BBL Presentation

COMPANY ANALYSISby Group 3 Financial Industry

MMM SAT 10 - Finance 1Ramkhamhaeng University

1 .. 2487 2.60 31 .. 56 1 4 1,157 8,472 1,142

26 1 13

3

.

()

100%

100%

()

100%

.

100%

. 99.89%

. 75%

. ()100%

4 1. 1157 , ATM 8,470 1,140

2. 26 , 1 . (13 )

3. - - -

4.

//

// ATM&ADM/Call Center/Internet & Mobile Service/ Biz iBanking / Credit-Debit Card & POS

12

Bangkok Bank Berhad 5 Bangkok Bank (China) 4 , , , , ,, , , , ,

/ /

- . - . - . - - () - () - ()

Interest Income, 61.10%

Non-Interest Income, 38.90%

: 91.46

82. 118.53 9.77

(44,53)

55,88

30.317.811.9

1110.66.35.66.5

21.245.89

3.002.502.95

35.58

2557 GDP 0.6 GDP 2556 2.1

2558

- .

-

-

- . 1 4

-

-

-

30

-

- non bank

- M-Pay, Counter Service, 7-11

BBL15.47%

KTB15.46%

SCB14.73%

KBANK12.93%

Other-Domestic

(12)28.97%

Other-Overseas

(14)12.45%

BBL17.12%

KTB17.24%

SCB16.66%

KBANK14.02%

Other-Domestic

(12)28.78%

Other-Overseas

(14)6.18%

BBL15.94%

KTB16.03%

SCB16.15%KBANK

13.31%

Other-Domestic

(12)30.99%

Other-Overseas

(14)7.58%

by Asset

by Deposits by Loans

2

1

3

: 16.18

2.5

1.87

: 10.93 : 10.70

1.71

: 56-1 2556

Trend Analysis

0

5

10

15

20

25

30

2009 2010 2011 2012 2013

BBL

2009 2010 2011 2012 2013BBL EPS 10.88 12.88 14.32 17.3 18.81

%YOY 2.64 18.38 11.18 20.81 8.73KBANK EPS 6.22 8.38 10.12 14.73 17.27

%YOY -2.96 34.73 20.76 45.55 17.24KTB EPS 1.09 1.33 1.52 2 2.43

%YOY -0.91 22.02 14.29 31.58 21.5SCB EPS 6.21 7.12 10.67 11.83 14.78

%YOY -31.23 14.65 49.86 10.87 24.94

BBL 2009

Economic Crisis

Trend Analysis vs

other overseas

KBANK

BBL

KTB

SCBother domestic

0

5

10

15

20

25

30

35

40

20102011

20122013

2014

6.9 7.47.2 7.6

10.31

14.514.2

13.713.3

11.14

16.5 16.816.2

15.9

12.69

17 16.815.9 16

13.67

14.2 15 16 16.2

13.08

3129.8 31 31

39.11 other overseasKBANK

BBL

KTB

SCB

other domestic

Trend Analysis

2010 2011 2012 2013 2014 BBL

1,774,207.00 17.68

1,965,442.00 17.53

2,136,372.00 16.55

2,387,039.00 16.85

2,483,632.00 15.17

KTB 1,640,028.00 16.34

1,842,923.00 16.44

2,138,443.00 16.56

2,361,436.00 16.67

2,531,759.00 15.46

KBANK 1,372,119.00 13.67

1,565,311.00 13.96

1,750,669.00 13.56

2,040,774.00 14.40

2,135,048.00 13.04

SCB 1,254,954.00 12.51

1,601,166.00 14.28

1,915,012.00 14.83

2,308,332.00 16.29

2,335,078.00 14.26

BAY 819,631.00 8.17

863,139.00 7.70

962,575.00 7.46

1,026,782.00 7.25

1,128,519.00 6.89

TCAP 445,220.00 4.44

502,848.00 4.48

864,462.00 6.70

967,549.00 6.83

947,210.00 5.78

TISCO 139,002.00 1.39

189,551.00 1.69

220,203.00 1.71

306,917.00 2.17

307,796.00 1.88

KKP 131,792.00 1.31

175,708.00 1.57

226,690.00 1.76

235,675.00 1.66

241,662.00 1.48

CIMBT 128,578.00 1.28

143,553.00 1.28

175,197.00 1.36

217,801.00 1.54

253,449.00 1.55

LHBANK 54,447.00 0.54

71,280.00 0.64

92,068.00 0.71

134,422.00 0.95

155,486.00 0.95

BBL

Common Size Analysis

2557 F Common-Size 2556 Common-Size 2555 Common-Size to Avg Asset to Avg Asset to Avg Asset

111,220,337 4.38% 100,404,996 3.95% 95,260,285 3.75% 55,048,211 2.17% 44,526,164 1.75% 40,307,641 1.59% 56,172,126 2.21% 55,878,832 2.20% 54,952,644 2.16% 31,319,836 1.23% 28,392,692 1.12% 25,625,078 1.01% 8,386,704 0.33% 7,154,018 0.28% 6,501,662 0.26% 22,933,132 0.90% 21,238,678 0.84% 19,123,416 0.75% 6,779,879 0.27% 5,795,886 0.23% 4,999,579 0.20% 2,798,341 0.11% 2,488,685 0.10% 1,140,301 0.04% 221,740 0.01% 161,824 0.01% 82,697 0.00% 3,290,294 0.13% 2,360,455 0.09% 2,018,795 0.08% 3,096,540 0.12% 2,968,382 0.12% 2,596,623 0.10% 391,067 0.02% 564,683 0.02% 496,551 0.02% 95,683,119 3.77% 91,457,425 3.60% 85,410,606 3.36%

