reports
- Tanaporn Visaruthaphong
Bangkok Bank (BBL TB) - 1Q24: Results In Line; Unexpected Rise In Cred...
BBL reported 1Q24 earnings of Bt10.5b (+4% yoy, +19% qoq). The results were in line with our forecasts but below consensus estimates by 5.2%. The credit costs and NPL ratio rose unexpectedly. However, the loan loss coverage ratio remains high to cushion future uncertainties. NIM contracted as expected due to rising funding cost. Maintain HOLD. Target price: Bt155.00.
- Arsit Pamaranont
- Tanaporn Visaruthaphong
Thailand Daily - Friday, April 19, 2024
KEY HIGHLIGHTS Results Bangkok Bank (BBL TB/HOLD/Bt143.50/Target: Bt155.00) 1Q24: Results in line; unexpected rise in credit costs and NPL ratio. Update Bangchak Corporation (BCP TB/BUY/Bt43.75/Target: Bt52.00) Resilient SAF outlook prompts further earnings upgrade.
- Tanaporn Visaruthaphong
Bangkok Bank (BBL TB) - 4Q23: Results In Line; Healthier Asset Quality...
BBL reported 4Q23 earnings of Bt8.8b (+17% yoy, -22% qoq). The results were in line with our forecasts but below consensus estimates by 19%, driven by lower-thanexpected non-II from investment losses. The share price dropped 13% since the asset quality concerns in 3Q23. The concerns have since been priced in. BBL’s asset quality outlook is healthier now. We upgrade to BUY with a higher target price of Bt176.00.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thailand Daily: Friday, January 19, 2024 [Results: BBL TB, Update: MAJ...
KEY HIGHLIGHTS Results Bangkok Bank (BBL TB/BUY/Bt145.00/Target: Bt176.00) 4Q23: Results in line; healthier asset quality outlook. Upgrade to BUY with a higher target price of Bt176.00. Update Major Cineplex (MAJOR TB/BUY/Bt14.50/Target: Bt18.00) 4Q23 results preview: Expect a stellar performance. PTT Global Chemical (PTTGC TB/HOLD/Bt35.25/Target: Bt38.00) 4Q23 results preview: Extraordinary items drive 4Q23 net profit up qoq.
- Kwanchai Atiphophai
Bangkok Bank (BBL TB) - 3Q23: Results Beat; Record-high NPL Formation ...
BBL reported better-than-expected 3Q23 results at Bt8.4b (+48% yoy, flat qoq). The results beat our and consensus estimates by 9% and 8% respectively, driven by higher net interest margin. However, loan growth fell short, non-interest income declined and high NPL formation was recorded. We believe the stock is trading at its fair value. Maintain HOLD. Target price: Bt164.00.
- Benjaphol Suthwanish
- Kwanchai Atiphophai
- Tanaporn Visaruthaphong
Thailand Daily - Friday, October 20, 2023
KEY HIGHLIGHTS Results Bangkok Bank (BBL TB/HOLD/Bt168.50/Target: Bt164.00) 3Q23: Results beat but a record high NPL formation signifies asset quality deterioration. Krung Thai Bank (KTB TB/HOLD/Bt19.30/Target: Bt21.50) 3Q23: Results above our forecasts; improving asset quality. Krungthai Card Plc (KTC TB/BUY/Bt45.75/Target: Bt51.00) 3Q23: Results above our forecasts but in line with consensus estimates. TMBThanachart Bank (TTB TB/HOLD/Bt1.74/Target: Bt1.72) 3Q23: Decent results. Update PTT G...
- Kwanchai Atiphophai
Bangkok Bank (BBL TB) - 2Q23: Results Beat On Non-Core Earnings
BBL posted a better-than-expected 2Q23 net profit of Bt11.3b, up 62% yoy and 12% qoq. The results exceeded our and consensus expectations by 23% and 11% respectively. However, the positive surprise was mainly due to unexpected gains from investment assets. While BBL’s share price has exceeded its pre-COVID-19 level, the bank’s current dividend yield is much lower than its pre-COVID-19 level. Maintain HOLD. Target price increased to Bt164.00.
