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Thanachart Capital ... T-CAP ... Analysis


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Thanachart Capital ... T-CAP ... Analysis

Just sharing the research I received from the Broker ...

We maintain BUY and the 14E target price of Bt41/share,
implying target P/BV of 1.0x. Our BUY rating is
underpinned mainly by its cheap valuation with 2014F P/BV
of just 0.8x (vs. the sector average P/BV of ~1.5x), which
could limit the downside risk to its share price.
Moreover,this should largely price in the market’s concern over NPL
risk and the colorless outlook in the auto hire purchase
business.
Therefore, we reaffirm our preference of largebanks (KBANK and BBL)
over mid-to-small banks.
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