reports
- Thanawat Thangchadakorn
Krung Thai Bank (KTB TB) - 1Q25: Results In Line With Consensus; Botto...
KTB reported 1Q25 net profit of Bt11.7b (flat yoy, +7% qoq). The results were in line with consensus expectation but above our forecast. Bottom line beat our forecast, driven by an investment gain of Bt1.7b. KTB’s asset quality was quite stable in 1Q25. However, we remain concerned and expect KTB to raise its provision expenses given the uncertainties surrounding the US tariffs. We have factored in the expected policy rate of 1.5%. Downgrade to HOLD with a lower target price of Bt22.50.
- Thanawat Thangchadakorn
Thailand Daily: Monday, April 21, 2025 [Results: KTB TB, KTC TB, TTB T...
KEY HIGHLIGHTS Results Krung Thai Bank (KTB TB/HOLD/Bt21.30/Target: Bt22.50) 1Q25: Results in line with consensus; bottom line beats our forecast due to investment gain. Downgrade to HOLD. Krungthai Card (KTC TB/BUY/Bt46.25/Target: Bt58.00) 1Q25: Results in line; credit costs decline qoq with a stabilised NPL ratio. TMBThanachart Bank (TTB TB/HOLD/Bt1.89/Target: Bt1.95) 1Q25: Results in line with consensus; reiterates selective lending po...
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jonathan Koh
- Philip Wong
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, April 21, 2025
INDONESIA Small/Mid Cap Highlights Sariguna Primatirta (CLEO IJ/NOT RATED/Rp1,395) Strong growth track record in an industry with room for further expansion. MALAYSIA Update QL Resources (QLG MK/BUY/RM4.69/Target: RM4.80) Fairly insulated from trade tariff war but overall outlook does not excite. Maintain HOLD. WCT Holdings (WCTHG MK/SELL/RM0.635/Target: RM0.55) Minimal orderbook replenishments and inconsistent earnings deliv...
- Thanawat Thangchadakorn
Krung Thai Bank (KTB TB) - 4Q24: Results In Line; Big Drop In Credit C...
KTB reported 4Q24 net profit of Bt10.5b (+71% yoy, -6% qoq). The results were in line with our and consensus expectations. Non-II weakened qoq, attributed to a loss on financial instruments measured at FVPL. Meanwhile, a big drop in credit cost signalled a good asset quality trajectory. Overall asset quality is healthy. KTB will maintain a high coverage ratio to buffer against any economic uncertainties. Maintain BUY with a target price of Bt25.50.
- Thanawat Thangchadakorn
Thailand Daily - Wednesday, January 22, 2025
KEY HIGHLIGHTS Results Bangkok Bank (BBL TB/HOLD/Bt151.50/Target: Bt170.00) 4Q24: Results in line with expectations; a significant drop in NPL ratio qoq. Kasikorn Bank (KBANK TB/BUY/Bt160.00/Target: Bt190.00) 4Q24: Results exceed market expectations; maintain normalised credit cost. Krung Thai Bank (KTB TB/BUY/Bt21.80/Target: Bt25.50) 4Q24: Results in line; big drop in credit costs signalling good asset quality. SCB X (SCB TB/BUY/Bt121.50/Target: Bt140.00) 4Q24: Results beat expectation...
- Anas Fitri Bin Ahmad
- Benyamin Mikael
- Colin Lee
- Johnny Yum Chung Man
- Jonathan Koh
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Lester Siew
- Thailand Research Team
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Monday, January 13, 2025
GREATER CHINA Sector IT Hardware Solid 2024 Shipment Data; recovery in 2025 remains intact. Maintain OVERWEIGHT . INDONESIA Small/Mid Caps Highlights Bukit Asam (PTBA IJ/NOT RATED/Rp2,690) Strong production outlook towards 2029. MALAYSIA Sector Banking Malaysian banks are likely to take a cautious and gradual approach to capital managemen...
CK CH. KARNCHANG PCL
1023 CIMB GROUP HOLDINGS BHD
KTB KRUNG THAI BANK PUBLIC CO. LTD.
