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 is expected to move sideways up, with the resistance at 1,642/1,650 points and the support at 1,621/1,612 points.</li><li>We recommend trading buy on KBANK, BDMS and TFG.</li><li>Technically, yesterday's rebound has created positive momentum, indicating that the index may move up to test the resistance at 1,650 points, with the stop-loss point at 1,612 points (20-day EMA).</li></ul>

The SET Index is expected to move sideways up, with the resistance at 1,642/1,650 points and the support at 1,621/1,612 points.We recommend trading buy on KBANK, BDMS and TFG.Technically, yesterday's rebound has created positive momentum, indicating that the index may move up to test the resistance at 1,650 points, with the stop-loss point at 1,612 points (20-day EMA).

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>We downgrade to HOLD from BUY rating and cut TP to Bt78.75 (-4% from previous TP), based on 18.3% discount from SOTP valuation, implying 20.4xPE’23E. 1H22 earnings of ADVANC</li>
<li>1H22 earnings was below expectation 2Q22 net profit was at Bt2.6bn (-6% YoY, +3% QoQ). YoY decline was due to lower equity income from ADVANC, while QoQ increase </li>
<li>Equity income in 2Q22 was at Bt2.4bn (-14% YoY, flat QoQ).YoY declined due to higher marketing expenses and pressured ARPU. QoQ remained flat because the higher marketing costs were offset</li>
</ul>


We downgrade to HOLD from BUY rating and cut TP to Bt78.75 (-4% from previous TP), based on 18.3% discount from SOTP valuation, implying 20.4xPE’23E. 1H22 earnings of ADVANC
1H22 earnings was below expectation 2Q22 net profit was at Bt2.6bn (-6% YoY, +3% QoQ). YoY decline was due to lower equity income from ADVANC, while QoQ increase 
Equity income in 2Q22 was at Bt2.4bn (-14% YoY, flat QoQ).YoY declined due to higher marketing expenses and pressured ARPU. QoQ remained flat because the higher marketing costs were offset


INTUCH : Price War Led to Weak 1H22 Earnings

<ul>
<li>We initiate coverage of INTUCH with a BUY rating, based on our TP of Bt82 derived from 18.9% discount from SOTP valuation, implying 22.3xPE’22E.Despite ADVANC’s strong earnings growth in 2022-24</li>
<li>Benefit from ADVANC’s top-of-industry performance. ADVANC to gain from better 5G infrastructure and ARPU reversal.</li>
<li>ADVANC’s enterprise business will grow rapidly between 2022-24. THCOM has negligible impact on overall performance.</li>
</ul>


We initiate coverage of INTUCH with a BUY rating, based on our TP of Bt82 derived from 18.9% discount from SOTP valuation, implying 22.3xPE’22E.Despite ADVANC’s strong earnings growth in 2022-24
Benefit from ADVANC’s top-of-industry performance. ADVANC to gain from better 5G infrastructure and ARPU reversal.
ADVANC’s enterprise business will grow rapidly between 2022-24. THCOM has negligible impact on overall performance.


INTUCH: ADVANC’s Healthy Outlook Makes INTUCH Attractive

<p>INTUCH posted a slight drop YoY in the 2Q21 core earnings on the lower contribution from THCOM. INTUCH’s share price fell by 3% over the past two days due to the end of GULF’s tender offer at the price of Bt65 as well as the recent downward revision to the 2021 guidance of ADVANC, its core earnings contributor. Our Hold rating is maintained on the expectation that the above factors will not have a significant impact on INTUCH’s near-term outlook.</p>

INTUCH posted a slight drop YoY in the 2Q21 core earnings on the lower contribution from THCOM. INTUCH’s share price fell by 3% over the past two days due to the end of GULF’s tender offer at the price of Bt65 as well as the recent downward revision to the 2021 guidance of ADVANC, its core earnings contributor. Our Hold rating is maintained on the expectation that the above factors will not have a significant impact on INTUCH’s near-term outlook.

<ul><li>We downgrade INTUCH's rating to <strong>Hold</strong> as its share price has rallied close to our target price in response to GULF making a surprise tender offer at the price of Bt65.</li><li>INTUCH posted a net profit of Bt2.66bn in 1Q21, down 3% YoY.</li><li>We revised our 2021E earnings estimate for INTUCH to Bt10.5bn, down 2% YoY.</li></ul>

We downgrade INTUCH's rating to Hold as its share price has rallied close to our target price in response to GULF making a surprise tender offer at the price of Bt65.INTUCH posted a net profit of Bt2.66bn in 1Q21, down 3% YoY.We revised our 2021E earnings estimate for INTUCH to Bt10.5bn, down 2% YoY.

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)

Market Outlook

The SET Index is expected to move sideways up, with the resistance at 1,642/1,650 points and the support at 1,621/1,612 points. We recommend...

Krungthai XSpring

INTUCH : Price War Led to Weak 1H22 Earnings

We downgrade to HOLD from BUY rating and cut TP to Bt78.75 (-4% from previous TP), based on 18.3% discount from SOTP valuation, implying...

Pi Securities PCL, Thailand

INTUCH: ADVANC’s Healthy Outlook Makes INTUCH Attractive

We initiate coverage of INTUCH with a BUY rating, based on our TP of Bt82 derived from 18.9% discount from SOTP valuation, implying 22.3xPE’22E....

Pi Securities PCL, Thailand

Earnings Review: Intouch Holdings Plc.

Weak core earnings in 2Q21, INTUCH posted a slight drop YoY in the 2Q21 core earnings on the lower contribution from THCOM.

Krungthai XSpring

Intouch Holdings Plc. (INTUCH)

We downgrade INTUCH's rating to Hold as its share price has rallied close to our target price in response to GULF making a surprise tender offer...

Krungthai XSpring

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