Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

Northeast Rubber Public Company Limited / Equity Bottom-Up

Northeast Rubber Public Company Limited manufactures rubber products. The Company focuses on producing ribbed smoked sheets, soles, hoses, and rubber components. Northeast Rubber markets its products worldwide.

Northeast Rubber Public Company Limited (NER TB)

<ul><li>We maintain a Buy call (FV: Bt6.51). Since we recommended taking profit on rubber stocks in mid-March when rubber prices peaked, NER's share price has dropped by around 14%, reflecting very limited downside technical risk.</li><li>The 1Q24 earnings were as strong as expected, with further momentum likely in 2Q24E when average selling prices will fully reflect rising rubber prices.</li><li>We maintain our positive view on the rubber price trend as well as the earnings recovery outlook in 2024E.</li></ul>

We maintain a Buy call (FV: Bt6.51). Since we recommended taking profit on rubber stocks in mid-March when rubber prices peaked, NER's share price has dropped by around 14%, reflecting very limited downside technical risk.The 1Q24 earnings were as strong as expected, with further momentum likely in 2Q24E when average selling prices will fully reflect rising rubber prices.We maintain our positive view on the rubber price trend as well as the earnings recovery outlook in 2024E.

North East Rubber - In-Line 1Q24 Core Profit, with Stronger Momentum in 2Q24E

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Asian Paints Limited manufactures a wide range of decorative paints, varnishes, enamels, and black & synthetic resins. The Company, through its subsidiaries, also manufactures specialty industrial chemicals and vinyl pyridine latex products which are used in the manufacture of rubber tires.

<ul><li>Outlook: We remain positive on the company’s long-term prospects, supported by the following factors: 1) The management’s guidance for continued double-digit volume growth in FY24, buoyed by the long festive season and rural recovery;</li><li>2) Decline in raw material prices; 3) The company’s recent announcement of (a) A vinyl acetate ethylene emulsion (VAE) and vinyl acetate monomer (VAM) plant, (b) Plans of a white cement plant through a joint venture in Fujairah, UAE, to backward-integrate key raw materials, 4) Expansion of manufacturing footprint by more than 30-40%, and d) Launch of differentiated next-generation emulsions and waterproofing products based on nanotechnology.</li><li>These are steps in the right direction to achieve the next phase of growth and secure the company’s market share in the long term. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Outlook: We remain positive on the company’s long-term prospects, supported by the following factors: 1) The management’s guidance for continued double-digit volume growth in FY24, buoyed by the long festive season and rural recovery;2) Decline in raw material prices; 3) The company’s recent announcement of (a) A vinyl acetate ethylene emulsion (VAE) and vinyl acetate monomer (VAM) plant, (b) Plans of a white cement plant through a joint venture in Fujairah, UAE, to backward-integrate key raw materials, 4) Expansion of manufacturing footprint by more than 30-40%, and d) Launch of differentiated next-generation emulsions and waterproofing products based on nanotechnology.These are steps in the right direction to achieve the next phase of growth and secure the company’s market share in the long term. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Asian Paints - Competitive Intensity to Define Future Course; Maintain HOLD

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Gujarat Fluorochemicals / Equity Bottom-Up

Gujarat Fluorochemicals Ltd. manufactures chlorofluorocarbon refrigerant gases and anhydrous hydrofluoric acid. The Company also trades in Certified Emission Reduction, or carbon credits. Gujarat Flourochemicals owns and operates a chain of family entertainment centers and multiplex cinema theaters.

<ul><li>Prabhudas Lilladher's research report onBritannia Industries We are increasing FY25/26 EPS estimates by 2.7/3.1% mainly factoring in 1) improved margin guidance following strong 4Q24 (absorbed 190bps PLI impact in base successfully) 2) Double digit volume growth guidance post elections and monsoons 3) improving innovations and faster growing adjacencies and market share gain in core categories.</li><li>BRIT has undertaken price actions (increased grammage) in several key brands, which enabled it to post ~5.5% volume growth while deflation in packaging cost and Palmoil enabled margin beat.</li><li>Innovation pipeline remains strong as BRIT launched Good Day (Fruit and Nut), Cake Rusk and Bourbon Milk shake even as earlier innovations like Jimjam Pops, Treat and 50-50 Gol Maal sustained traction.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prabhudas Lilladher's research report onBritannia Industries We are increasing FY25/26 EPS estimates by 2.7/3.1% mainly factoring in 1) improved margin guidance following strong 4Q24 (absorbed 190bps PLI impact in base successfully) 2) Double digit volume growth guidance post elections and monsoons 3) improving innovations and faster growing adjacencies and market share gain in core categories.BRIT has undertaken price actions (increased grammage) in several key brands, which enabled it to post ~5.5% volume growth while deflation in packaging cost and Palmoil enabled margin beat.Innovation pipeline remains strong as BRIT launched Good Day (Fruit and Nut), Cake Rusk and Bourbon Milk shake even as earlier innovations like Jimjam Pops, Treat and 50-50 Gol Maal sustained traction.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gujarat Fluorochemicals (FLUOROCH IN) - In Line Performance

