In today’s briefing:
- BBL/KBANK: Huge Outperformance as BBL Nears NVDR Limit
- Minor International (MINT): The Best Stock for Thai Tourism Recovery?
BBL/KBANK: Huge Outperformance as BBL Nears NVDR Limit
- Bangkok Bank (BBL TB) has outperformed Kasikornbank PCL (KBANK TB) by 33% over the last 11 months and the price ratio is nearing the high end of the historical range.
- The number of NVDRs issued on Bangkok Bank Public (BBL TB) have continued to increase while decreasing on Kasikornbank PCL (KBANK TB).
- Bangkok Bank Public (BBL TB) now trades at a higher forward PE as compared to Kasikornbank PCL (KBANK TB) and the gap in price to book has narrowed significantly.
Minor International (MINT): The Best Stock for Thai Tourism Recovery?
- Minor International (MINT TB) is trading at 2.4x PBR, slightly higher than during the pre-COVID level at 2x.
- Most of its hotels are in Europe (77%) and only half of the food business is in Thailand.
- Other Thai stocks have higher exposure to Thai tourism-related activities.
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