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>Krung Thai is our value pick among Thai banks, having solid post-provision profitability, close to double digit ROE with a healthy balance sheet, along with undemanding PBV and PE ratios</li>
<li>We maintain Kasikorn on the buy list, as its cost of risk was well contained in 1Q24, a key positive catalyst for its improving post-provision returns</li>
<li>Bank of Thailand is currently accepting applications for digital banking licenses until 19 September 2024; incumbent banks and domestic big corporates are likely to form the core of applicants</li>
</ul>


Krung Thai is our value pick among Thai banks, having solid post-provision profitability, close to double digit ROE with a healthy balance sheet, along with undemanding PBV and PE ratios
We maintain Kasikorn on the buy list, as its cost of risk was well contained in 1Q24, a key positive catalyst for its improving post-provision returns
Bank of Thailand is currently accepting applications for digital banking licenses until 19 September 2024; incumbent banks and domestic big corporates are likely to form the core of applicants


Thai Banks 1Q24 Screener; We Stick with Krung Thai for Best Value, Kasikorn for Positive Catalysts

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 2nd. We estimate that they had an aggregated short interest worth USD3.3bn.</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 Bumrungrad Hospital, Delta Electronics, TISCO Financial, Krungthai Card, CP ALL, Delta Electronics, CP ALL, Bumrungrad Hospital, Tisco Financial.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 2nd. We estimate that they had an aggregated short interest worth USD3.3bn.
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 Bumrungrad Hospital, Delta Electronics, TISCO Financial, Krungthai Card, CP ALL, Delta Electronics, CP ALL, Bumrungrad Hospital, Tisco Financial.


Thailand Short Interest Weekly (Oct 2nd): Bumrungrad Hospital, Delta Electronics, TISCO Financial

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.

Thematic (Sector/Industry)

<ul><li>The US economy is facing compounded challenges from accelerating cost-push inflation and weakening employment data, prompting the Fed to maintain an accommodative monetary stance while continuing to inject liquidity to support the financial system.</li><li>This divergence is accelerating capital inflows into the Thai equity market as investors seek both safe-haven returns and currency gains.</li><li>Large-cap stocks, particularly those within the SET50 that are closely linked to foreign fund flows, are expected to be key drivers supporting the Thai stock market toward our 12-month target of 1,401 points.</li></ul>

The US economy is facing compounded challenges from accelerating cost-push inflation and weakening employment data, prompting the Fed to maintain an accommodative monetary stance while continuing to inject liquidity to support the financial system.This divergence is accelerating capital inflows into the Thai equity market as investors seek both safe-haven returns and currency gains.Large-cap stocks, particularly those within the SET50 that are closely linked to foreign fund flows, are expected to be key drivers supporting the Thai stock market toward our 12-month target of 1,401 points.

US Risks (Sticky Inflation, Low Real Rates, Dollar Injections) Are Driving Fund Flows Into Thailand

<ul><li>The SET moved against regional Asian markets, which advanced in line with gains in the Dow Jones, as declines in BH, BDMS, CPALL, CPAXT, AOT, DELTA, THAI, and SCC, together with mild weakness in banking and energy stocks, weighed on the index.</li><li>The index fell below the 1,250-point support, making market sentiment increasingly fragile and more vulnerable to selling pressure.</li><li>We recommend buying on weakness as long as the index holds above the 1,240-point level, as the recent decline was driven primarily by selling pressure in major market sectors.</li></ul>

The SET moved against regional Asian markets, which advanced in line with gains in the Dow Jones, as declines in BH, BDMS, CPALL, CPAXT, AOT, DELTA, THAI, and SCC, together with mild weakness in banking and energy stocks, weighed on the index.The index fell below the 1,250-point support, making market sentiment increasingly fragile and more vulnerable to selling pressure.We recommend buying on weakness as long as the index holds above the 1,240-point level, as the recent decline was driven primarily by selling pressure in major market sectors.

Krungthai XSpring Technical Eng. January 13, 2026

<ul>
<li>KBANK, KTB, THANI and TU have fallen below the ranking criteria, with holding-period returns of -1.4%, -2.4%, -3.8% and -4.7%, respectively. DOHOME has been added to the portfolio.</li>
<li>A strong rebound in electronics stocks lifted the portfolio's average return by 0.31%, outperforming the SET, which fell 0.20% amid selling pressure in banking, transportation and energy stocks.</li>
</ul>


KBANK, KTB, THANI and TU have fallen below the ranking criteria, with holding-period returns of -1.4%, -2.4%, -3.8% and -4.7%, respectively. DOHOME has been added to the portfolio.
A strong rebound in electronics stocks lifted the portfolio's average return by 0.31%, outperforming the SET, which fell 0.20% amid selling pressure in banking, transportation and energy stocks.


Thailand

Krung Thai Bank Public Company Limited is a state-owned commercial bank in Thailand, providing a comprehensive range of financial services including retail banking, corporate lending, and digital platforms like Krungthai NEXT and PaoTang. The bank offers various products such as deposits, loans, credit cards, insurance, and investment solutions to individual, business, and government clients. It was founded on March 14, 1966, and is headquartered in Bangkok, Thailand.

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Krung Thai Bank (KTB TB)

Thai Banks 1Q24 Screener; We Stick with Krung Thai for Best Value, Kasikorn for Positive Catalysts

Krung Thai is our preferred pick for its value for healthy return, solid capital ratio with Kasikornbank continuing to deliver on improving...

Victor Galliano

Thailand Short Interest Weekly (Oct 2nd): Bumrungrad Hospital, Delta Electronics, TISCO Financial

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

Ke Yan, CFA, FRM

US Risks (Sticky Inflation, Low Real Rates, Dollar Injections) Are Driving Fund Flows Into Thailand

The US economy is facing compounded challenges from accelerating cost-push inflation and weakening employment data, prompting the Fed to maintain...

Krungthai XSpring

Krungthai XSpring Technical Eng. January 13, 2026

The SET moved against regional Asian markets, which advanced in line with gains in the Dow Jones, as declines in BH, BDMS, CPALL, CPAXT, AOT,...

Krungthai XSpring

KTX Tactical Picks

KBANK, KTB, THANI and TU have fallen below the ranking criteria, with holding-period returns of -1.4%, -2.4%, -3.8% and -4.7%, respectively....

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thai Banks 1Q24 Screener; We Stick with Krung Thai for Best Value, Kasikorn for Positive Catalysts

​Krung Thai is our preferred pick for its value for healthy return, solid capital ratio with Kasikornbank continuing to deliver on improving...

Victor Galliano

Thailand Short Interest Weekly (Oct 2nd): Bumrungrad Hospital, Delta Electronics, TISCO Financial

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

Ke Yan, CFA, FRM

US Risks (Sticky Inflation, Low Real Rates, Dollar Injections) Are Driving Fund Flows Into Thailand

The US economy is facing compounded challenges from accelerating cost-push inflation and weakening employment data, prompting the Fed to maintain...

Krungthai XSpring

Krungthai XSpring Technical Eng. January 13, 2026

The SET moved against regional Asian markets, which advanced in line with gains in the Dow Jones, as declines in BH, BDMS, CPALL, CPAXT, AOT,...

Krungthai XSpring

KTX Tactical Picks

KBANK, KTB, THANI and TU have fallen below the ranking criteria, with holding-period returns of -1.4%, -2.4%, -3.8% and -4.7%, respectively....

Krungthai XSpring

Krung Thai is our preferred pick for its value for healthy return, solid capital ratio with Kasikornbank continuing to deliver on improving...