Perfect Storm. High average global oil prices, higher global interest rates yield % & prolonged geopolitical conflicts. Banking sector definitely affected in the immediate/short term in 2026/2027 as governments globally are also in high indebtedness. For medium/long term, banking sector will be fine.

For total return over the next 3-5 years

HLBANK
CIMB
MAYBANK
PBBANK

The reason is simple: PBB is an excellent bank but not necessarily the best stock. Its 1.4x P/B valuation already reflects its quality. HLBANK generates similar ROE while trading around 1.1x P/B, leaving more room for re-rating.