汇丰银行-东盟议程-fast and furious asean agenda-20170717-hsbc

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1、17July2017FastandfuriousEQUITYSTRATEGYASEANASEANAgendaFromthereportspublishedintheweekending14July2017,wehighlightXiushiCai’sIsmaelPili*previewoftheThaibanks’2Q17reportingseason.Theresultsareslatedthisweek,HeadofASEANandSouthAsiaEquityResearchandwillcomefastandfurious,

2、withourexpectationsofanetprofitcontractiondrivenbyTheHongkongandShanghaiBankingCorporationLimited,SingaporeBranchlowermargins,higherexpenses,andhigherprovisions,thoughpartiallyoffsetbyismael.pili@hsbc.com.sgstrongerloangrowthandbetternon-interestincome.Theanalystexpectspre

3、ferred+6566580606picksKrungThaiBankandBangkokBanktofacetheleastcontractioninthequarter,HeraldvanderLinde*HeadofEquityStrategy,AsiaPacificwhichcoulddrivetheindividualbanks’sharepricespostresults.TheHongkongandShanghaiBankingCorporationLimitedheraldvanderlinde@hsbc.com.hkSta

4、yingwithThailand,wehaveanupdatenotefromAngelaTayonBECWorld,+85229966575wherethelatestadvertisingexpenditurenumber(YTD-June2017)showsafasterrateAngelaTay*ofdeclinethatisnotexpectedtoimproveinthesecondhalfandisthussupportiveofAnalyst,ASEANTMTTheHongkongandShanghaiBankingCorp

5、orationourReducerating,inourview.WethinktheYTDoutperformanceofthecompany’sLimited,SingaporeBranchsharepricemaybelessrelatedtofundamentalreasons.angela.h.y.tay@hsbc.com.sg+6566580612Intermsofw-o-wmarketperformance,thePhilippines(+1.8%)andSingaporeXiushiCai*(+0.5%)postedtheh

6、ighestgainswhileIndonesialagged(-0.3%).IntermsofequityBanksAnalystTheHongkongandShanghaiBankingCorporationflows,Singaporehadthehighestinflowslastweekat0.27%ofAUM.Limited,SingaporeBranchxiushicai@hsbc.com.sgBECWorld(BECTB)–Reduce:Nosignofrecovery(12Jul17)AngelaTay*+65665806

7、17Weak1H2017;outlookforsecondhalfnotlookinganybetter.BECWorldseemsunlikelytoseeanygrowththisyearmarket*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc,andisnotregistered/qualifiedpursuanttoFINRAregulations.ThailandBanks–2Q17epreview:MildQoQearningscontraction(07Jul17)X

8、iushiCai*NPcontractiondrivenbyNIMcompressionandhigheropex.NPLswillstillrise,leadingtohig