2488 ALLIANCE BANK MALAYSIA BHD.
AMATA AMATA CORP
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
PTBA PT BUKIT ASAM TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
01478 Q TECHNOLOGY (GROUP) CO. LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
PBBANK PUBLIC BANK BERHAD
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
RHBBANK RHB BANK BHD
SOP SARAWAK OIL PALMS BERHAD
HLFG HONG LEONG FINANCIAL GROUP
MTC MUANGTHAI CAPITAL PCL
KIML KIM LOONG RESOURCES BHD
KTB-R KRUNG THAI BANK PCL NVDR
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
AMM AMMB HOLDINGS BHD
CPALL TB CP ALL
HLBK HONG LEONG BANK BERHAD
BNII PT BANK MAYBANK INDONESIA TBK
GENP GENTING PLANTATIONS BHD
ABANK AFFIN BANK BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
OXMU PRIME US REIT
TIDLOR NGERN TID LOR PCL
KORE KEPPEL PACIFIC OAK US REIT
BCOW 1895 BANCORP OF WISCONSIN INC
BIMB BANK ISLAM MALAYSIA BHD
Z29 029 GROUP SE
SDG SD GUTHRIE BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
- Jonathan Koh
- Philip Wong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, January 02, 2025
GREATER CHINA Economics PMI A strong rebound for non-manufacturing PMI. Sector Macau Gaming Dec 24 GGR below expectations; expect 2025 GGR to recover to 82% of 2019’s level. INDONESIA Update Mitra Keluarga Karyasehat (MIKA IJ/BUY/Rp2,540/Target: Rp3,300) Expect a double-digit earnings growth in 2025 MALAYSIA Sector Heal...
KKP KIATNAKIN BANK
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
5225 IHH HEALTHCARE BHD.
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
544 CSE GLOBAL LTD.
7090 APEX HEALTHCARE
KTB KRUNG THAI BANK PUBLIC CO. LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
TISCO TISCO FINANCIAL GROUP
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
00027 GALAXY ENTERTAINMENT GROUP LIMITED
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
C61U CAPITALAND COMMERCIAL TRUST
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
599A SANDS CHINA LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
Q5T FAR EAST HOSPITALITY TRUST
MIKA MITRA KELUARGA KARYASEHAT
SATS SP SATS LTD.
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
KPJ KPJ HEALTHCARE BERHAD
MINT MAPLETREE INDUSTRIAL TRUST
RFMD RAFFLES MEDICAL GROUP LTD
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
TXG 10X GENOMICS INC CLASS A
DBB DUOPHARMA BIOTECH BHD
TGIF 1933 INDUSTRIES
ELITE ELITE COMMERCIAL REIT
UHU UNITED HAMPSHIRE US REIT
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
AMOKD 3DX INDUSTRIES INC
CVL CIVMEC
TSVT 2SEVENTY BIO INC
SCB SCB X PUBLIC COMPANY LIMITED
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
AL2SI 2CRSI SA
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
Z29 029 GROUP SE
0303 ALPHA IVF GROUP
- Arsit Pamaranont
- Chong Lee Len
- Colin Lee
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, October 24, 2024
GREATER CHINA Results Hong Kong Exchanges and Clearing (388 HK/BUY/HK$314.80/Target: HK$364.00) 3Q24: Risk-and-reward is more balanced. Upgrade to BUY. Han’s Laser (002008 CH/HOLD/Rmb24.42/Target: Rmb22.70) 3Q24: Net profit misses, but visibility of recovery improving. Downgrade to HOLD. New Oriental Education & Technology Group (EDU US/BUY/US$62.15/Target: US$85.00) 1QFY25: In line; moderated growth outlook in 2QFY25 on low seasonality. Update Xtep International Holdings (...
KKP KIATNAKIN BANK
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
KTB KRUNG THAI BANK PUBLIC CO. LTD.
TISCO TISCO FINANCIAL GROUP
IVL INDORAMA VENTURES PUBLIC CO. LTD.
