Thanakorn Kosinlsuk

Bualuang Securities

Equity Research Analyst @ Bualuang Securities

Thanakorn is an Equity Analyst covering Bank and Finance stocks in Thailand. He has two years of full-time professional experience in equity research and seven years in corporate finance. He holds an MSc in Financial Investment and Risk Management from the National Institute of Development Administration.

Thanakorn Kosinlsuk
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Latest from Thanakorn Kosinlsuk

Thailand: Finance - Lending driving YoY earnings growth, 4Q22 through 2023

4Q22 earnings projected to rise 18% YoY (flattish QoQ). Ongoing lending and non-NII growth in 2023. Recommendations under base-case scenario.
Bualuang Securities Poramet
Poramet Tongbua @ Bualuang Securities 3 February 2023

TMBThanachart Bank: Every 10bps that NIM fattens boosts earnings by Bt1bn

Much the same risk but higher returns. Lower YoY credit-cost peg for 2023. New fair value and recommendation.
Bualuang Securities Poramet
Poramet Tongbua @ Bualuang Securities 30 January 2023

Srisawad Corp PCL: JUST HOLD IT.

Solid 2023 loan growth outlook. Flattish NIM, despite higher funding costs. NPLs/loans ratio set to rise, but cost/income ratio should decline.
Bualuang Securities Poramet
Poramet Tongbua @ Bualuang Securities 26 January 2023

Thailand: Banks – Robust earnings growth ahead

4Q22 aggregate profit missed our estimate. Aggregate lending rose 2.6% YoY but dipped 0.6% QoQ. NPLs down 5.0% YoY, but credit-cost peg up 15bps YoY.
Bualuang Securities Poramet
Poramet Tongbua @ Bualuang Securities 25 January 2023

Krung Thai Bank PCL: Profit in line with our model

Result was in line with our expectation. KTB posted 4Q22 earnings of Bt8.1bn. 4Q22 lending declined 0.7% QoQ.
Bualuang Securities Poramet
Poramet Tongbua @ Bualuang Securities 23 January 2023

Siam Commercial Bank PCL/The: Deep profit miss! Lower non-NII than assumed

Result was 29% below our expectation. SCB reported 4Q22 earnings of Bt7.1bn. Lending rose 1.3% QoQ during 4Q22.
Bualuang Securities Poramet
Poramet Tongbua @ Bualuang Securities 23 January 2023

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