Financials

Report by Creative Portfolios

TTB’s PH Score™ of 9.45 (out of 10) is indicative of superior relative returns going forward. The Thai bank has seen improvements across all key variables - in Profitability, in Capitalisation, in Margin/Spread, in Asset Quality, in Provisioning and in Liquidity. The shares trade on a PBV and FV of 0.64x and 10%, respectively. The Earnings Yield utilised in Paul Hollingworth’s Score stands at 11.0%. The Dividend Yield is 4.9%. The Total Return Ratio stands at 1x. Re. technical momentum, the shares show some traction - as do Krung Thai Bank and Bangkok Bank which Paul also rates relative to other EM banks.

Financials

Report by Creative Portfolios

Good work on costs with a rock-solid balance sheet - Paul Hollingworth sees upside to management's very conservative guidance. He highlights positive changes in Profitability, Efficiency, Liquidity, Asset Quality, and in Provisioning. He notes that Earnings Quality could be better but believes the bank may be materially understating its bottom-line given that Comprehensive Income is well in excess of Net Profit. The shares currently trade at a FV of 9% and a P/B of 0.56x. BBL also has a PH Score™ of 8.3 - the highest Score in Thailand.