Siam Commercial Bank

Siam Commercial Bank Plc (SCB) 
Still upbeat. SCB's management is still positive about the Thai economy and the bank's outlook. We believe external instability would have little impact on SCB as it has little exposure outside Thailand and boasts a strong balance sheet. Hence, share price weakness is a great buying opportunity, in our view. We maintain our OUTPERFORM call and target price of THB152, still based on 2.8x CY11 P/BV (GGM with 18% ROE, 12.4% COE, 10% growth). Improved market sentiment and strong 3Q11 results could catalyse its share price.