DB:XBLA

Stock Analysis Report

Bangkok Life Assurance

Executive Summary

Bangkok Life Assurance Public Company Limited, together with its subsidiaries, provides life insurance services to individuals and corporates in Thailand.


Snowflake Analysis

Very undervalued established dividend payer.

Share Price & News

How has Bangkok Life Assurance's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: XBLA's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

3.6%

XBLA

-3.8%

DE Insurance

-0.6%

DE Market


1 Year Return

-62.8%

XBLA

-22.7%

DE Insurance

-20.9%

DE Market

Return vs Industry: XBLA underperformed the German Insurance industry which returned -22.7% over the past year.

Return vs Market: XBLA underperformed the German Market which returned -20.9% over the past year.


Shareholder returns

XBLAIndustryMarket
7 Day3.6%-3.8%-0.6%
30 Day-41.8%-25.9%-20.0%
90 Day-51.7%-31.8%-26.3%
1 Year-61.6%-62.8%-19.3%-22.7%-18.6%-20.9%
3 Year-76.5%-78.0%3.9%-8.6%-19.0%-25.8%
5 Year-77.5%-79.6%13.7%-9.0%-21.1%-31.8%

Price Volatility Vs. Market

How volatile is Bangkok Life Assurance's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Bangkok Life Assurance undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: XBLA (€0.29) is trading below our estimate of fair value (€1.43)

Significantly Below Fair Value: XBLA is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: XBLA is good value based on its PE Ratio (4.7x) compared to the Insurance industry average (9x).

PE vs Market: XBLA is good value based on its PE Ratio (4.7x) compared to the German market (16.6x).


Price to Earnings Growth Ratio

PEG Ratio: XBLA is good value based on its PEG Ratio (0.5x)


Price to Book Ratio

PB vs Industry: XBLA is good value based on its PB Ratio (0.5x) compared to the DE Insurance industry average (0.8x).


Next Steps

Future Growth

How is Bangkok Life Assurance forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

8.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: XBLA's forecast earnings growth (8.7% per year) is above the savings rate (-0.4%).

Earnings vs Market: XBLA's earnings (8.7% per year) are forecast to grow slower than the German market (14.1% per year).

High Growth Earnings: XBLA's earnings are forecast to grow, but not significantly.

Revenue vs Market: XBLA's revenue (3.2% per year) is forecast to grow slower than the German market (3.9% per year).

High Growth Revenue: XBLA's revenue (3.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: XBLA's Return on Equity is forecast to be low in 3 years time (10.5%).


Next Steps

Past Performance

How has Bangkok Life Assurance performed over the past 5 years?

9.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: XBLA has high quality earnings.

Growing Profit Margin: XBLA's current net profit margins (9%) are lower than last year (9.3%).


Past Earnings Growth Analysis

Earnings Trend: XBLA's earnings have grown by 9.3% per year over the past 5 years.

Accelerating Growth: XBLA's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: XBLA had negative earnings growth (-11.9%) over the past year, making it difficult to compare to the Insurance industry average (17.9%).


Return on Equity

High ROE: XBLA's Return on Equity (9.9%) is considered low.


Next Steps

Financial Health

How is Bangkok Life Assurance's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: XBLA has a low level of unsold assets or inventory.

Debt Coverage by Assets: Insufficient data to determine if XBLA's debt is covered by short term assets.


Financial Institutions Analysis

Asset Level: XBLA's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if XBLA has a sufficient allowance for bad loans.

Low Risk Liabilities: XBLA reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if XBLA has an acceptable proportion of non-loan assets held.

Low Risk Deposits: XBLA has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if XBLA has an appropriate level of bad loans.


Next Steps

Dividend

What is Bangkok Life Assurance's current dividend yield, its reliability and sustainability?

5.33%

Current Dividend Yield


Upcoming Dividend Payment


Dividend Yield vs Market

Notable Dividend: XBLA's dividend (5.33%) is higher than the bottom 25% of dividend payers in the German market (1.71%).

High Dividend: XBLA's dividend (5.33%) is in the top 25% of dividend payers in the German market (4.85%)


Stability and Growth of Payments

Stable Dividend: XBLA's dividend payments have been volatile in the past 10 years.

