We maintain our UNDERPERFORM rating on STB due to continued concerns over asset quality as the bank has not published its audited financial statement for 2015 and its AGM has been delayed. Apart from a fall of 72.5% in reported profit and ROE ttm at -0.3%, we see a high disparity in key metrics between STB and other banks, which suggests unrecognised bad debt could still be a major problem for the bank.