- Kasemsun Koonnara
- Kwanchai Atiphophai
- Tanaporn Visaruthaphong
Thailand Daily - Friday, July 21, 2023
KEY HIGHLIGHTS Results Bangkok Bank (BBL TB/HOLD/Bt164.00/Target: Bt164.00) 2Q23: Results beat on non-core earnings. Update Supalai (SPALI TB/BUY/Bt21.40/Target: Bt25.80) Expect 2Q23 earnings to decrease 25% yoy but increase 45% qoq. WHA Corporation (WHA TB/HOLD/Bt4.94/Target: Bt5.20) 2Q23 results preview: Anticipate exceptional performance; decelerated growth ahead. Downgrade to HOLD.
- Kwanchai Atiphophai
Bangkok Bank (BBL TB) - 1Q23: Results Beat on Investment Gains
BBL posted a better-than-expected 1Q23 net profit of Bt10.1b, up 42% yoy and 34% qoq. The results exceeded our and consensus expectations by 19% and 11% respectively. However, the positive surprise was mainly due to investment gains, which are highly negatively correlated with bond yields; since Apr 23, bond yields have gone up rapidly. Maintain HOLD. Target price: Bt155.00.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kochakorn Sutaruksanon
- Kwanchai Atiphophai
- Tanaporn Visaruthaphong
Thailand Daily - Friday, April 21, 2023
KEY HIGHLIGHTS Sector Retail Stronger yoy earnings growth in 2Q23. Results Bangkok Bank (BBL TB/HOLD/Bt158.50/Target: Bt155.00) 1Q23: Results beat on investment gains. Update Minor International (MINT TB/BUY/Bt31.50/Target: Bt42.00) Bottom line may not see a breakeven in 1Q23, waiting for a brighter 2Q23. PTT Global Chemical (PTTGC TB/BUY/Bt41.00/Target: Bt50.00) Expect 1Q23 earnings to be low but profitable. Thai Oil PCL (TOP TB/HOLD/Bt49.50/Target: Bt51.00) 1Q23 net profit expected to i...
- Kwanchai Atiphophai
Bangkok Bank (BBL TB) - 4Q22: Disappointing Results
BBL posted a 4Q22 net profit of Bt7.6b, up 20% yoy and flat qoq. The results were below our and consensus expectations by 33% and 14%, mainly due to higher-thanexpected provision expenses and weak non-II. We downgrade our recommendation to HOLD with a lower target price of Bt156.00, owing to a higher credit cost outlook and limited upside gains.
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Kwanchai Atiphophai
Thailand Daily - Friday, January 20, 2023
KEY HIGHLIGHTS Sector Electronics No obvious signs of recovery yet. Results Bangkok Bank (BBL TB/HOLD/Bt154.50/Target: Bt156.00) 4Q22: Disappointing results. Downgrade to HOLD. Update Thai Union Group (TU TB/BUY/Bt16.50/Target: Bt23.00) Most negative factors priced in.
- Kwanchai Atiphophai
Bangkok Bank (BBL TB) - 3Q22: Results Miss On Higher-than-expected Pro...
BBL posted a 3Q22 net profit of Bt7.7b (+11% yoy, +10% qoq). The results are below our expectation by 7% due to higher-than-expected provision expenses. Aside from the high credit cost, BBL’s performance improved in all aspects. Furthermore, the bank is a prime beneficiary of the upcoming rate hikes by the BOT. Maintain BUY. Target price: Bt168.00.