UNVR PT UNILEVER INDONESIA TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
5347 TENAGA NASIONAL BHD
MLT MAPLETREE LOGISTICS TRUST
KPG KERJAYA PROSPEK GROUP BHD
TXG 10X GENOMICS INC CLASS A
1368 XTEP INTERNATIONAL HOLDINGS
WHA TB WHA CORP PCL
SCB SCB X PUBLIC COMPANY LIMITED
AL2SI 2CRSI SA
Z29 029 GROUP SE
- Thanawat Thangchadakorn
Krung Thai Bank (KTB TB) - 3Q24: Results In Line; Asset Quality Remain...
KTB reported 3Q24 net profit of Bt11.1b (+8% yoy, -1% qoq). The results were in line with our and consensus expectations. Non-II grew strongly yoy and qoq to boost bottom line in 3Q24. Meanwhile, asset quality remains in a good condition. NPLs fell qoq with declining new NPL formation. KTB intends to maintain a high coverage ratio to buffer against any economic uncertainties and will focus on improving asset quality. We maintain BUY with a target price of Bt25.00.
- Thanawat Thangchadakorn
Thailand Daily - Tuesday, October 22, 2024
KEY HIGHLIGHTS Results Kasikorn Bank (KBANK TB/BUY/Bt151.50/Target: Bt190.00) 3Q24: Results in line; cleaning up of its balance sheet will end this year. Krung Thai Bank (KTB TB/BUY/Bt21.40/Target: Bt25.00) 3Q24: Results in line; asset quality remains healthy. SCB X (SCB TB/BUY/Bt110.00/Target: Bt134.00) 3Q24: Results beat expectation; credit costs down qoq.
- Colin Lee
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kenny Yong Hui Lim
- Kong Ho Meng
- Paula Ruth
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Thanawat Thangchadakorn
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, October 22, 2024
GREATER CHINA Results Ping An Insurance Group (2318 HK/BUY/HK$49.05/Target: HK$69.00) 3Q24: Bountiful harvest after prolonged dry spell. ZTE Corporation (763 HK/HOLD/HK$21.05/Target: HK$19.00) 3Q24: Results miss, expect stringent cost controls before next capex cycle. Downgrade to HOLD. Zijin Mining (2899 HK/BUY/HK$17.40/Target: HK$21.90) 3Q24: In line; mining entities’ gross margin down 1.2ppt qoq on lower copper ASP. Update Jiumaojiu In...
KBANK KASIKORNBANK PUBLIC CO. LTD.
ERAA ERAJAYA SWASEMBADA
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
WPRTS WESTPORTS HOLDINGS BHD
0763 ZTE CORPORATION CLASS H
TXG 10X GENOMICS INC CLASS A
CVL CIVMEC
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
SCB SCB X PUBLIC COMPANY LIMITED
0303 ALPHA IVF GROUP
- Anas Fitri Bin Ahmad
- Chong Lee Len
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- Llelleythan Tan Tan
- Paula Ruth
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, September 12, 2024
GREATER CHINA Sector Hong Kong Property Results wrap-up for Hong Kong developers: Navigating the cycle. INDONESIA Update XL Axiata (EXCL IJ/BUY/Rp2,270/Target: Rp2,900) Fixed broadband ARPU might increase by 10% post-acquisition of ServeCo. MALAYSIA Sector Utilities A strong 2Q24 with companies coming in broadly within expe...
KKP KIATNAKIN BANK
00683 KERRY PROPERTIES LIMITED
2883 CHINA OILFIELD SERVICES LIMITED CLASS H
00016 SUN HUNG KAI PROPERTIES LIMITED
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
KTB KRUNG THAI BANK PUBLIC CO. LTD.
TISCO TISCO FINANCIAL GROUP
C52 COMFORTDELGRO CORPORATION LIMITED
TMB TMB BANK PUBLIC COMPANY LIMITED
SCB SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
5347 TENAGA NASIONAL BHD
01113 CK ASSET HOLDINGS LIMITED
MLK MALAKOFF CORP BHD
BAUTO BERMAZ AUTO BHD
GMB GAS MALAYSIA BHD
00017 NEW WORLD DEVELOPMENT CO. LTD.
EXCL XL AXIATA TBK PT
BCOW 1895 BANCORP OF WISCONSIN INC
Z29 029 GROUP SE
PEKAT PEKAT GROUP BHD
SAMAIDEN SAMAIDEN GROUP BHD
SVS SOLARVEST BIOENERGY INC
- Thanawat Thangchadakorn
Krung Thai Bank (KTB TB) - Maintaining Good Asset Quality Amid Upcomin...
