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>Technically, the SET Index is expected to move sideways up, with resistance at 1,372 points (50-day EMA)/1,380 points and the support at 1,356 points/1,350 points.</li><li>In the short term, the index remains in an uptrend, marking a higher high and higher low for the seventh consecutive day.</li><li>We recommend holding positions and waiting to take profit at the resistance level.</li></ul>

Technically, the SET Index is expected to move sideways up, with resistance at 1,372 points (50-day EMA)/1,380 points and the support at 1,356 points/1,350 points.In the short term, the index remains in an uptrend, marking a higher high and higher low for the seventh consecutive day.We recommend holding positions and waiting to take profit at the resistance level.

<ul><li>Technically, the SET Index is expected to move sideways, with the support at 1,382/1,375 points and the resistance at 1,395/1,400 points, as investors are awaiting clarity concerning the results of the Fed meeting, which will be known Wednesday night.</li><li>However, the primary risks are associated with major central bank meetings, including the FOMC, BOE and BoJ, which may adopt more hawkish stances following signs of economic recovery and rising inflation.</li><li>Our recommendation is to reduce the weighting on buying and consider partial trading buys.</li></ul>

Technically, the SET Index is expected to move sideways, with the support at 1,382/1,375 points and the resistance at 1,395/1,400 points, as investors are awaiting clarity concerning the results of the Fed meeting, which will be known Wednesday night.However, the primary risks are associated with major central bank meetings, including the FOMC, BOE and BoJ, which may adopt more hawkish stances following signs of economic recovery and rising inflation.Our recommendation is to reduce the weighting on buying and consider partial trading buys.

Keep a Close Watch on Chinese Economic Figures

<ul><li>The SET Index is expected to move sideways, with the resistance at 1,521/1,517 points and the support at 1,541/1,545 points.</li><li>The meager growth should be due to weaker consumer confidence, higher product costs in line with inflation, and the adverse impact of the monetary policy tightening by the ECB, which is likely to raise interest rates further by at least another 0.5% this year to 4.25% vs. the 2023E EU inflation projection of +5.5% note that EU inflation eased to +6.1% YoY in May.</li><li>We recommend MINT and SAPPE, which are expected to report good 2Q23E earnings and may benefit from the positive momentum from the high tourism season in Europe.</li></ul>

The SET Index is expected to move sideways, with the resistance at 1,521/1,517 points and the support at 1,541/1,545 points.The meager growth should be due to weaker consumer confidence, higher product costs in line with inflation, and the adverse impact of the monetary policy tightening by the ECB, which is likely to raise interest rates further by at least another 0.5% this year to 4.25% vs. the 2023E EU inflation projection of +5.5% note that EU inflation eased to +6.1% YoY in May.We recommend MINT and SAPPE, which are expected to report good 2Q23E earnings and may benefit from the positive momentum from the high tourism season in Europe.

<ul><li>The SET Index is expected to move sideways down in the long term, with the support at 1,530/1,517 points and the resistance at 1,540/1,550 points.</li><li>Looking ahead, the consensus expects the growth to continue contracting, with the 2Q-4Q23E US GDP forecast at +0.5%, -0.5% and -0.5%, respectively; at the same time, the unemployment rate is anticipated to accelerate in 2Q-4Q23E to 3.6%, 3.9% and 4.3%, respectively, implying higher economic risks.</li><li>We recommend MINT, TIDLOR and SCB.</li></ul>

The SET Index is expected to move sideways down in the long term, with the support at 1,530/1,517 points and the resistance at 1,540/1,550 points.Looking ahead, the consensus expects the growth to continue contracting, with the 2Q-4Q23E US GDP forecast at +0.5%, -0.5% and -0.5%, respectively; at the same time, the unemployment rate is anticipated to accelerate in 2Q-4Q23E to 3.6%, 3.9% and 4.3%, respectively, implying higher economic risks.We recommend MINT, TIDLOR and SCB.

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Asean (Thailand) Focused Independent Research

M Corp Review

M Corp is led by Athaporn Arayasantiparb who served as Head of Research for UOB and ANZ in Thailand and was an award-winning telecoms analyst at UBS in 2010 (AsiaMoney Thailand category) and Regional Strategist for DMG in Singapore. Prior to that, he also served as Kasikornbank credit analyst and scholar. He has a total work experience of 17 years, of which 14 were in research and 4 in research management roles. He started his career as an engineer for PTT and currently manages family investments. He holds an MBA from Stern (NYU) and CFA Charter since 2006. Apart from IPO Radar, which focuses on future listings, MCorp Review also provides six on-going thematic series ranked by frequency in descending order, namely: 1) Silicon Stories (technology) 2) Sathorn Series (financial services) 3) Thai-Coons (billionaire origin stories) 4) Reality Check (data-driven, investigative) 5) Thai Media Spotlight; and 6) Thai Macro Watch (global market drivers).

Event-Driven

<p><strong>Avantgarde Capital</strong>, which advises MINT on the acquisition of NH Hotels, provided a comprehensive 100-pager opinion of this deal, which ranks as the second biggest one attempted by a Thai company in 2018. NH Hotels has 382 locations spread across Europe and Latin America accounting for 59,487 rooms. This is almost triple the size of MINT's existing network, which is primarily in Asia. (MINT also has earlier forays in Africa, Elewana, and Europe via the Tivoli acquisition in Portugal). In their…</p>

Avantgarde Capital, which advises MINT on the acquisition of NH Hotels, provided a comprehensive 100-pager opinion of this deal, which ranks as the second biggest one attempted by a Thai company in 2018. NH Hotels has 382 locations spread across Europe and Latin America accounting for 59,487 rooms. This is almost triple the size of MINT's existing network, which is primarily in Asia. (MINT also has earlier forays in Africa, Elewana, and Europe via the Tivoli acquisition in Portugal). In their…

Mechanics and Details of the MINT-NHH Deal in Spain

Spain

NH Hotel Group S.A. owns and operates hotels across Europe, America and Africa. The Company operates hotels, which includes room accommodations, restaurants and meeting facilities. NH Hoteles also operates in the real estate industry.

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Nh Hotel Group Sa (NHH SM)

Today's Dominant Ideas

Technically, the SET Index is expected to move sideways up, with resistance at 1,372 points (50-day EMA)/1,380 points and the support at 1,356...

Krungthai XSpring

Keep a Close Watch on Chinese Economic Figures

Technically, the SET Index is expected to move sideways, with the support at 1,382/1,375 points and the resistance at 1,395/1,400 points, as...

Krungthai XSpring

Today's Dominant Ideas

The SET Index is expected to move sideways, with the resistance at 1,521/1,517 points and the support at 1,541/1,545 points. The meager growth...

Krungthai XSpring

External Risks from US Economic Slowdown

The SET Index is expected to move sideways down in the long term, with the support at 1,530/1,517 points and the resistance at 1,540/1,550...

Krungthai XSpring

Mechanics and Details of the MINT-NHH Deal in Spain

Avantgarde Capital, which advises MINT on the acquisition of NH Hotels, provided a comprehensive 100-pager opinion of this deal, which ranks as the...

Athaporn Arayasantiparb, CFA

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