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>INTUCH's 2020 earnings were in line with the expectations.</li><li>INTUCH reported a net profit of Bt11.0bn in 2020, in line with our forecast and the street.</li><li>INTUCH approved the payment of a DPS of Bt1.35 for the 2H2O operation, representing a yield of 2% for the period.</li></ul>

INTUCH's 2020 earnings were in line with the expectations.INTUCH reported a net profit of Bt11.0bn in 2020, in line with our forecast and the street.INTUCH approved the payment of a DPS of Bt1.35 for the 2H2O operation, representing a yield of 2% for the period.

<ul><li>INTUCH's 3Q20 core earnings plunged YoY on the weaker performance of both ADVANC and THCOM.</li><li>The slow pace of spending recovery leads us to trim the earnings estimate for ADVANC by 12%, resulting in a downgrade to INTUCH's earnings by the same degree.</li><li>With ample upside to the fair value together with a 5% yield, we leave our Buy rating unchanged.</li></ul>

INTUCH's 3Q20 core earnings plunged YoY on the weaker performance of both ADVANC and THCOM.The slow pace of spending recovery leads us to trim the earnings estimate for ADVANC by 12%, resulting in a downgrade to INTUCH's earnings by the same degree.With ample upside to the fair value together with a 5% yield, we leave our Buy rating unchanged.

<ul><li>It is expected that INTUCH will post lackluster core earnings YoY on the weaker performance of ADVANC, while THCOM is anticipated to record a slim profit, improving from a loss last year.</li><li>Our full-year earnings estimate is maintained.</li><li>In light of the ample upside to the fair value of Bt71.40, alongside its consistent dividend payment with a yield of 4%, we maintain our Buy rating.</li></ul>

It is expected that INTUCH will post lackluster core earnings YoY on the weaker performance of ADVANC, while THCOM is anticipated to record a slim profit, improving from a loss last year.Our full-year earnings estimate is maintained.In light of the ample upside to the fair value of Bt71.40, alongside its consistent dividend payment with a yield of 4%, we maintain our Buy rating.

Weak Earnings but Yield Remains Attractive

<ul><li>INTUCH's 2Q20 core earnings retreated YoY on the weaker performance of both ADVANC and THCOM, but we expect its 2H2OE earnings to accelerate on the recovery of economic activities following the easing of the lockdowns.</li><li>Its solid performance and attractive yield have caused its share price to outperform peers YTD and narrowed its holding discount to the L-T average of 20%.</li><li>The ample upside to the fair value, however, prompts us to maintain a Buy call.</li></ul>

INTUCH's 2Q20 core earnings retreated YoY on the weaker performance of both ADVANC and THCOM, but we expect its 2H2OE earnings to accelerate on the recovery of economic activities following the easing of the lockdowns.Its solid performance and attractive yield have caused its share price to outperform peers YTD and narrowed its holding discount to the L-T average of 20%.The ample upside to the fair value, however, prompts us to maintain a Buy call.

<ul><li>INTUCH's 1Q20E earnings are estimated to be weak YoY in line with the operations of ADVANC and THCOM.</li><li>We reiterate a Buy call for INTUCH for its attractive yield of 5.2%.</li><li>In addition, INTUCH is trading at a 32% discount to the market NAV, vs. the L-T average of 20%, and nearly 40% below our new target price of Bt72.60.</li></ul>

INTUCH's 1Q20E earnings are estimated to be weak YoY in line with the operations of ADVANC and THCOM.We reiterate a Buy call for INTUCH for its attractive yield of 5.2%.In addition, INTUCH is trading at a 32% discount to the market NAV, vs. the L-T average of 20%, and nearly 40% below our new target price of Bt72.60.

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)

Play On Yield

INTUCH's 2020 earnings were in line with the expectations. INTUCH reported a net profit of Bt11.0bn in 2020, in line with our forecast and the...

Krungthai XSpring

Downbeat Earnings; Play on Dividend

INTUCH's 3Q20 core earnings plunged YoY on the weaker performance of both ADVANC and THCOM. The slow pace of spending recovery leads us to trim...

Krungthai XSpring

Weak Earnings but Yield Remains Attractive

It is expected that INTUCH will post lackluster core earnings YoY on the weaker performance of ADVANC, while THCOM is anticipated to record a slim...

Krungthai XSpring

COVID-19 Behind Weak 2Q20 Core Earnings

INTUCH's 2Q20 core earnings retreated YoY on the weaker performance of both ADVANC and THCOM, but we expect its 2H2OE earnings to accelerate on...

Krungthai XSpring

Earnings Soft but Yield Attractive

INTUCH's 1Q20E earnings are estimated to be weak YoY in line with the operations of ADVANC and THCOM. We reiterate a Buy call for INTUCH for its...

Krungthai XSpring

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