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新萄京娱乐appThailand Banks:April loans,Increased growth momentum

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1、泰国盘谷银行 Bangkok Bank

Loans grew by 0.4% m-o-m. The six Thai banks under our coverage have
released theirrespective April balance sheet data (Figure 1). Loans grew
by 0.4% m-o-m, driven bygrowth coming from businesses (corporate and
SME). In terms of momentum, itaccelerated versus March, based on April’s
y-o-y growth rate of 3%, which is slightlybelow our full-year estimate
of 4-5%.

新萄京娱乐app 1

新萄京娱乐app,    Loans at Bank of Ayudhya (BAY TB, Hold) and Kasikornbank (KBANK TB,
Hold)expanded the most. BAY and KBANK saw the largest loan expansion at
1.4% and0.7%, respectively. For BAY, growth was driven by local
corporates, autos andmortgages; for KBANK, loans grew mostly from
corporates. Consumer loans were eitherstable or saw a mild contraction
m-o-m.

泰王国盘谷银行(Bangkok
Bank)是一家泰王国际商业信贷银行当银行。它在泰王国具有当先1000家子公司,在东南亚国家联盟首要经济国家的十二个经济体具有二十七个国际分支机构或代表处,还包涵在马拉西亚和中夏族民共和国全资从属公司。泰国盘谷银行在London和London也存有分行。

    Liquidity was stable. The loan-to-deposit ratio (LDR) in April was
stable m-o-m at 95%.

 

    The deposit base increased for all banks, except Siam Commercial
(SCB). Bangkok Bank(BBL) saw the largest deposit inflow (+2.0% m-o-m),
primarily from CASA deposits, whileSCB saw a deposit outflow (-0.8%
m-o-m). Overall, deposit growth of 1.0% m-o-m wasdriven by CASA
deposits, along with a slight or no expansion from fixed deposits.

2、泰京银行 Krung Thai Bank

    Momentum picked up; further pick-up expected in 2H17e. Loans grew by
0.2ppt inApril over March, and we expect the momentum to pick up further
in 2H17e, supported bya stable macro outlook (HSBC’s 2017e GDP forecast
of 3.2% versus actual GDP growthof 3.2% in 2016). In addition, the
sector is currently trading at a 1.1x PB 2017e (10x2017e PE) versus a
ROE of 12%, which is not expensive, in our view. We believedownside
risks look fairly limited, given the ongoing stability in the economy,
and PBTROA continues to expand from 1.73% in 2016 to 2.00% by 2019e. The
key catalyst isimproving macro indicators, which will help to stabilise
asset quality. Our preferred bank inthe sector is Krung Thai (KTB TB,
Buy), which we see as the biggest beneficiary ofpeaking non-performing
loans (NPLs) and infrastructure projects.

新萄京娱乐app 2

泰京银行(Krung Thai
Bank)是一家由泰国财政事务厅发表证件照的泰王国国有银行。它于壹玖柒零年一月11日登记创设的银行,它是经过民生银行股份有限集团和Mondhon
有限企银合并而成,泰王国政坛是其主要性法人代表。归总后的银行命名称叫泰京银行有限公司。归并后,泰京银行成为一家大型银行和具有完美的财务意况,以致更广泛的服务和银行业务。

 

3、泰国商银 Siam Commercial
Bank

新萄京娱乐app 3

泰王国商业银行(Siam Commercial
Bank)是天底下超过的全能银企和泰国股票总值最高、具有分行和自动储蓄机最多的银行。自成立以来,它已大大改观了泰王国连发变动和角逐日益激烈的金融服务领域。

 

4、泰华乡里人银行 Kasikornbank

新萄京娱乐app 4

泰华村民银行(Kasikornbank)是一家泰王国积贮所。其前身为1944年一月8日确立的泰王国村里人银行。它由Choti
Lamsam以500万新币注册资本创办的。自壹玖柒玖年的话,泰华村民银行已在泰国证券交易所上市。

 

5、大城银行 Bank of Ayudhya

新萄京娱乐app 5

大城银行(Bank of
Ayudhya)是泰国最大的商业贸易银行之一。它看成生意银行早就经营超越60年。总行坐落于拉玛三路,大城银行并于1997年11月二19日规范重新开放运转。大城银行继续增加分行数目,以把劳动扩展到偏远地区。

 

6、泰王国军士银行 TMB Bank

新萄京娱乐app 6

泰王国军官银行(TMB
Bank)是泰王国最大的零售银行之一。它于壹玖捌伍年六月二十一日在泰王国际联盟交所上市。开始,创立泰王国军官银行是为泰国军士和她们的老小提供金融服务,不过透过悠久长的头发展已扩充到为具备的客户提供劳动。

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