SET: Looking at the Banking Sector with Low P/E

Currently, I see many banking stocks still trading at a P/E significantly lower than their average. Even though the overall economic outlook isn't very bright, if we look at the medium to long term, the NPL risk that was a major concern should gradually decrease due to various support measures.

The question is, in the current situation, what does a low P/E reflect? Is it an opportunity, or is the market seeing hidden risks that we might not yet perceive? What are the main factors that investors in this room believe are pressuring the banking sector's valuation? I'd like to hear your perspectives.