We came away from last Friday’s analyst meeting with a neutral view. Management is maintaining 2024 financial targets. KTB guided that there will be an incoming loan demand from the government in 2H24 due to an acceleration in budget disbursement. The bank has limited loan exposure in one large corporate. KTB is confident that it can achieve its credit cost target even after taking into account this loan. We maintain BUY with a higher target price of Bt21.50.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Thanawat Thangchadakorn
Thailand Daily: Monday, August 05, 2024
KEY HIGHLIGHTS Update Banpu (BANPU TB/HOLD/Bt4.90/Target: Bt5.00) Expect 2Q24 net profit to drop qoq. BTS Group Holdings (BTS TB/HOLD/Bt4.06/Target: Bt4.47) Slightly negative on BTS’ transaction deal. Indorama Ventures (IVL TB/BUY/Bt19.30/Target: Bt22.50) 2Q24 results preview: Expect a huge loss, but earnings should bottom out in 2Q24. Upgrade to BUY. Krung Thai Bank (KTB TB/BUY/Bt17.80/Target: Bt21.50) Maintaining good asset quality a...
- Thanawat Thangchadakorn
Krung Thai Bank (KTB TB) - 2Q24: Results Exceed Expectations; Healthy ...
KTB reported 2Q24 net profit of Bt11.2b (+10% yoy, +1% qoq). The results were above our expectations by 7% and exceeded consensus estimates by 5%. The key to our positive surprise was a better-than-expected NII. NIM expansion was attributed to an increase in the proportion of retail segment loans and repayment from the corporate and government segments. The asset quality outlook is healthy. We maintain BUY with a target price of Bt20.50.
- Arsit Pamaranont
- Thanawat Thangchadakorn
Thailand Daily - Tuesday, July 23, 2024
KEY HIGHLIGHTS Results Kasikorn Bank (KBANK TB/BUY/Bt128.00/Target: Bt162.00) 2Q24: Results in line; healthy asset quality maintained. Kiatnakin Phatra Bank (KKP TB/HOLD/Bt41.00/Target: Bt45.00) 2Q24: Negative surprise results; revises financial targets for 2024. Krung Thai Bank (KTB TB/BUY/Bt17.10/Target: Bt20.50) 2Q24: Results exceed expectations; healthy asset quality. Krungthai Card (KTC TB/BUY/Bt39.50/Target: Bt48.00) ...
KKP KIATNAKIN BANK
KTB KRUNG THAI BANK PUBLIC CO. LTD.
IRPC IRPC PUBLIC CO. LTD.
KBANK KASIKORNBANK PUBLIC CO. LTD.
SCB SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
IRPC-R IRPC PUBLIC CO LTD NVDR
KTB-R KRUNG THAI BANK PCL NVDR
TGIF 1933 INDUSTRIES
KBANK-R KASIKORNBANK (NVDR)
TTB TMBTHANACHART BANK PCL
ASK ABACUS STORAGE KING
- Anas Fitri Bin Ahmad
- Greater China Research Team
- Johnny Yum
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kate Luang
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Wednesday, July 03, 2024
GREATER CHINA Strategy Alpha Picks: July Conviction Call Adding ASMPT, Innovent, Poly Property Services, TAL Education and Trip.com to our BUY list; hedging with SELL call on BYD. Small/Mid Cap Highlights Crystal International (2232 HK/BUY/HK$3.95/Target: HK$4.76) 1Q24 preview: Expecting interim DPS to more than double. INDONESIA Strategy Alpha Picks: Outperformance In Jun 24 And 2Q24 Our picks are BMRI, BBRI, EXCL, BSDE, TLKM, ACES, BBTN, CMRY, SIDO and JSM...
