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TH : Strategy - No quarantine for tourists from 46 countries from 1 Nov

Thai government last night (21 Oct) announced a list of 46 low-risk countries from where travellers can fly into Thailand with no quarantine from 1 Nov 2021. We believe consumer confidence should improve on the back of this news. As such, we prefer....
CGS-CIMB Kasem
Kasem Prunratanamala @ CGS-CIMB 22 October 2021

TH : Netbay - Higher tax to hinder 3Q21F performance

We forecast 3Q21F core net profit of THB36.9m (-6.4% yoy, -5.3% qoq), dragged down by an increase in tax rate to 20%. We expect higher revenue qoq in 3Q21F and 4Q21F. Reiterate Hold as the counter lacks near-term catalysts. Our unchanged TP of THB....
CGS-CIMB Wasu
Wasu Mattanapotchanart @ CGS-CIMB 21 October 2021

TH : Property Development - BOT relaxes LTV rule for mortgages

BOT has relaxed LTV regulations from 70-90% to 100% for all new mortgage loan contracts signed from 20 Oct 2021 to 31 Dec 2022. The main beneficiaries are developers in mid-to-low end segments and developers with high backlog on hand. In our view,.....
CGS-CIMB Pornthipa
Pornthipa Rayabsangduan @ CGS-CIMB 21 October 2021

TH : Minor International - Tourism recovery priced in

We expect NHH to report a €21m net recurring loss for 3Q21F vs. a net recurring loss of €50.9m in 2Q21. Meanwhile, we expect MINT to report a THB3.4bn net loss for 3Q21F vs. a net loss of THB6bn in 3Q20 and THB4.3bn in 2Q21. We reiterate Reduce wi....
CGS-CIMB Kasem
Kasem Prunratanamala @ CGS-CIMB 21 October 2021

Krung Thai Bank PCL: Profit beat; lighter LLPs than modeled

Bualuang Securities Poramet
Poramet Tongbua @ Bualuang Securities 21 October 2021

Bank of Ayudhya PCL: Big beat! Lighter LLPs

Earnings were 48% above our expectation. BAY posted a 3Q21 profit of Bt6.4bn. 3Q21 lending increased 1.8% QoQ.
Bualuang Securities Poramet
Poramet Tongbua @ Bualuang Securities 21 October 2021