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

<ul><li>The SET Index today is expected to recover, with the support at 1,518/1,507 points and the resistance at 1,540/1,545 points.</li><li>The market will thus turn its focus to the 1Q23 corporate earnings that will be reported this week, which could provide a lift if they come out better than expected.</li><li>Historical data from the five most recent general elections shows that the SET Index generated an average return of +1.87% in the week before the elections took place.</li></ul>

The SET Index today is expected to recover, with the support at 1,518/1,507 points and the resistance at 1,540/1,545 points.The market will thus turn its focus to the 1Q23 corporate earnings that will be reported this week, which could provide a lift if they come out better than expected.Historical data from the five most recent general elections shows that the SET Index generated an average return of +1.87% in the week before the elections took place.

<ul><li>The SET Index is expected to move sideways, with the support at 1,670/1,665 points and the resistance at 1,690/1,700 points.</li><li>Tactically, investors may continue to speculate on earnings results, focusing on certain stocks with good 4Q22E earnings outlooks as well as those with specific catalysts, such as stocks in the construction services sector whose share prices have outperformed due to the progress on the new general election.</li><li>Our recommended stocks are VGI, STEC, and BA.</li></ul>

The SET Index is expected to move sideways, with the support at 1,670/1,665 points and the resistance at 1,690/1,700 points.Tactically, investors may continue to speculate on earnings results, focusing on certain stocks with good 4Q22E earnings outlooks as well as those with specific catalysts, such as stocks in the construction services sector whose share prices have outperformed due to the progress on the new general election.Our recommended stocks are VGI, STEC, and BA.

Recommendation: Buy on Weakness, Sell on Strength

<ul><li>The SET Index is expected to increase, with the resistance at 1,660/1,672 points and the support at 1,640/1,635 points.</li><li>The advance should be supported by the expected MoM decline in the US jobs report for November (released tonight), which would increase the likelihood of the Fed slowing down its rate hikes at its December meeting, as the market remains in an uptrend, with the first target at 1,672 points.</li><li>We maintain our recommendation of selective buy, with our stock picks being SMT, SPALI and MINT.</li></ul>

The SET Index is expected to increase, with the resistance at 1,660/1,672 points and the support at 1,640/1,635 points.The advance should be supported by the expected MoM decline in the US jobs report for November (released tonight), which would increase the likelihood of the Fed slowing down its rate hikes at its December meeting, as the market remains in an uptrend, with the first target at 1,672 points.We maintain our recommendation of selective buy, with our stock picks being SMT, SPALI and MINT.

Krungthai XSpring Zoom Eng. December 2, 2022

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

<ul>
<li>Maintain our BUY rating with  a new  TP of Bt27.5, based on 6.8xPE23, or its 5-year trading average, to reflect strong real estate sales of both low-rise and condominium segment.</li>
<li>3Q22 earning grew YoY and QoQ SPALI reported 3Q22’s net profit of Bt2.7bn (+60%YoY, +33% QoQ),better than our forecast and market expectation.</li>
<li>The YoY growth of net profit supported by (1) rising revenue recognition of real estate sales to Bt11bn (+50%YoY) backed by transfer of 7 condominium project in 9M22</li>
</ul>


Maintain our BUY rating with  a new  TP of Bt27.5, based on 6.8xPE23, or its 5-year trading average, to reflect strong real estate sales of both low-rise and condominium segment.
3Q22 earning grew YoY and QoQ SPALI reported 3Q22’s net profit of Bt2.7bn (+60%YoY, +33% QoQ),better than our forecast and market expectation.
The YoY growth of net profit supported by (1) rising revenue recognition of real estate sales to Bt11bn (+50%YoY) backed by transfer of 7 condominium project in 9M22


SPALI : 3Q22 Results Higher than Our Forecast

<ul><li>The SET Index is expected to gain, with the resistance at 1,630/1,649 points and the support at 1,612 points (200-day EMA)/1,607 points (50-day EMA).</li><li>Today's momentum is positive after the US reported October's CPI at +7.7% YoY, below the consensus estimate of 7.9% YoY, while the Republican Party is likely to gain a majority of seats in the House of Representatives.</li><li>The latest Fed Watch Tool shows an 80.6% probability of the Fed hiking interest rates by just 50 bps in the upcoming meeting in December.</li></ul>

The SET Index is expected to gain, with the resistance at 1,630/1,649 points and the support at 1,612 points (200-day EMA)/1,607 points (50-day EMA).Today's momentum is positive after the US reported October's CPI at +7.7% YoY, below the consensus estimate of 7.9% YoY, while the Republican Party is likely to gain a majority of seats in the House of Representatives.The latest Fed Watch Tool shows an 80.6% probability of the Fed hiking interest rates by just 50 bps in the upcoming meeting in December.

Thailand

Supalai Public Company Limited is a real estate development company in Thailand and Australia. It develops residential properties, including detached houses, duplex houses, townhouses, and condominiums under the Supalai brand, as well as office buildings, hotels, resorts, and shopping centers. The company was founded in 1989 and is headquartered in Bangkok, Thailand.

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Supalai (SPALI TB)

Today's Dominant Ideas

The SET Index today is expected to recover, with the support at 1,518/1,507 points and the resistance at 1,540/1,545 points. The market will thus...

Krungthai XSpring

Recommendation: Buy on Weakness, Sell on Strength

The SET Index is expected to move sideways, with the support at 1,670/1,665 points and the resistance at 1,690/1,700 points. Tactically, investors...

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 2, 2022

The SET Index is expected to increase, with the resistance at 1,660/1,672 points and the support at 1,640/1,635 points. The advance should be...

Krungthai XSpring

SPALI : 3Q22 Results Higher than Our Forecast

Maintain our BUY rating with a new TP of Bt27.5, based on 6.8xPE23, or its 5-year trading average, to reflect strong real estate sales of both...

Pi Securities PCL, Thailand

Recommendation: Buy on Weakness, Sell on Strength

The SET Index is expected to gain, with the resistance at 1,630/1,649 points and the support at 1,612 points (200-day EMA)/1,607 points (50-day...

Krungthai XSpring

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