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.

Equity Bottom-Up

<ul><li>We maintained an Outperform rating with a 12M fair value of Bt175.80, based on PBV of 0.56x.</li><li>BBL reported 1Q26 net profit of Bt11.0bn (-13% YoY, +42% QoQ), beating our and market estimates by 20% and 10%, respectively, driven by stronger-than-expected noninterest income and lower-than-expected expenses.</li><li>Net interest income declined (-12% YoY, -4% QoQ), pressured by NIM narrowing to 2.49% (-40 bps YoY, -10 bps QoQ).</li></ul>

We maintained an Outperform rating with a 12M fair value of Bt175.80, based on PBV of 0.56x.BBL reported 1Q26 net profit of Bt11.0bn (-13% YoY, +42% QoQ), beating our and market estimates by 20% and 10%, respectively, driven by stronger-than-expected noninterest income and lower-than-expected expenses.Net interest income declined (-12% YoY, -4% QoQ), pressured by NIM narrowing to 2.49% (-40 bps YoY, -10 bps QoQ).

BANGKOK BANK PUBLIC COMPANY LIMITED: Earnings Beat On Non-Interest Income And Costs

<ul><li>We expect 1Q26E net profit for BBL at Bt9.15bn, down 27.5% YoY but up 18.0% QoQ.</li><li>BBL announced a 2H25 dividend of Bt8.0/share (yield ~4.8%), implying a full-year payout ratio of 41%, slightly below peers, likely to support future loan growth.</li><li>BBL is well-positioned to benefit from FDI inflows, supported by its strong balance sheet, with a high coverage ratio of 324% and a relatively low loan-to-deposit ratio (LDR) of around 81.6%.</li></ul>

We expect 1Q26E net profit for BBL at Bt9.15bn, down 27.5% YoY but up 18.0% QoQ.BBL announced a 2H25 dividend of Bt8.0/share (yield ~4.8%), implying a full-year payout ratio of 41%, slightly below peers, likely to support future loan growth.BBL is well-positioned to benefit from FDI inflows, supported by its strong balance sheet, with a high coverage ratio of 324% and a relatively low loan-to-deposit ratio (LDR) of around 81.6%.

BANGKOK BANK Plc. (BBL): 1Q26E Profit To Decline YoY, But Rise QoQ...

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>The ASEAN overweight rests on Indonesia and non-benchmark Singapore/Vietnam, offset by Malaysia’s structural underweight. Recent flows show pressure on Indonesia and Malaysia, with Singapore and Thailand benefiting.</li>
<li>Indonesian Financials dominate ASEAN exposure but are losing momentum; fresh inflows support Singapore Discretionary and Technology, plus Thailand Communication Services and Staples.</li>
<li>Stock trends highlight fading Indonesian banks, while new highs come from ICTSI, Grab, GoTo, and Singtel, signalling a potential shift in leadership.</li>
</ul>


The ASEAN overweight rests on Indonesia and non-benchmark Singapore/Vietnam, offset by Malaysia’s structural underweight. Recent flows show pressure on Indonesia and Malaysia, with Singapore and Thailand benefiting.
Indonesian Financials dominate ASEAN exposure but are losing momentum; fresh inflows support Singapore Discretionary and Technology, plus Thailand Communication Services and Staples.
Stock trends highlight fading Indonesian banks, while new highs come from ICTSI, Grab, GoTo, and Singtel, signalling a potential shift in leadership.


ASEAN Rotation: Indonesia Weakens, Singapore Gains, Thailand Stabilises

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a>. </li>
<li>As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>


I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of Thai Union Group (TU TB). 
As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
In this note, we talk about the not-so-positive aspects of the deal.


I-Tail Corporation Pre-IPO - The Negatives - Non-Uniform Growth

<ul><li>We maintain a Neutral rating with a revised fair value of Bt180, based on 0.57x PBV (from Bt180.50 and 0.56x PBV).</li><li>Upside is limited at ~5%, with very limited tactical upside as PBV trades near +2 SD of its 180-day average, while long-term earnings growth is in line with peers at ~2% CAGR over 2026–28E.</li><li>BBL reported 4Q25 net profit of Bt7.8bn (–25.4% YoY, –43.7% QoQ), about 30% below our expectations due to weaker Non-NII and higher expenses.</li></ul>

We maintain a Neutral rating with a revised fair value of Bt180, based on 0.57x PBV (from Bt180.50 and 0.56x PBV).Upside is limited at ~5%, with very limited tactical upside as PBV trades near +2 SD of its 180-day average, while long-term earnings growth is in line with peers at ~2% CAGR over 2026–28E.BBL reported 4Q25 net profit of Bt7.8bn (–25.4% YoY, –43.7% QoQ), about 30% below our expectations due to weaker Non-NII and higher expenses.

BANGKOK BANK PUBLIC COMPANY LIMITED (BBL): Earnings Miss On Weaker Non-NII And Higher Costs

Thailand

Bangkok Bank Public Company Limited provides various banking and financial services including commercial, consumer, credit card, and mortgage lending, international trade financing, investment banking, and securities services.

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Bangkok Bank Public (BBL TB)

BANGKOK BANK PUBLIC COMPANY LIMITED: Earnings Beat On Non-Interest Income And Costs

We maintained an Outperform rating with a 12M fair value of Bt175.80, based on PBV of 0.56x.BBL reported 1Q26 net profit of Bt11.0bn (-13% YoY,...

Krungthai XSpring

BANGKOK BANK Plc. (BBL): 1Q26E Profit To Decline YoY, But Rise QoQ...

BBL announced a 2H25 dividend of Bt8.0/share (yield ~4.8%), implying a full-year payout ratio of 41%, slightly below peers, likely to support...

Krungthai XSpring

ASEAN Rotation: Indonesia Weakens, Singapore Gains, Thailand Stabilises

ASEAN positioning shifts as Indonesia loses ground and Malaysia stays weak. Singapore and Thailand attract inflows, while new leaders like ICTSI...

Steven Holden

I-Tail Corporation Pre-IPO - The Negatives - Non-Uniform Growth

I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of...

Sumeet Singh

BANGKOK BANK PUBLIC COMPANY LIMITED (BBL): Earnings Miss On Weaker Non-NII And Higher Costs

BBL reported 4Q25 net profit of Bt7.8bn (–25.4% YoY, –43.7% QoQ), about 30% below our expectations due to weaker Non-NII and higher expenses.

Krungthai XSpring

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