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.

Technical Analysis

3BB Internet Infrastructure Fund / Technical Analysis

3BB Internet Infrastructure Fund (3BBIF TB)

<ul><li>We recommend selective speculation because the index is expected to move sideways or rise.</li><li>Despite foreign investors turning to buy, EA's sharp decline for the second consecutive day weighed on market sentiment.</li><li>The index returned to move within a narrow range.</li></ul>

We recommend selective speculation because the index is expected to move sideways or rise.Despite foreign investors turning to buy, EA's sharp decline for the second consecutive day weighed on market sentiment.The index returned to move within a narrow range.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,317/1,310 points and the resistance at 1,325/1,331 points (50-day EMA).</li><li>Therefore, we maintain our recommendation that investors gradually sell to take profit and wait to buy back when there is a new uptrend signal.</li><li>Investment strategy: We recommend stocks with positive issues: STEC, GULF and AMATA.</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,317/1,310 points and the resistance at 1,325/1,331 points (50-day EMA).Therefore, we maintain our recommendation that investors gradually sell to take profit and wait to buy back when there is a new uptrend signal.Investment strategy: We recommend stocks with positive issues: STEC, GULF and AMATA.

<ul><li>The index's movement was affected by political concerns while awaiting US non-farm payrolls, as foreign investors continued to sell for a twelfth day.</li><li>The index bounced back up to stay above 1,330 points, but there was no confirmation of a recovery signal because volume did not increase, and purchasing power was concentrated in only a few stocks, even though selling pressure dissipated quickly.</li><li>We recommend holding cash until the index demonstrates a clear positive signal because it may swing down.</li></ul>

The index's movement was affected by political concerns while awaiting US non-farm payrolls, as foreign investors continued to sell for a twelfth day.The index bounced back up to stay above 1,330 points, but there was no confirmation of a recovery signal because volume did not increase, and purchasing power was concentrated in only a few stocks, even though selling pressure dissipated quickly.We recommend holding cash until the index demonstrates a clear positive signal because it may swing down.

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,385/1,390 points and the support at 1,372 points (10-day EMA/25-day EMA) and 1,365 points.</li><li>Overall, the index is still moving upward toward testing the resistance of the downchannel at 1,404 points.</li><li>We recommend continuing to hold and waiting to sell at the resistance level.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,385/1,390 points and the support at 1,372 points (10-day EMA/25-day EMA) and 1,365 points.Overall, the index is still moving upward toward testing the resistance of the downchannel at 1,404 points.We recommend continuing to hold and waiting to sell at the resistance level.

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

Singapore Telecommunications / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/singapore-telecommunications-limited" target="_blank" data-smartkarma-citation="entities:20:1" rel="noopener">Singapore Telecommunications (ST SP)</a> SOTP valuation is sitting at 13% discount to the current share price.</li>
<li>Plenty of catalysts, including data center and digital infrastructure catalysts, as well as discussions to further monetize a partial sale in Optus. </li>
<li>For investors who require a market neutral idea, shorting <a href="https://www.smartkarma.com/entities/bharti-airtel-ltd" target="_blank" data-smartkarma-citation="entities:953:1" rel="noopener">Bharti Airtel (BHARTI IN)</a> could provide an alternative given its valuation premium as well as its slower execution. </li>
</ul>



Singapore Telecommunications (ST SP) SOTP valuation is sitting at 13% discount to the current share price.
Plenty of catalysts, including data center and digital infrastructure catalysts, as well as discussions to further monetize a partial sale in Optus. 
For investors who require a market neutral idea, shorting Bharti Airtel (BHARTI IN) could provide an alternative given its valuation premium as well as its slower execution. 


Thailand

Intouch Holdings Public Company Limited is a Thailand-based investment holding company primarily engaged in the telecommunications, media, and technology (TMT) sectors, with a focus on digital businesses. The company primarily generates revenue through its stakes in subsidiaries and associates, most notably Advanced Info Service (AIS), Thailand's largest mobile operator. It was established in 1983 and is headquartered in Bangkok, Thailand.

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Intouch Holdings (INTUCH TB)

Recommendation: Selective Speculation

We recommend selective speculation because the index is expected to move sideways or rise. Despite foreign investors turning to buy, EA's sharp...

Krungthai XSpring

Strategic Daily Picks

Technically, the SET Index is expected to move sideways down, with the support at 1,317/1,310 points and the resistance at 1,325/1,331 points...

Krungthai XSpring

Recommendation: Hold Cash

The index's movement was affected by political concerns while awaiting US non-farm payrolls, as foreign investors continued to sell for a twelfth...

Krungthai XSpring

Chinese Economic Figures in April

Technically, the SET Index is expected to move sideways up, with the resistance at 1,385/1,390 points and the support at 1,372 points (10-day...

Krungthai XSpring

Singtel (ST): Catalysts Incoming

Singapore Telecom has a few buy catalysts coming including digital infrastructure and data centers, Shorting Bharti could provide the market...

Henry Soediarko

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