Recommendations
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Bualuang Securities
24 Nov 2023
Thailand: Bank - Loans declined in Oct, but should rise materially by YE23
Aggregate net loans slipped MoM at end-Oct 2023. Modest downside risk to our 2023 Bank loan growth assumption …. …but only limited risk to our coverage profit forecast.
Bualuang Securities
24 Oct 2023
Bangkok Bank PCL: Profit beat! NIM and OPEX better than assumed
Earnings were 6% above our estimate. BBL reported a 3Q23 profit of Bt11.4bn. Lending at end-Sep 2023 totaled Bt2.7trn.
Bualuang Securities
24 Oct 2023
Thailand: Bank - Strong 4Q23 outlook; attractive valuations
3Q23 aggregate profit in line with our estimate. Asset quality remains strong. 4Q23 aggregate NPAT likely to rise 32% YoY but slide 14% QoQ.
Bualuang Securities
25 Sep 2023
Thailand: Bank - Loans rose 0.8% MoM at end-August
Aggregate net loans increased MoM at end-August 2023. Downside risk to loan growth for KBANK, KKP, KTB, and TTB …. …but effect likely to be offset by fatter NIMs.
Bualuang Securities
14 Sep 2023
Thailand: Bank - Potential upside from govt stimulus
Economic recovery to benefit Bank coverage through 2024. Bull-case scenario much more likely than bear-case for big banks. Valuations are cheap; top picks are BBL and SCB.
Bualuang Securities
25 Aug 2023
Thailand: Bank - Loans slipped 0.8% MoM at end-July
Aggregate net loans declined MoM at end-July 2023. 3Q23 aggregate earnings should rise 11% YoY but dive 5% QoQ. BBL, TTB, KBANK, and SCB to lead 2023 profit growth.
Bualuang Securities
25 Jul 2023
Thailand: Bank - Solid growth profiles, cheap valuation metrics
2Q23 aggregate profit beat our estimate. Asset quality remains good. 3Q23 aggregate earnings should rise 11% YoY but decline 5% QoQ.
Bualuang Securities
21 Jul 2023
Bangkok Bank PCL: Profit beat! Bigger gains on financial instruments than assumed
Earnings were 7% above our estimate. BBL reported a 2Q23 profit of Bt11.3bn. Total non-NII was Bt11.0bn, down 4% YoY but up 9% QoQ.
Bualuang Securities
11 Jul 2023
Thailand banks: Potential upside for big banks
Big banks have more scope for earnings upside than smaller banks. Bull-case scenario more likely than bear-case for big banks. Not much scope for upside or downside among smaller banks.
Bualuang Securities
5 Jul 2023
Thailand: Bank - Solid 2Q-3Q23 profit growth profiles
Solid YoY profit growth expected, driven by NIM expansion. BBL, TTB, and KTB the 2Q23 growth leaders. BBL, KTB, and TTB also expected to post strong growth for 3Q23.
Bualuang Securities
22 Jun 2023
Thailand: Bank - Time to pile into the Bank sector!
Brighter outlook for 2023-25. A new CAPEX cycle and NIM expansion. Good asset quality, so LLPs should ease in 2H23.
Bualuang Securities
21 Feb 2023
Bangkok Bank PCL: Key takeaways from BBL luncheon
Corporate, retail, and ex-Thailand business will drive lending growth. NIM to fatten. Improving asset quality and lighter LLPs.
Bualuang Securities
25 Jan 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
20 Jan 2023
Bangkok Bank PCL: Profit miss! Losses on financial instruments
Earnings were 20% below our expectation. BBL reported a 4Q22 profit of Bt7.6bn. The loan portfolio at YE22 was down 4.1% QoQ.
Bualuang Securities
10 Jan 2023
Thailand: Banks – Let profits run
4Q22 earnings projected to rise 25% YoY (flattish QoQ). KTB and BBL should post strongest YoY profit growth for 4Q22. Bottom-line expansion in 2023.
Bualuang Securities
22 Dec 2022
Thailand: Bank - Loans dipped 0.77% MoM in November
BBL, BAY, and KBANK led MoM lending decline for November. Lending and deposit rate rises ahead. 4Q22 earnings projected to rise 25% YoY (flattish QoQ).
Bualuang Securities
16 Nov 2022
Bangkok Bank PCL: BBL’s turn—ready to shine!
Loan growth to continue. NIM—ready to fly. Improving asset quality and lighter LLPs.
Bualuang Securities
26 Oct 2022
Thailand: Bank - Robust earnings growth with cheap valuations for 2022-23
3Q22 aggregate profit beat our estimate. NPLs down by 4.7% QoQ. 4Q22 coverage earnings should rise 25% YoY (flattish QoQ).
Bualuang Securities
21 Oct 2022
Bangkok Bank PCL: Earnings in line with our projection
Result was in line with our expectation. BBL reported a 3Q22 profit of Bt7.7bn. The loan portfolio at end-Sep 2022 was up 5.4% QoQ.
Bualuang Securities
6 Oct 2022
Thailand: Bank - Strong lending growth outlooks; solid financial positions
3Q22 earnings projected to rise 21% YoY but dip 3% QoQ. Profit forecast upgrades for 2023, led by higher lending rates. High Bank coverage Capital Adequacy Ratio.
Bualuang Securities
23 Sep 2022
Thailand: Bank - Loans grew 0.27% MoM in August
BBL, KKP, and TISCO topped lending growth for August. Lending and deposit rate rises ahead. 3Q22 earnings projected to rise 21% YoY but dip 3% QoQ.
Bualuang Securities
25 Aug 2022
Thailand: Bank - Loans grew 0.5% MoM in July
BBL, KBANK, and KKP topped lending growth for July. 3Q22 earnings projected to rise 21% YoY but dip 3% QoQ. 2022 Bank coverage earnings projected to rise 14% YoY.
Bualuang Securities
9 Aug 2022
Thailand: Bank - Scope for upside from interest rate rise
Bualuang Securities
25 Jul 2022
Thailand: Bank - Asset quality—well begun is half done!
Bualuang Securities
22 Jul 2022
Bangkok Bank PCL: Profit miss! Heavier OPEX and LLPs than assumed
Overview
Location
Thailand
Region
Global
Sector
Financials
Bangkok Bank Public Company Limited provides various banking and financial services including commercial, consumer, credit card, and mortgage lending, international trade financing, investment banking, and securities services.