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

Sino-Thai Engineering & Construction / Equity Bottom-Up

Sino-Thai Engineering & Construction (STEC TB)

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,535/1,540 points and the support at 1,520/1,515 points.</li><li>The highlight today is the vote on the new prime minister at 3 p.m., which is expected to be concluded by 5:30 p.m.</li><li>If the voting results turn out as expected, there would be a positive impact on the SET in the short term.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,535/1,540 points and the support at 1,520/1,515 points.The highlight today is the vote on the new prime minister at 3 p.m., which is expected to be concluded by 5:30 p.m.If the voting results turn out as expected, there would be a positive impact on the SET in the short term.

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>We are of the view that Li Auto’s 2Q23 earnings are strong, especially with 8% net margin.</li><li>We therefore raise our 2H23E and FY24E earnings forecasts significantly.</li><li>That reminds us of Tesla which turned profitable at the end of 2019 and enjoyed the highest net profit growth in FY21 (+666% YoY). </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We are of the view that Li Auto’s 2Q23 earnings are strong, especially with 8% net margin.We therefore raise our 2H23E and FY24E earnings forecasts significantly.That reminds us of Tesla which turned profitable at the end of 2019 and enjoyed the highest net profit growth in FY21 (+666% YoY). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Li Auto Inc. (LI US) – A Replica of FY20-21 Tesla?

<ul><li>Technically, the SET Index is expected to move sideways down, with the resistance at 1,540 points (75-day EMA) and the support at 1,517/1,515 points (10-day and 25-day EMA).</li><li>The key issues today include KTX's positive view on foreign fund inflows toward both the bond and equity markets thanks to three factors.</li><li>Large banks are likely to report higher earnings due to an increase in NIM (as the interest rate upcycle has helped increase loan yields).</li></ul>

Technically, the SET Index is expected to move sideways down, with the resistance at 1,540 points (75-day EMA) and the support at 1,517/1,515 points (10-day and 25-day EMA).The key issues today include KTX's positive view on foreign fund inflows toward both the bond and equity markets thanks to three factors.Large banks are likely to report higher earnings due to an increase in NIM (as the interest rate upcycle has helped increase loan yields).

DXY Index/USDTHB Ratio Has Accelerated, and Cumulative Buying Has Increased to Exceed the 5-Day Average, Both in the Equity and Bond Markets

<ul><li>Technically, the SET Index is expected to continue moving in a downtrend, with the support at 1,450/1,440 points and resistance at 1,474/1,480 points, as evidenced by the ongoing decline in the levels of the lower highs and lower lows.</li><li>We expect the index to fall today due to the closing of net short positions by foreign investors.</li><li>A better-than-forecast 2Q23E GDP figure would be positive for the US 2Q23E earnings (results will start to be reported in early July).</li></ul>

Technically, the SET Index is expected to continue moving in a downtrend, with the support at 1,450/1,440 points and resistance at 1,474/1,480 points, as evidenced by the ongoing decline in the levels of the lower highs and lower lows.We expect the index to fall today due to the closing of net short positions by foreign investors.A better-than-forecast 2Q23E GDP figure would be positive for the US 2Q23E earnings (results will start to be reported in early July).

<ul><li>The SET Index is expected to move up, with the resistance at 1,570/1,580 points and the support at 1,555/1,550 points.</li><li>We expect the SET today to see healthy momentum based on the positive view from the National Economic and Social Development Council and other economic agencies regarding Thai 1Q23E GDP, which may lead to upward revisions to the 2023E GDP (the consensus estimate calls for Thai GDP in 1Q23E to have accelerated by 2.3% YoY vs. +1.4% YoY in 4Q22).</li><li>Another driver should be the exit polls from the general election on Sunday, which have reaffirmed our confidence in a potential election rally by the SET in the week and month after the voting (based on historical data, in four out of the last five general elections, the SET Index increased by an average of +3.81% WoW and +3.47% MoM).</li></ul>

The SET Index is expected to move up, with the resistance at 1,570/1,580 points and the support at 1,555/1,550 points.We expect the SET today to see healthy momentum based on the positive view from the National Economic and Social Development Council and other economic agencies regarding Thai 1Q23E GDP, which may lead to upward revisions to the 2023E GDP (the consensus estimate calls for Thai GDP in 1Q23E to have accelerated by 2.3% YoY vs. +1.4% YoY in 4Q22).Another driver should be the exit polls from the general election on Sunday, which have reaffirmed our confidence in a potential election rally by the SET in the week and month after the voting (based on historical data, in four out of the last five general elections, the SET Index increased by an average of +3.81% WoW and +3.47% MoM).

United States

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

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Tesla (TSLA US)

Thai PM Vote: Impact on SET Index

Technically, the SET Index is expected to move sideways up, with the resistance at 1,535/1,540 points and the support at 1,520/1,515 points. The...

Krungthai XSpring

Li Auto Inc. (LI US) – A Replica of FY20-21 Tesla?

We are of the view that Li Auto’s 2Q23 earnings are strong, especially with 8% net margin. We therefore raise our 2H23E and FY24E earnings...

CMB International

DXY Index/USDTHB Ratio Has Accelerated, and Cumulative Buying Has Increased to Exceed the 5-Day Average, Both in the Equity and Bond Markets

Technically, the SET Index is expected to move sideways down, with the resistance at 1,540 points (75-day EMA) and the support at 1,517/1,515...

Krungthai XSpring

Today's Dominant Ideas

Technically, the SET Index is expected to continue moving in a downtrend, with the support at 1,450/1,440 points and resistance at 1,474/1,480...

Krungthai XSpring

Today's Dominant Ideas

The SET Index is expected to move up, with the resistance at 1,570/1,580 points and the support at 1,555/1,550 points. We expect the SET today to...

Krungthai XSpring

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