- Chaiwat Arsirawichai
- Kwanchai Atiphophai
Thailand Daily - Friday, October 21, 2022
KEY HIGHLIGHTS Sector Electronics 3Q22 results preview: Expect electronic companies to post softer earnings. Results Bangkok Bank (BBL TB/BUY/Bt132.00/Target: Bt159.00) 3Q22: Results miss on higher-than-expected provision expenses. TMBThanachart Bank (TTB TB/BUY/Bt1.24/Target: Bt1.57) 3Q22: Results beat expectations.
- Kwanchai Atiphophai
Bangkok Bank (BBL TB) - 2Q22: Good Performance Despite An Earnings Mis...
BBL reported a 2Q22 net profit of Bt7b (+10% yoy, -2% qoq). The results are below our expectation by 7% due to the higher-than-expected provision expenses. Nevertheless, core business performance remains solid. We expect BBL’s earnings growth to accelerate in 2H22, driven by better economic conditions. Maintain BUY. Target price: Bt162.00.
- Kwanchai Atiphophai
- Waritthorn Kaewmuang
Thailand Daily - Monday, July 25, 2022
KEY HIGHLIGHTS Results Bangkok Bank (BBL TB/BUY/Bt131.50/Target: Bt162.00) 2Q22: Good performance despite an earnings miss. Krung Thai Bank (KTB TB/HOLD/Bt15.50/Target: Bt16.90) 2Q22: Results beat on lower-than-expected credit cost. Update Plan B Media (PLANB TB/BUY/Bt6.10/Target: Bt7.90) 2Q22 results preview: Small improvement as OOH activities picked up. VGI (VGI TB/BUY/Bt4.34/Target: Bt5.40) 1QFY23 results preview: Narrower loss amid recovery stagnation.
- Kwanchai Atiphophai
Bangkok Bank (BBL TB) - 4Q21: Strong yoy Improvement
BBL reported a 4Q21 net profit of Bt6.3b (-9% qoq but +164% yoy). The strong yoy growth was due to the improvement in all core business operations. Looking forward, we expect BBL’s 2022 earnings to grow 17% yoy, driven by a decent loan growth, lower provisioning, and well-controlled operating expenses. Maintain BUY. Target price: Bt159.00.
- Kampon Akaravarinchai
- Kwanchai Atiphophai
- Peerawat Dentananan
Thailand Daily - Friday, January 21, 2022
KEY HIGHLIGHTS Initiate Coverage ONEE (Thailand) (ONEE TB/BUY/Bt11.10/Target: Bt12.60) Fully-integrated and diverse content creator. Results Bangkok Bank (BBL TB/BUY/Bt132.00/Target: Bt159.00) 4Q21: Strong yoy improvement. Update Charoen Pokphand Foods (CPF TB/BUY/Bt25.25/Target: Bt31.00) 2022 will be an exciting year for CPF.
- Kwanchai Atiphophai
- Tanadech Rungsrithananon
Bangkok Bank (BBL TB) - 3Q21: Earnings Exceeded Our Expectations
BBL’s 3Q21 earnings exceeded our expectations, increasing yoy and qoq. Loan quality was relatively stable with a high coverage ratio against NPLs. BBL’s earnings growth is expected to outperform peer banks with an expected rise of 41% yoy in 2021 and a continued increase of 15% yoy in 2022. Valuation is undemanding as the stock is trading at 0.5x 2022F P/B or -15SD below its historical mean (2016-19). Maintain BUY. Target price: Bt154.00.
- Kwanchai Atiphophai
- Tanadech Rungsrithananon
Thailand Daily - Monday, October 25, 2021
KEY HIGHLIGHTS Results Bangkok Bank (BBL TB/BUY/Bt122.00/Target: Bt154.00) 3Q21: Earnings exceeded our expectations. Kasikorn Bank (KBANK TB/BUY/Bt141.50/Target: Bt172.00) 3Q21: Headed for positive growth. Siam Commercial Bank (SCB TB/BUY/Bt124.00/Target: Bt133.00) 3Q21: Earnings were higher than expectations.
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