Report by Galliano's Financials Research
Post 4Q22 results, Victor Galliano screens 6 large / mid-cap Thai banks to identify those that are attractive value, have good earnings growth prospects and have the potential to deliver sustainably higher returns going forward. KTB is Victor’s preferred pick; it ranks top in terms of post-provision profitability, as well as screening well on NPL coverage and valuations, including its low PEG ratio. He also likes Bank of Ayudhya, with its strong pre and post-provision profitability in 4Q22, and strong credit quality metrics. In the wake of its poor results (due to its very high cost of risk), Kasikornbank should continue to be avoided.