Growing Dividend: XBLA's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (25.3%), XBLA's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: XBLA's dividends in 3 years are forecast to be well covered by earnings (24% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

1.7yrs

Average management tenure


CEO

M. L. Sukhasvasti (62yo)

1.67s

Tenure

Mr. M. L. Jiraseth Sukhasvasti serves as CEO, President & Executive Director at Bangkok Life Assurance PCL since August 06, 2018. 


Leadership Team

NamePositionTenureCompensationOwnership
M. L. Sukhasvasti
CEO, President & Executive Director1.67yrsno datano data
Sanor Thampipattanakul
Senior EVP1.75yrsno data0.0067% ฿39.1k
Oranuch Samranrit
Executive VP of Life Operation Division & Member of Management Boardno datano datano data
Jaruwan Limkhunthammo
Executive VP of Accounting & Finance Division and Member of Management Boardno datano datano data
Anucha Pingkarawat
Executive VP of Agency Division & Member of Management Boardno datano datano data
Sirinart Wongcharoensathit
Senior VP of Information Technology Division & Member of Management Boardno datano datano data
Apipong Pongsawapark
EVP of Bancassurance Division & Acting Unit Linked Business Section and Member of Mgmt Boardno datano datano data
Chollada Sophonpanich
Executive VP of Investment Division & Director2.33yrsno data0.0064% ฿37.4k
Thitaree Boonsathienwong
Investment Relationsno datano datano data
Komsorn Chonsuvanava
Senior Vice President of Legal Officeno datano datano data

1.7yrs

Average Tenure

54.5yo

Average Age

Experienced Management: XBLA's management team is not considered experienced ( 1.7 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
M. L. Sukhasvasti
CEO, President & Executive Director1.67yrsno datano data
Chollada Sophonpanich
Executive VP of Investment Division & Director2.33yrsno data0.0064% ฿37.4k
Deja Tulananda
no datano datano data
Sunthorn Arunanondchai
Independent Director44.25yrs฿1.69m0.84% ฿4.9m
Siri Ganjarerndee
Independent Chairman of the Board2.08yrs฿2.94mno data
Praphant Asava-aree
Independent Director6yrs฿1.43mno data
Savitri Ramyarupa
Director21.25yrs฿1.86m0.014% ฿79.4k
Prapaivan Limsong
Director15.25yrs฿575.89k5.38% ฿31.3m
Chone Sophonpanich
Director2.33yrsno data0.0048% ฿27.9k
Komkai Thusaranon
Independent Director7yrs฿2.83mno data

6.0yrs

Average Tenure

62yo

Average Age

Experienced Board: XBLA's board of directors are considered experienced (6 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Bangkok Life Assurance Public Company Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Bangkok Life Assurance Public Company Limited
  • Ticker: XBLA
  • Exchange: DB
  • Founded: 1951
  • Industry: Life and Health Insurance
  • Sector: Insurance
  • Market Cap: ฿20.832b
  • Listing Market Cap: ฿581.412m
  • Shares outstanding: 1.71b
  • Website: https://www.bangkoklife.com

Location

  • Bangkok Life Assurance Public Company Limited
  • No. 23/115-121, Soi Sun Wichai
  • Rama 9 Road
  • Bangkok
  • 10310
  • Thailand

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BLASET (The Stock Exchange of Thailand)YesOrdinary SharesTHTHBApr 2009
BLA-RSET (The Stock Exchange of Thailand)NON VTG DEP RCPT REP 1 ORD THB1THTHBSep 2009
BLA-FTHAMSE (Bangkok-Alien Market Stock Exchange)THB1 (ALIEN MARKET)THTHBSep 2009
XBLADB (Deutsche Boerse AG)NON VTG DEP RCPT REP 1 ORD THB1DEEURSep 2009

Biography

Bangkok Life Assurance Public Company Limited, together with its subsidiaries, provides life insurance services to individuals and corporates in Thailand. Its life insurance products include tax planning, income protection, savings and investments, pension, accident plans, total permanent disability, and health and critical illness products; general insurance products comprise personal insurance and business all risks insurance; and bancassurance products consist of protection, savings, education for children, and retirement and credit protection insurance. The company also offers equity, long term equity, mixed, foreign investment, fixed income, exchange traded, money market, local fixed income, and retirement mutual funds; and home loans, such as Bla home plans. In addition, it provides insurance brokerage services. The company was founded in 1951 and is headquartered in Bangkok, Thailand. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/03 23:52
End of Day Share Price2020/04/03 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.