The thing about Thailand is that it has serious financial problems. Therefore, the health of the financial system is at distressed levels. The amount of money needed to restructure there is very large. Korea has better franchises, like Samsung and Daewoo, which will make raising money easier. Singapore's banking sector is going through a lot of deregulation, which will be good in the sense some banks will be forced to merge which will make them bigger and more competitive.
Thai banks are also worth monitoring.
The question though should be whether these banks will restructure so they can reliquify and improve their balance sheets - that's more important than price levels. Overall, there is a lot of talk of shareholder value. Come 2000, people will focus on which companies have made good returns for shareholders. A lot of smaller companies were caught in this tight liquidity situation. But if they have good franchises and are export-related, then those could do very well.