThanachart Bank, Bangkok Bank, Airports Of Thailand, Bangkok Bank, Ptt Globalchem.


Thailand Short Interest Weekly (Oct 10th): Intouch, PTT GlobalChem, Airports of Thailand

Thailand

TMBThanachart Bank 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, and investment banking services to its customers throughout Thailand.  It also has branches in Hong Kong, Laos, and Cayman Island.

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TMBThanachart Bank (TTB TB)

Thai Banks 2Q25; TMB Thanachart (SET:TTB) Re-Rating at Risk, Krung Thai (SET:KTB) Is Now a Hold

Valuation concerns arise for TMB Thanachart, bottom rated in our Thai banks scorecard, as its returns lag behind those of SCBx; Krung Thai...

Victor Galliano

Thailand Short Interest Weekly (Nov 7th): Intouch, Bumrungrad Hospital, Bangkok Bank, Bangkok Dusit

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

Ke Yan, CFA, FRM

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 10th): Intouch, PTT GlobalChem, Airports of Thailand

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

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thai Banks 2Q25; TMB Thanachart (SET:TTB) Re-Rating at Risk, Krung Thai (SET:KTB) Is Now a Hold

​Valuation concerns arise for TMB Thanachart, bottom rated in our Thai banks scorecard, as its returns lag behind those of SCBx; Krung Thai...

Victor Galliano

Thailand Short Interest Weekly (Nov 7th): Intouch, Bumrungrad Hospital, Bangkok Bank, Bangkok Dusit

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

Ke Yan, CFA, FRM

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 10th): Intouch, PTT GlobalChem, Airports of Thailand

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

Ke Yan, CFA, FRM

Valuation concerns arise for TMB Thanachart, bottom rated in our Thai banks scorecard, as its returns lag behind those of SCBx; Krung Thai...

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