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>The 1Q25 performance returned to a core profit as expected, and the outlook for 2Q25E remains positive, supported by lower interest expenses and the start of the European tourism season.</li><li>The company faces low risk from the Thai tourism segment, as revenue from Thai hotels accounts for only 11% of total revenue, supporting a core earnings CAGR of +12% over the next three years — above the industry average.</li><li>We maintain an Outperform rating with a target price of Bt30.00, based on a required return of 5.0%.</li></ul>

The 1Q25 performance returned to a core profit as expected, and the outlook for 2Q25E remains positive, supported by lower interest expenses and the start of the European tourism season.The company faces low risk from the Thai tourism segment, as revenue from Thai hotels accounts for only 11% of total revenue, supporting a core earnings CAGR of +12% over the next three years — above the industry average.We maintain an Outperform rating with a target price of Bt30.00, based on a required return of 5.0%.

Minor International - 1Q25 Earnings Turned Around to Profit as Expected

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Jun 20th. We estimate that they had an aggregated short interest worth USD1.9bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in TMBThanachart Bank, Scb X, Cp Foods, Minor International.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jun 20th. We estimate that they had an aggregated short interest worth USD1.9bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in TMBThanachart Bank, Scb X, Cp Foods, Minor International.


Thailand Short Interest Weekly (Jun 20th): TMBThanachart Bank, Scb X, Cp Foods, Minor International

<ul><li>We upgrade our rating to Outperform (previously Neutral) while maintaining the target price at Bt36.75, based on a required return of 4.1%.</li><li>The long-term earnings outlook has become more positive, with 2025-27E core EPS growth expected at a CAGR of +12%, outpacing the industry average of +7%.</li><li>Our buy recommendation is maintained from a fundamental perspective, given 36% upside between the market price and the fair value, with limited tactical upside risks</li></ul>

We upgrade our rating to Outperform (previously Neutral) while maintaining the target price at Bt36.75, based on a required return of 4.1%.The long-term earnings outlook has become more positive, with 2025-27E core EPS growth expected at a CAGR of +12%, outpacing the industry average of +7%.Our buy recommendation is maintained from a fundamental perspective, given 36% upside between the market price and the fair value, with limited tactical upside risks

Minor International - Expect Strong 2025E Earnings Growth Amid Continued Decrease in IBD/E

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>This is a follow-up to our initial report on the APAC Luxury Industry where we were of the belief that small niches within the luxury sector could offer potential opportunities.</li>
<li>Below, we analyse the recent trends in luxury travel on <a href="https://www.smartkarma.com/entities/minor-international-pcl" target="_blank" data-smartkarma-citation="entities:2154:1" rel="noopener">Minor International (MINT TB)</a>, <a href="https://www.smartkarma.com/entities/mandarin-oriental-international-ltd" target="_blank" data-smartkarma-citation="entities:4773:1" rel="noopener">Mandarin Oriental International (MAND SP)</a> and <a href="https://www.smartkarma.com/entities/shiseido-co-ltd" target="_blank" data-smartkarma-citation="entities:5718:1" rel="noopener">Shiseido Company (4911 JP)</a>.</li>
<li>While travel has rebounded to pre-pandemic levels, Shiseido's Travel Retail struggles, yet Minor International and Mandarin Oriental are showing signs of improvement. </li>
</ul>


This is a follow-up to our initial report on the APAC Luxury Industry where we were of the belief that small niches within the luxury sector could offer potential opportunities.
Below, we analyse the recent trends in luxury travel on Minor International (MINT TB), Mandarin Oriental International (MAND SP) and Shiseido Company (4911 JP).
While travel has rebounded to pre-pandemic levels, Shiseido's Travel Retail struggles, yet Minor International and Mandarin Oriental are showing signs of improvement. 


APAC Luxury Industry Series Update: The Growth of Luxury Travel Unmatched by Dull Share Prices

<ul><li>We maintain an Outperform rating, viewing the stock as fundamentally attractive with upside of 28% compared to the fair value (FV) of Bt33.50, based on a required return of 3.8%.</li><li>The short-term tactical perspective has become more positive, as the stock price has declined 7% QTD, likely reflecting the weak 3Q24 performance.</li><li>We remain negative on the long-term performance as the company enters a slow-growth phase, with expected EPS growth at a CAGR of just 1% for 2024-26E, primarily because the F&amp;B business has yet to pick up.</li></ul>

We maintain an Outperform rating, viewing the stock as fundamentally attractive with upside of 28% compared to the fair value (FV) of Bt33.50, based on a required return of 3.8%.The short-term tactical perspective has become more positive, as the stock price has declined 7% QTD, likely reflecting the weak 3Q24 performance.We remain negative on the long-term performance as the company enters a slow-growth phase, with expected EPS growth at a CAGR of just 1% for 2024-26E, primarily because the F&amp;B business has yet to pick up.

Minor International - In-Line 3Q24 NP; 4Q24E Earnings to Decline QoQ on Seasonality

Thailand

Minor International PCL is a global company focused on three primary businesses including restaurants, hotels and lifestyle brands distribution.

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Minor International (MINT TB)

Minor International - 1Q25 Earnings Turned Around to Profit as Expected

The 1Q25 performance returned to a core profit as expected, and the outlook for 2Q25E remains positive, supported by lower interest expenses and...

Krungthai XSpring

Thailand Short Interest Weekly (Jun 20th): TMBThanachart Bank, Scb X, Cp Foods, Minor International

We analyzed SET short interest report for the past week and highlighted short interest changes in TMBThanachart Bank, Scb X, Cp Foods, Minor...

Ke Yan, CFA, FRM

Minor International - Expect Strong 2025E Earnings Growth Amid Continued Decrease in IBD/E

We upgrade our rating to Outperform (previously Neutral) while maintaining the target price at Bt36.75, based on a required return of 4.1%.

Krungthai XSpring

Minor International - In-Line 3Q24 NP; 4Q24E Earnings to Decline QoQ on Seasonality

We maintain an Outperform rating, viewing the stock as fundamentally attractive with upside of 28% compared to the fair value (FV) of Bt33.50,...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Minor International - 1Q25 Earnings Turned Around to Profit as Expected

The 1Q25 performance returned to a core profit as expected, and the outlook for 2Q25E remains positive, supported by lower interest expenses and...

Krungthai XSpring

Thailand Short Interest Weekly (Jun 20th): TMBThanachart Bank, Scb X, Cp Foods, Minor International

We analyzed SET short interest report for the past week and highlighted short interest changes in TMBThanachart Bank, Scb X, Cp Foods, Minor...

Ke Yan, CFA, FRM

Minor International - Expect Strong 2025E Earnings Growth Amid Continued Decrease in IBD/E

We upgrade our rating to Outperform (previously Neutral) while maintaining the target price at Bt36.75, based on a required return of 4.1%.

Krungthai XSpring

APAC Luxury Industry Series Update: The Growth of Luxury Travel Unmatched by Dull Share Prices

While travel has rebounded to pre-pandemic levels, Shiseido's Travel Retail struggles, yet Minor International and Mandarin Oriental are showing...

Oshadhi Kumarasiri

Minor International - In-Line 3Q24 NP; 4Q24E Earnings to Decline QoQ on Seasonality

We maintain an Outperform rating, viewing the stock as fundamentally attractive with upside of 28% compared to the fair value (FV) of Bt33.50,...

Krungthai XSpring