AEONTS AEON THANA SINSAP (THAILAND) PCL
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
FCT FRASERS CENTREPOINT TRUST
ASM PACIFIC TECHNOLOGY LIMITED
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
CTRA CIPUTRA DEVELOPMENT
KTB KRUNG THAI BANK PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
AJBU KEPPEL DC REIT
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
SCB SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
00700 TENCENT HOLDINGS LTD.
1211 BYD COMPANY LIMITED CLASS H
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
SOP SARAWAK OIL PALMS BERHAD
FEHT FAR EAST HOSPITALITY TRUST
SIDO INDUSTRI JAMU DAN FARMASI SI
MTC MUANGTHAI CAPITAL PCL
PREIT PARKWAYLIFE REAL ESTATE
KIML KIM LOONG RESOURCES BHD
MINT MAPLETREE INDUSTRIAL TRUST
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
CPALL TB CP ALL
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
MUST MANULIFE US REAL ESTATE INV
GENP GENTING PLANTATIONS BHD
01801 INNOVENT BIOLOGICS INC.
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
UHU UNITED HAMPSHIRE US REIT
6049 POLY PROPERTY SERVICES CO LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
TIDLOR NGERN TID LOR PCL
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
6AM ALCOMET
KORE KEPPEL PACIFIC OAK US REIT
CK CH. KARNCHANG PUBLIC CO LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
DCREIT DIGITAL CORE REIT
EXCL XL AXIATA TBK PT
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
CMRY PT CISARUA MOUNTAIN DAIRY TBK
123F 123FAHRSCHULE SE
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
09961 CTRIP.COM INTERNATIONAL
SDG SD GUTHRIE BHD
ASPL ASPIRATIONAL CONSUMER LIFESTYLE CORPORATION
- Tanaporn Visaruthaphong
Krung Thai Bank (KTB TB) - 1Q24: Positive Results Surprise, More Posit...
KTB reported 1Q24 net profit of Bt11.1b (+10% yoy, +81% qoq). The results are above our and consensus estimates by 7% and 6% respectively. The key positive surprise for 1Q24 earnings was a significant qoq drop in provision expenses. We are more positive on KTB’s asset quality as KTB intends to maintain a high coverage ratio for economic uncertainties, including closely focusing on and continuing to improve asset quality. Upgrade to BUY. Target price: Bt19.00.
- Tanaporn Visaruthaphong
Thailand Daily - Monday, April 22, 2024
KEY HIGHLIGHTS Results Kiatnakin Phatra Bank (KKP TB/HOLD/Bt51.25/Target: Bt55.00) 1Q24: Surprising results; a significant qoq drop in provisioning. Krung Thai Bank (KTB TB/BUY/Bt16.00/Target: Bt19.00) 1Q24: Positive results surprise, more positive on asset quality outlook. Upgrade to BUY with a higher target price of Bt19.00. Krungthai Card (KTC TB/HOLD/Bt42.75/Target: Bt48.00) 1Q24: Results in line with consensus estimate. SCB X (SCB TB/BUY/Bt103.00/Target: Bt128.00) ...
- Jonathan Koh
- Keith Wee Teck Keong
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
ASEAN Banks – ASEAN Banks: Quarterly Update
OVERWEIGHT on Indonesia banks as they offer the highest earnings growth in 2024/25 and benefit from the recent rally in commodity prices. We like Singapore banks for their attractive dividend yields. Our top BUYs are DBS (Target: S$43.25), CIMB (Target: RM7.33), SCB X (Target: Bt130) and BMRI (Target: Rp7,900). We also like OCBC (Target: S$18.15), RHB (Target: RM6.18) and BBNI (Target: Rp6,300) as attractive yield plays.
1023 CIMB GROUP HOLDINGS BHD
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
D05 DBS GROUP HOLDINGS LTD
KTB KRUNG THAI BANK PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
TISCO TISCO FINANCIAL GROUP
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
SCB SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PBBANK PUBLIC BANK BERHAD
RHBBANK RHB BANK BHD
HLFG HONG LEONG FINANCIAL GROUP
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
ABMB ALLIANCE BANK MALAYSIA BHD
ABANK AFFIN BANK BHD
TTB TMBTHANACHART BANK PCL
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
BBYB BANK NEO COMMERCE
BIMB BANK ISLAM MALAYSIA BHD
BTPS BANK TABUNGAN PENSIUNAN NASIONAL SYARIAH TBK PT
MAYBANK MALAYAN BANKING BHD
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