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>These five value oriented Thai banks all have healthy credit quality, NPL coverage and sound capital adequacy ratios; in addition, encouraging cost of risk trends support the outlook for earnings</li>
<li>Of these, we believe Kasikorn Bank screens well, with its attractive pre-provision and post-provision profitability versus peers, whilst trading on relatively undemanding multiples; we also highlight Bangkok Bank positively</li>
<li>Of the other Thai banks, we think that TMBThanchart could be a potential “turn around” stock, especially if management can improve credit quality, driving down its cost of risk further</li>
</ul>


These five value oriented Thai banks all have healthy credit quality, NPL coverage and sound capital adequacy ratios; in addition, encouraging cost of risk trends support the outlook for earnings
Of these, we believe Kasikorn Bank screens well, with its attractive pre-provision and post-provision profitability versus peers, whilst trading on relatively undemanding multiples; we also highlight Bangkok Bank positively
Of the other Thai banks, we think that TMBThanchart could be a potential “turn around” stock, especially if management can improve credit quality, driving down its cost of risk further


Top Five Thai Banks in Our Chart Screener; Kasikorn Bank (KBANK TB)  Is Top

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

<ul>
<li>We reiterate our BUY rating with a new target price of Bt174. Our BUY call reflects (1) steady growth ahead from improving economic recovery; (2) adequate reserves against new NPLs</li>
<li>Focus on the quality of growth and NPL management ahead.</li>
<li>The bank guided lending growth of 6-8% YoY in 2022 with an emphasis on a rise in retail loans and SME loans.</li>
</ul>


We reiterate our BUY rating with a new target price of Bt174. Our BUY call reflects (1) steady growth ahead from improving economic recovery; (2) adequate reserves against new NPLs
Focus on the quality of growth and NPL management ahead.
The bank guided lending growth of 6-8% YoY in 2022 with an emphasis on a rise in retail loans and SME loans.


<ul>
<li>We reiterate our BUY rating with a target price at Bt172. Our BUY call reflects (1) steady growth ahead from improving economic recovery; (2) adequate reserves against new NPLs</li>
<li>Management forecasted Thai GDP to accelerate to 3.7% YoY in 2022 from an expected rise of 1% in 2021</li>
<li>Following the analyst meeting, we remain neutral and maintain our net profit projections for 2022-23</li>
</ul>


We reiterate our BUY rating with a target price at Bt172. Our BUY call reflects (1) steady growth ahead from improving economic recovery; (2) adequate reserves against new NPLs
Management forecasted Thai GDP to accelerate to 3.7% YoY in 2022 from an expected rise of 1% in 2021
Following the analyst meeting, we remain neutral and maintain our net profit projections for 2022-23


Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

<ul>
<li>Bangkok Bank reported 4Q21 bottom-line results of THB 6.3 bn, declining THB 591 mn (8.6%) on a linked quarter basis, driven by costs which rose THB 3.5 bn or 21.8%; </li>
<li>Outside of expenses, BBL had a pretty solid quarter with net interest income improving and provisions declining; and </li>
<li>We find that BBL’s annualized net new NPLs were negative, and that reserves likely will begin being reversed in the near-term. </li>
</ul>


Bangkok Bank reported 4Q21 bottom-line results of THB 6.3 bn, declining THB 591 mn (8.6%) on a linked quarter basis, driven by costs which rose THB 3.5 bn or 21.8%; 
Outside of expenses, BBL had a pretty solid quarter with net interest income improving and provisions declining; and 
We find that BBL’s annualized net new NPLs were negative, and that reserves likely will begin being reversed in the near-term. 


Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Debt Capital Markets

Siri Hub Investment Digital Tokens / Debt Capital Markets

<ul>
<li>This research report will take readers back to our idea to reduce an income gap in Thailand through tokenization of investments.</li>
<li>We suggest the ideal security tokens and our recommendation for security token usage in Thailand.</li>
<li>SCBX PCL’s acquisition of BitKup Online is a major milestone which will lead to a major acceptance of cryptocurrency as investments in Thailand.</li>
</ul>


This research report will take readers back to our idea to reduce an income gap in Thailand through tokenization of investments.
We suggest the ideal security tokens and our recommendation for security token usage in Thailand.
SCBX PCL’s acquisition of BitKup Online is a major milestone which will lead to a major acceptance of cryptocurrency as investments in Thailand.


Security Token Journal: A Pad Thai Way to Reduce Income Disparity

Thailand

Kasikornbank Public Company Limited provides commercial banking services including personal and commercial banking, international trade, as well as investment banking services, to its customers throughout Thailand.  The Bank has foreign branches in Los Angeles, Hong Kong, Cayman Islands, and Shenzhen; and representative offices in Shanghai, Beijing, and Kunmin.

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Kasikornbank (KBANK-R TB)

Top Five Thai Banks in Our Chart Screener; Kasikorn Bank (KBANK TB) Is Top

Thai banks have healthy credit quality, NPL coverage & sound capital adequacy ratios, also positive cost of risk trends support the outlook for...

Victor Galliano

KBANK: More Focusing on Growth

We reiterate our BUY rating with a new target price of Bt174. Our BUY call reflects (1) steady growth ahead from improving economic recovery; (2)...

Pi Securities PCL, Thailand

KBANK: Growth Momentum Remains Intact

We reiterate our BUY rating with a target price at Bt172. Our BUY call reflects (1) steady growth ahead from improving economic recovery; (2)...

Pi Securities PCL, Thailand

Bangkok Bank – Positive Credit Turn

BANGKOK BANK: BBL reported 4Q21 bottom-line results of THB 6.3 bn, declining 8.6% QOQ, driven by costs. BBL’s net new NPLs were negative and...

Thomas J. Monaco

Security Token Journal: A Pad Thai Way to Reduce Income Disparity

Here is our academic research on tokenization and the trend in Thailand. Watch this space as we will continue to update with recent debt token...

Bondcritic

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