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【出版时间及名称】：2010年2月泰国银行业研究报告
【作者】：瑞士信贷
【文件格式】：pdf
【页数】：60
【目录或简介】：
Thai banks are becoming models for universal banking with dominant
positions in almost every area of financial services. Thai banks are
posting strong market share gains in the most rapidly growing segments of
financial services. The gains are generating Asia’s second-fastest fee
income growth and giving Thai banks the highest fee income-to-operating
income ratios in the region. Continued market share gains and low
penetration rates in key areas – insurance, asset management, credit cards
and capital markets – should keep fee income growth high for at least two to
three more years.
■
The market has yet to appreciate the implications for EPS and
multiples of surging fee income. Markets continue to give excessive
attention to Thai banks’ mediocre loan growth, failing to recognise that rapid
fee income expansion is delivering solid top-line growth. We believe that
banks relying more on fee income than interest income face lower NPL risk,
enjoy superior earnings stability and register better ROE expansion. On that
basis, Thai banks deserve a rerating relative both to historical levels and to
regional peers due to high and rising fee income contributions, in our view.
We believe that improving transparency on fee income by banks can act as
a catalyst for a rerating.
■
We consider KBANK and SCB as the premier fee income banks, with a
slight edge to KBANK. Both have strong retail banking cultures, high levels
of existing fee income and strong fee income growth prospects going
forward. They also are trading at the low end of historical ranges and have
EPS growth for 2010-11E ranging from 21% to 33%. We consider the two as
high-conviction OUTPERFORMs.
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