Common Size Analysis2557 F Common-Size 2556 Common-Size 2555 Common-Size to Avg Asset to Avg Asset to Avg Asset

22,383,263 0.88% 20,820,864 0.82% 18,896,676 0.74% 153,623 0.01% 140,354 0.01% 111,988 0.00% 9,376,007 0.37% 8,913,345 0.35% 8,681,573 0.34% 3,400,200 0.13% 3,318,449 0.13% 3,259,778 0.13% 4,001,546 0.16% 4,754,016 0.19% 6,196,339 0.24% 39,314,639 1.55% 37,947,078 1.49% 37,146,354 1.46% 7,263,474 0.29% 8,593,176 0.34% 7,248,420 0.29% 49,105,006 1.93% 44,917,171 1.77% 41,015,832 1.61% 9,821,001 0.39% 8,881,720 0.35% 9,100,284 0.36% 39,284,005 1.55% 36,035,451 1.42% 31,915,548 1.26%

11.51 11.5312.77 12.61 13.03

0

5

10

15

20

25

53 54 55 56 57

ROE BBL

ROE SCB

ROE KBANK

ROE KTB

1.951.68 1.78 1.79

1.87

0

0.5

1

1.5

2

2.5

3

53 54 55 56 57

ROA BBL

ROA SCB

ROA KBANK

ROA KTB

ROA ROE

BBLSCB

KBANKKTB

0

1

2

3

4

5

6

7

53 54 55 56 57

2.992.67

2.33 2.16 2.33

3.3

2.62.13 2.14 2.1

6.1

2.4 2.2 2.1 2.28

5.3

4

3.212.65 2.6 BBL

SCB

KBANK

KTB

KTB KBANK NPL BBL SCB

Name MCap (M) P/E P/BV D/E ROA% ROE% Yield%BBL 379,860 10.6 1.24 7.47 1.78 12.12 3.2

KBANK 504,978 11.7 2.18 8.88 2.66 20.19 1.63

KTB 310,269 9.22 1.44 10.75 1.69 16.52 3.91

SCB 621,148 12.38 2.39 8.66 2.58 20.57 2.87

BAY 296,115 26.71 2.37 8.47 1.32 9.14 1.67

CIMBT 47,652 29.46 2.13 10.87 0.67 7.5 0.43

KKP 34,879 8.82 0.97 6.09 1.86 11.29 6.25

LHBANK 22,674 24.91 1.43 8.64 0.81 6.1 3.19

TCAP 45,362 4.97 0.88 19.06 1.98 18.18 4.48

TISCO 33,226 8.24 1.39 12.89 1.58 18.64 4.79

TMB 124,048 22.46 1.96 11.25 0.88 9.01 1.4

14.15 1.92 9.25 1.99 15.85 2.67

SWOT Analysis

Strengths

Opportunities

Weaknesses

Threats

Helpful Harmful

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STRENGTHS- 1 4 . - - 2.5 1- 1157

- Defensive Stock .

OPPORTUNITIES-

-

- Internet Online

THREATS-

- GDP

- . 30 non-bank

WEAKNESSES- 4-5

-

-

-

2553 11.20 15.35 0.7296

2554 10.88 12.07 0.9014

2555 12.17 18.25 0.6668

2556 9.31 14.60 0.6377

10 57 18.30 = 0.7339

Price - Earnings Ratio

1. Po/E1 =(18.30) (0.7339)= 13.4302

2. E1 = Eo x (1 + g)= 18.81 x ( 1+ 0.1277 ( 1 - 6.5 )

= 20.3622

3. Po = (20.3622)(13.4302)= 273.4684

BBL 10 2557 @ 203 267.94

18.81

SETINDEX Return BBL Price Return DIV SUM53 1032.76 14754 1025.32 -0.72% 153.5 4.42% 3.26% 7.68%55 1391.93 35.76% 195.5 27.36% 3.07% 30.43%56 1298.71 -6.70% 178 -8.95% 3.65% -5.30%

Average 9.447%

Beta = 0.040406/= 0.76516

SET = 0.2298Covariance = 0.040406

Target Price = 228 (by IAA consensus) = 203 DIV = 3.4%R BBL = 3.4% +

= 15.71%

BBL = 0.180876Co Relation = [0.040406/(0.2298)(0.180876)]

= 0.9721

0

2

4

6

8

10

12

14

16

0 0.5 10.7652

E(R)= 15.71%

Beta

E(R) BBL 15.71% Security Market Line

SML