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.

Thematic (Sector/Industry)

<ul><li>Asian bourses, including the SET, soared against rising US bond yields after tensions in the Middle East subsided.</li><li>A buying force quickly targeted large caps, such as banking, energy, finance, transportation, food and commerce stocks.</li><li>Meanwhile, foreign investors’ turn to buying helped the index move in positive territory all day, but volume remained light.</li></ul>

Asian bourses, including the SET, soared against rising US bond yields after tensions in the Middle East subsided.A buying force quickly targeted large caps, such as banking, energy, finance, transportation, food and commerce stocks.Meanwhile, foreign investors’ turn to buying helped the index move in positive territory all day, but volume remained light.

<ul><li>Asian bourses rebounded on the decrease in US bond yields, but the SET only climbed up limitedly before dropping sharply in the afternoon and briefly sank below 1,350 points as selling pressure targeted large cap stocks, such as energy, petrol and ICT shares.</li><li>However, the index was able to recover quickly to stay above 1,360 points, even though foreign investors kept selling.</li><li>The index initially saw a slight increase but then experienced a rapid and significant decline, indicating strong selling pressure.</li></ul>

Asian bourses rebounded on the decrease in US bond yields, but the SET only climbed up limitedly before dropping sharply in the afternoon and briefly sank below 1,350 points as selling pressure targeted large cap stocks, such as energy, petrol and ICT shares.However, the index was able to recover quickly to stay above 1,360 points, even though foreign investors kept selling.The index initially saw a slight increase but then experienced a rapid and significant decline, indicating strong selling pressure.

<ul><li>Greater clarity after the general election should ease worries over a possible coup and a delay in the formation of a coalition government, which we expect to consist of three parties, i.e., the Pheu Thai Party, the Palang Pracharath Party and the Bhumjaithai Party, in our base-case scenario; this would reduce the risk premium of the SET Index, pushing it up to our target of 1,607 points.</li><li>Historical data from the five most recent elections shows that the SET increased by an average of +3.47% in the month after they were held; and in the week before and after the general elections took place, the index rose by 1.87% and 3.81%, respectively.</li><li>The biggest gainers were the finance, property development and ICT sectors. We thus recommend speculating on SIRI, SC, SCB, KBANK, CPALL, INTUCH, ADVANC and MINT.</li></ul>

Greater clarity after the general election should ease worries over a possible coup and a delay in the formation of a coalition government, which we expect to consist of three parties, i.e., the Pheu Thai Party, the Palang Pracharath Party and the Bhumjaithai Party, in our base-case scenario; this would reduce the risk premium of the SET Index, pushing it up to our target of 1,607 points.Historical data from the five most recent elections shows that the SET increased by an average of +3.47% in the month after they were held; and in the week before and after the general elections took place, the index rose by 1.87% and 3.81%, respectively.The biggest gainers were the finance, property development and ICT sectors. We thus recommend speculating on SIRI, SC, SCB, KBANK, CPALL, INTUCH, ADVANC and MINT.

Special Report: Election Rally (History to Repeat Itself)

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

Equity Bottom-Up

<ul>
<li>SCB remains our BUY call with a target price of Bt144.00. The revenue proportion related to the digital contribution would increase to 30% (from 10% currently) to improve SCB’s ROE.</li>
<li>Analyst meeting The transfer processes were expected to complete by 4Q22,including the transfer of SCB Bank’s unsecured business (credit card and personal loans) to CARD X. SCB would incur additional </li>
<li>SCB X targeted revenue growth of 10%CAGR(2022-25)with digital contribution rising to one-third of total revenue).It aimed that its earnings growth would increase at a faster pace. To achieve these targets</li>
</ul>


SCB remains our BUY call with a target price of Bt144.00. The revenue proportion related to the digital contribution would increase to 30% (from 10% currently) to improve SCB’s ROE.
Analyst meeting The transfer processes were expected to complete by 4Q22,including the transfer of SCB Bank’s unsecured business (credit card and personal loans) to CARD X. SCB would incur additional 
SCB X targeted revenue growth of 10%CAGR(2022-25)with digital contribution rising to one-third of total revenue).It aimed that its earnings growth would increase at a faster pace. To achieve these targets


<ul>
<li>Maintain BUY for SCB with a new target price of Bt144.00.We like its steady net profit growth,resilient asset quality, undemanding valuation, and potential gain from interest rate hikes. For 3Q22</li>
<li>Strong 3Q22 earnings despite lackluster loan growth We expect SCB X (SCB) to post a net profit of Bt10.8b in 3Q22, up 23% YoY (+8%QoQ). Despite muted fee income impacted </li>
<li>Lending growth is likely to minimally decline by 0.5% QoQ as the bank prudently lends to customers to prevent new NPLs. Asset quality remains resilient, with the NPL ratio being</li>
</ul>


Maintain BUY for SCB with a new target price of Bt144.00.We like its steady net profit growth,resilient asset quality, undemanding valuation, and potential gain from interest rate hikes. For 3Q22
Strong 3Q22 earnings despite lackluster loan growth We expect SCB X (SCB) to post a net profit of Bt10.8b in 3Q22, up 23% YoY (+8%QoQ). Despite muted fee income impacted 
Lending growth is likely to minimally decline by 0.5% QoQ as the bank prudently lends to customers to prevent new NPLs. Asset quality remains resilient, with the NPL ratio being


Thailand

SCB X Public Company Limited provides banking services. The Bank offers accounts, loans, cards, deposits, insurance, investment, payment, digital banking, and other related services. SCB X serves customers worldwide.

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Siam Commercial Bank (SCB TB)

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The biggest gainers were the finance, property development and ICT sectors. We thus recommend speculating on SIRI, SC, SCB, KBANK, CPALL, INTUCH,...

Krungthai XSpring

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SCB remains our BUY call with a target price of Bt144.00. The revenue proportion related to the digital contribution would increase to 30% (from...

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Maintain BUY for SCB with a new target price of Bt144.00. We like its steady net profit growth, resilient asset quality, undemanding valuation, and...

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