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

<p>THCOM marked a wider loss in the core operation in 2Q21 on higher legal fees, although the margin for the satellite business stabilized. We see the potential for improving prospects on business continuity, but this is already priced in, as evidenced by its share price trading at 2021E PBV of 1x and EV/EBITDA of 12x (+2 S.D.). We thus leave our Sell rating unchanged.</p>

THCOM marked a wider loss in the core operation in 2Q21 on higher legal fees, although the margin for the satellite business stabilized. We see the potential for improving prospects on business continuity, but this is already priced in, as evidenced by its share price trading at 2021E PBV of 1x and EV/EBITDA of 12x (+2 S.D.). We thus leave our Sell rating unchanged.

<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.

<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>THCOM's 2020 NP beat the market's expectation, but the core operation remained in the red.</li><li>The share price has outperformed since last year, implying that the positives are likely priced in.</li><li>We, thus, leave our Sell rating unchanged.</li></ul>

THCOM's 2020 NP beat the market's expectation, but the core operation remained in the red.The share price has outperformed since last year, implying that the positives are likely priced in.We, thus, leave our Sell rating unchanged.

<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.

Thailand

Thaicom is a leading Asian satellite operator and SpaceTech company, providing comprehensive satellite communications services, including broadband via High Throughput Satellite (HTS) and satellite TV broadcasting. The company also offers geospatial intelligence (GEOINT) services by leveraging Earth Observation satellite data, AI, and Machine Learning. Thaicom was founded in 1991 and is headquartered in Bangkok, Thailand.

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Thaicom (THCOM TB)

Earnings Review: Thaicom Plc.

THCOM marked a wider loss in the core operation in 2Q21 on higher legal fees, although the margin for the satellite business stabilized.

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...

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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

Earnings Review Thaicom Plc. (THCOM)

THCOM's 2020 NP beat the market's expectation, but the core operation remained in the red. The share price has outperformed since last year,...

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

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