Bualuang Securities
Bualuang Securities

Bualuang Securities

Coverage: Thailand
Bualuang Securities is a subsidiary of Bangkok Bank and is one of the leading securities companies in Thailand. Bualuang Securities provides a full range of securities services including securities and derivatives brokerage and investment banking.
Location: Thailand
Articles by this channel are only available to clients of Bualuang.
Have an account? Log in

Latest articles from Bualuang Securities

Equity Analysis / Thailand

Thailand (Bualuang) Residential Property: Uneven recovery; AP leads pack

Aggregate 3Q20 ResProp coverage presales of Bt47.6bn are expected (73% low-rise, 27% condo), down by 1% YoY and 16% QoQ. Low-rise presales (Bt34.9bn) should rise 18% YoY, but slide 16% QoQ (a record of Bt41.7bn was set by 2Q20). Only AP may sustain r...
Bualuang Securities Narumon Ekasamut
Narumon Ekasamut @ Bualuang Securities 22 October 2020
Equity Analysis / Thailand

Lighter LLPs ahead—time for bottom-fishing

At end-Sep 2020, SCB’s loan portfolio was up 2.7% YTD—corporate business by 5.5% YTD and SME lending by 3.2% YTD. We expect 2020 loan growth of 4% (in line with management guidance of 3-5% growth), driven by corporate business (which is generally saf...
Bualuang Securities Suwat Bumrungchatudom
Suwat Bumrungchatudom @ Bualuang Securities 22 October 2020
Equity Analysis / Thailand

Result beat; lower OPEX than modeled

BAY reported a 3Q20 profit of Bt6.1bn, down by 7% YoY and 6% QoQ. The result was 15% above theBloombergconsensus and 22% over our forecast, due mainly to lighter OPEX than modeled. The bank set 3Q20 OPEX of Bt11.3bn; we had assumed Bt12.5bn. Pre-prov...
Bualuang Securities Suwat Bumrungchatudom
Suwat Bumrungchatudom @ Bualuang Securities 22 October 2020
Earnings Report / Thailand

Deep miss, due to heavy LLPs

Profit was 45% below our forecast. KTB posted 3Q20 earnings of Bt3.1bn. 9M20 earnings dived 39% YoY to Bt13.3bn.
Bualuang Securities Suwat Bumrungchatudom
Suwat Bumrungchatudom @ Bualuang Securities 22 October 2020
Equity Analysis / Thailand

Starting the NEXT innovation chapter (with power biz as back-up)

BPP’s portfolio contains operating power projects—both thermal and renewable power plants—totaling 2.8GWe, located in Thailand, Laos, China, and Vietnam. Those assets have good track records of resilient performances and cashflows, secured by long-te...
Bualuang Securities Kijapat Wongmetta
Kijapat Wongmetta @ Bualuang Securities 21 October 2020
Earnings Report / Thailand

Earnings miss; heavy LLPs

SCB reported a 3Q20 bottom-line of Bt4.6bn, down by 69% YoY and 44% QoQ. The result was 29% below our projection and 27% shy of the Bloomberg consensus, due to much heavier loan loss provisioning than modeled. SCB set 3Q20 LLPs of Bt13bn; we had assu...
Bualuang Securities Suwat Bumrungchatudom
Suwat Bumrungchatudom @ Bualuang Securities 21 October 2020