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Navin Fluorine International / Equity Bottom-Up

Navin Fluorine International Limited manufactures fluorochemicals. The Company produces benzotrifuoride derivatives, fluoro benzene derivatives, fluoro toluene derivatives, and aliphatic fluoro compounds.

<ul><li>Motilal Oswal's research report onNavin Fluorine International Navin Fluorine’s (NFIL) EBITDA/PAT grew 13%/42% YoY in 4QFY24, higher than our estimates.</li><li>The beat was driven by a strong performance in the Specialty Chemicals business, which was well supported by growth in the HPP segment.</li><li>Gross margin was 50%, while EBITDA margin dipped 10.7pp YoY to 18.3%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Motilal Oswal's research report onNavin Fluorine International Navin Fluorine’s (NFIL) EBITDA/PAT grew 13%/42% YoY in 4QFY24, higher than our estimates.The beat was driven by a strong performance in the Specialty Chemicals business, which was well supported by growth in the HPP segment.Gross margin was 50%, while EBITDA margin dipped 10.7pp YoY to 18.3%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Navin Fluorine International - Strong Performance Led by Specialty and HPP Businesses

Pidilite Industries Ltd. manufactures products which can be segmented into consumer products: art materials & stationary, publications, food & fabric care, car products and adhesives & sealants; specialty industrial products: industrial adhesives, industrial pigments, industrial & textile resins and leather chemicals.

<ul><li>Prabhudas Lilladher's research report onPidilite Industries We increase our FY25/26 EPS estimates by 2.0%/1.2% given strong volume outlook across pioneer and growth segments (45% of sales, includes waterproofing, construction chemicals etc), benign raw material prices and strong tailwinds from growth in both residential and commercial Real estate.</li><li>Low penetration and higher growth in Tier3/rural than urban, makes PIDI uniquely placed to gain from broad based upsurge in demand.</li><li>We believe margins have limited scope to increase given that GM is already above 53% (4Q exit), however 1H margin outlook remain strong.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prabhudas Lilladher's research report onPidilite Industries We increase our FY25/26 EPS estimates by 2.0%/1.2% given strong volume outlook across pioneer and growth segments (45% of sales, includes waterproofing, construction chemicals etc), benign raw material prices and strong tailwinds from growth in both residential and commercial Real estate.Low penetration and higher growth in Tier3/rural than urban, makes PIDI uniquely placed to gain from broad based upsurge in demand.We believe margins have limited scope to increase given that GM is already above 53% (4Q exit), however 1H margin outlook remain strong.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pidilite Industries (PIDI IN) - Strong Growth Visibility but Steep Valuations

Materials
Insights in the Materials Space

North East Rubber - In-Line 1Q24 Core Profit, with Stronger Momentum in 2Q24E

The 1Q24 earnings were as strong as expected, with further momentum likely in 2Q24E when average selling prices will fully reflect rising rubber...

Krungthai XSpring

Asian Paints - Competitive Intensity to Define Future Course; Maintain HOLD

The management’s guidance for continued double-digit volume growth in FY24, buoyed by the long festive season and rural recovery

Axis Direct

Gujarat Fluorochemicals (FLUOROCH IN) - In Line Performance

Prabhudas Lilladher's research report onBritannia Industries We are increasing FY25/26 EPS estimates by 2.7/3.1% mainly factoring in 1) improved...

Prabhudas Lilladhar

Navin Fluorine International - Strong Performance Led by Specialty and HPP Businesses

Motilal Oswal's research report onNavin Fluorine International Navin Fluorine’s (NFIL) EBITDA/PAT grew 13%/42% YoY in 4QFY24, higher than our...

Motilal Oswal

Pidilite Industries (PIDI IN) - Strong Growth Visibility but Steep Valuations

We believe margins have limited scope to increase given that GM is already above 53% (4Q exit), however 1H margin outlook remain strong.

Prabhudas Lilladhar