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

DZT Research

DZT 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 May 9th. We estimate that they had an aggregated short interest worth USD2.1bn.</li>
<li>We tabulate league table 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 Airports Of Thailand, Advanced Info Service, Gulf Energy Development, Central Retail, Srisawad, Tmbthanachart Bank.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of May 9th. We estimate that they had an aggregated short interest worth USD2.1bn.
We tabulate league table 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 Airports Of Thailand, Advanced Info Service, Gulf Energy Development, Central Retail, Srisawad, Tmbthanachart Bank.


Thailand Short Interest Weekly (May 9th): Airports Of Thailand, Advanced Info Service

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Apr 25th. We estimate that they had an aggregated short interest worth USD1.9bn.</li>
<li>We tabulate league table 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 Delta Electronics, Krung Thai Bank, Ptt E&amp;P, Kasikornbank, Scc, Gulf Energy Development.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Apr 25th. We estimate that they had an aggregated short interest worth USD1.9bn.
We tabulate league table 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 Delta Electronics, Krung Thai Bank, Ptt E&amp;P, Kasikornbank, Scc, Gulf Energy Development.


Thailand Short Interest Weekly (Apr 25th): Delta Electronics, Krung Thai Bank, Ptt E&P, Kasikornbank

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Apr 18th. We estimate that they had an aggregated short interest worth USD1.8bn.</li>
<li>We tabulate league table 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 Advanced Info Service, PTT Oil and Retail.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Apr 18th. We estimate that they had an aggregated short interest worth USD1.8bn.
We tabulate league table 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 Advanced Info Service, PTT Oil and Retail.


Thailand Short Interest Weekly (Apr 18th): Advanced Info Service, PTT Oil and Retail

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 remains our core value pick among the Thai banks driving its solid post-provision profitability higher, delivering double-digit ROE, a sound balance sheet and attractive PBV and PE ratios</li>
<li>Krung Thai has the highest core capital ratios as well as delivering the best ROE of the peer group, along with one of the best efficiency ratios versus its peers</li>
<li>Its share price performance has been strong, yet we believe that this positive momentum should continue as Krung Thai still has scope to narrow the valuation gap with SCBx</li>
</ul>


Krung Thai remains our core value pick among the Thai banks driving its solid post-provision profitability higher, delivering double-digit ROE, a sound balance sheet and attractive PBV and PE ratios
Krung Thai has the highest core capital ratios as well as delivering the best ROE of the peer group, along with one of the best efficiency ratios versus its peers
Its share price performance has been strong, yet we believe that this positive momentum should continue as Krung Thai still has scope to narrow the valuation gap with SCBx


Thai Banks 4Q24 Screener; Krung Thai (KTB TB) Is in the Early Re-Rating Stages

<ul>
<li>Krung Thai remains our sole best value pick among the Thai banks, having solid post-provision profitability, delivering double digit ROE, a sound balance sheet and attractive PBV and PE ratios</li>
<li>Krung Thai has the highest core capital ratios as well as delivering the best returns of the peer group, with reassuring metrics in terms of credit quality</li>
<li>Its share price is the best performer year-to-date, but we still see it to be attractively valued and the recent correction is a buying opportunity</li>
</ul>


Krung Thai remains our sole best value pick among the Thai banks, having solid post-provision profitability, delivering double digit ROE, a sound balance sheet and attractive PBV and PE ratios
Krung Thai has the highest core capital ratios as well as delivering the best returns of the peer group, with reassuring metrics in terms of credit quality
Its share price is the best performer year-to-date, but we still see it to be attractively valued and the recent correction is a buying opportunity


Thai Banks 3Q24 Screener; Krung Thai Offers the Best Value Relative to the Returns Outlook

Thailand

TMBThanachart Bank Public Company Limited (ttb) is a financial institution in Thailand offering a comprehensive range of banking and financial products and services. The bank serves retail, small and medium-sized enterprises (SMEs), and corporate customers, emphasizing customer-centricity and digital innovation. TMBThanachart Bank is headquartered in Bangkok, Thailand, and was founded in 1957.

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TMBThanachart Bank (TTB TB)

Thailand Short Interest Weekly (May 9th): Airports Of Thailand, Advanced Info Service

We analyzed SET short interest report for the past week and highlighted short interest changes in Airports Of Thailand (AOT TB), Advanced Info...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Apr 25th): Delta Electronics, Krung Thai Bank, Ptt E&P, Kasikornbank

We analyzed SET short interest report for the past week and highlighted short interest changes in Delta Electronics, Krung Thai Bank, Ptt E&P,...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Apr 18th): Advanced Info Service, PTT Oil and Retail

We analyzed SET short interest report for the past week and highlighted short interest changes in Advanced Info Service, PTT Oil and Retail.

Ke Yan, CFA, FRM

Thai Banks 4Q24 Screener; Krung Thai (KTB TB) Is in the Early Re-Rating Stages

We emphasize Krung Thai as our core value pick among Thai banks; its strong capital ratios, healthy credit quality and premium returns warrant its...

Victor Galliano

Thai Banks 3Q24 Screener; Krung Thai Offers the Best Value Relative to the Returns Outlook

Krung Thai continues to stand out as our top pick among Thai banks, with its sound profitability, high ROE, solid balance sheet and attractive...

Victor Galliano

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thailand Short Interest Weekly (May 9th): Airports Of Thailand, Advanced Info Service

We analyzed SET short interest report for the past week and highlighted short interest changes in Airports Of Thailand (AOT TB), Advanced Info...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Apr 25th): Delta Electronics, Krung Thai Bank, Ptt E&P, Kasikornbank

We analyzed SET short interest report for the past week and highlighted short interest changes in Delta Electronics, Krung Thai Bank, Ptt E&P,...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Apr 18th): Advanced Info Service, PTT Oil and Retail

We analyzed SET short interest report for the past week and highlighted short interest changes in Advanced Info Service, PTT Oil and Retail.

Ke Yan, CFA, FRM

Thai Banks 4Q24 Screener; Krung Thai (KTB TB) Is in the Early Re-Rating Stages

We emphasize Krung Thai as our core value pick among Thai banks; its strong capital ratios, healthy credit quality and premium returns warrant its...

Victor Galliano

Thai Banks 3Q24 Screener; Krung Thai Offers the Best Value Relative to the Returns Outlook

​Krung Thai continues to stand out as our top pick among Thai banks, with its sound profitability, high ROE, solid balance sheet and attractive...

Victor Galliano

Krung Thai continues to stand out as our top pick among Thai banks, with its sound profitability, high ROE, solid balance sheet and attractive...