By The Nation
In morning trade at the Stock Exchange of Thailand (SET), the price of TMB shares rose by 3.74 per cent or Bt0.04 to Bt1.11 per share; Bangkok Bank (BBL) rose by 2.54 per cent or Bt2.50 to Bt101, Kiatnakin Bank (KKP) rose by 2.42 per cent or Bt1 to Bt42.25, and Bank of Ayudhya (BAY) rose by 2.31 per cent or Bt0.50 to Bt22.10.
Nuttachart said investors have started buying stocks in banks because the price has dropped by 37 per cent, followed by property stocks, which have dropped by 19 per cent.
“We advise investors to buy bank stocks because the price is cheap and its price-to-book-value ratio is 0.45 times,” he said.
He specifically recommended investors to buy BBL stocks as the company can reserve debt of up to 200 per cent and most of its customers are large companies.
“Many companies are borrowing from banks as they are finding it difficult to raise funds in the bond market,” he added. “We expect BBL stocks in the next 12 months to rise to Bt158 per share.”