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>KTX expects sideways-up movement with the resistance at 1,455/1,472 points and the support at 1,412/1,400 points.</li><li>Key highlights impacting the market include: I) December effect – increased domestic fund purchases from TESG, SSF, RMF, along with the Vayupak Fund; ii) foreign selling pressure expected to ease due to a pause in investments ahead of the Christmas and New Year holidays; and iii) gradual implementation of government measures aimed at boosting confidence in economic growth.</li><li>Risks include a potential reduction in investment in Asian and Thai stock markets in favor of USD assets (e.g., US equities, Russell 2000 Index, US Dollar Index), which are expected to benefit from the policies of President Trump, who will officially take office on January 20, 2025.</li></ul>

KTX expects sideways-up movement with the resistance at 1,455/1,472 points and the support at 1,412/1,400 points.Key highlights impacting the market include: I) December effect – increased domestic fund purchases from TESG, SSF, RMF, along with the Vayupak Fund; ii) foreign selling pressure expected to ease due to a pause in investments ahead of the Christmas and New Year holidays; and iii) gradual implementation of government measures aimed at boosting confidence in economic growth.Risks include a potential reduction in investment in Asian and Thai stock markets in favor of USD assets (e.g., US equities, Russell 2000 Index, US Dollar Index), which are expected to benefit from the policies of President Trump, who will officially take office on January 20, 2025.

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 Dec 6th.We estimate that they had an aggregated short interest worth USD2.2bn.</li>
<li>We tabulate league table 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 Carabao, Delta Electronics, SCC, SCG Packaging.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Dec 6th.We estimate that they had an aggregated short interest worth USD2.2bn.
We tabulate league table 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 Carabao, Delta Electronics, SCC, SCG Packaging.


Thailand Short Interest Weekly (Dec 6th): Carabao, Delta Electronics, SCC, SCG Packaging

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Nov 29th.We estimate that they had an aggregated short interest worth USD2.2bn.</li>
<li>We tabulate league table 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 Bumrungrad Hospital, Energy Absolute, Delta Electronics, Banpu, SCC, PTT Global Chemical.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Nov 29th.We estimate that they had an aggregated short interest worth USD2.2bn.
We tabulate league table 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 Bumrungrad Hospital, Energy Absolute, Delta Electronics, Banpu, SCC, PTT Global Chemical.


Thailand Short Interest Weekly (Nov 29th): Bumrungrad, Energy Absolute, Delta Electronics, Banpu

Equity Bottom-Up

<ul><li>We maintain an Outperform rating and the 12M FWD fair value (FV) at Bt68.00, based on an earnings yield of 2.5%.</li><li>KTX’s valuation metrics recommend buying based on the fundamentals, given that the current market price provices upside of +11% to the FV.</li><li>The long- term growth outlook is strong, with an FY2025-27E EPS CAGR of +14%, exceeding the industry average of +11%.</li></ul>

We maintain an Outperform rating and the 12M FWD fair value (FV) at Bt68.00, based on an earnings yield of 2.5%.KTX’s valuation metrics recommend buying based on the fundamentals, given that the current market price provices upside of +11% to the FV.The long- term growth outlook is strong, with an FY2025-27E EPS CAGR of +14%, exceeding the industry average of +11%.

Airports of Thailand - Entering the High Season; Passenger Volume Likely to Exceed AOT’s Target

<ul><li>We maintain an Outperform rating with a target price of Bt68.00, based on an earnings yield of 2.1%.</li><li>We are increasingly positive on the fundamentals due to the wider upside of +11% from the current market price relative to the fair price.</li><li>We also maintain a positive view on its strong long-term growth, with a FY25-27E EPS CAGR of +18%, surpassing the industry average of +11%, supported by increasing passenger numbers, which are nearing pre-COVID levels.</li></ul>

We maintain an Outperform rating with a target price of Bt68.00, based on an earnings yield of 2.1%.We are increasingly positive on the fundamentals due to the wider upside of +11% from the current market price relative to the fair price.We also maintain a positive view on its strong long-term growth, with a FY25-27E EPS CAGR of +18%, surpassing the industry average of +11%, supported by increasing passenger numbers, which are nearing pre-COVID levels.

Airports of Thailand - Good 4QFY24 as Expected; Entering Tourism Season in 1QFY25E

Thailand

Airports of Thailand Public Company Ltd. operates the Bangkok International Airport (Don Muang) and the New Bangkok International Airport (Suvarnabhumi).. The Company also operates provincial airports in Chiang Mai, Chiang Rai, Hat Yai, and Phuket.

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Airports of Thailand (AOT TB)

Monthly Report: December 2024

Key highlights impacting the market include: I) December effect – increased domestic fund purchases from TESG, SSF, RMF, along with the Vayupak Fund

Krungthai XSpring

Thailand Short Interest Weekly (Dec 6th): Carabao, Delta Electronics, SCC, SCG Packaging

We analyzed SET short interest report for the past week and highlighted short interest changes in Carabao, Delta Electronics, SCC, SCG Packaging.

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Nov 29th): Bumrungrad, Energy Absolute, Delta Electronics, Banpu

We analyzed SET short interest report for the past week and highlighted short interest changes in Bumrungrad Hospital, Energy Absolute, Delta...

Ke Yan, CFA, FRM

Airports of Thailand - Entering the High Season; Passenger Volume Likely to Exceed AOT’s Target

KTX’s valuation metrics recommend buying based on the fundamentals, given that the current market price provices upside of +11% to the FV.

Krungthai XSpring

Airports of Thailand - Good 4QFY24 as Expected; Entering Tourism Season in 1QFY25E

We are increasingly positive on the fundamentals due to the wider upside of +11% from the current market price relative to the fair price.

Krungthai XSpring

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