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

CPN Retail Growth Leasehold REIT / Equity Bottom-Up

CPN Retail Growth Leasehold REIT (CPNREIT TB)

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,250/1,235 points and resistance at 1,270/1,275 points.</li><li>In the medium term, the index remains in a downtrend under a rounding top pattern, with a range of 1,200-1,506 points.</li><li>Investment strategy: Wait for a technical reversal signal before trading buy.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,250/1,235 points and resistance at 1,270/1,275 points.In the medium term, the index remains in a downtrend under a rounding top pattern, with a range of 1,200-1,506 points.Investment strategy: Wait for a technical reversal signal before trading buy.

US Employment May Be Weaker Than Expected

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, with a look at ASEAN, ANZ and ADRs. </li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, with a look at ASEAN, ANZ and ADRs. 
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2025 Asia IPO Pipeline - ASEAN, ANZ, ADRs

<ul><li>Technically, the SET Index is expected to move sideways, with the support at 1,360/1,355 points and the resistance at 1,380/1,385 points.</li><li>For this week, we recommend buying as the index has entered oversold territory, with the recommended stocks being KBANK, SCB, and BLA.</li><li>The Thai stock market is facing increased negative factors, including a rise in the Thai 10Y bond yield (+6 bps WoW), driven by the increase in US 10Y bond yield (+20 bps WoW) and a -0.4% WoW downgrade in EPS estimates.</li></ul>

Technically, the SET Index is expected to move sideways, with the support at 1,360/1,355 points and the resistance at 1,380/1,385 points.For this week, we recommend buying as the index has entered oversold territory, with the recommended stocks being KBANK, SCB, and BLA.The Thai stock market is facing increased negative factors, including a rise in the Thai 10Y bond yield (+6 bps WoW), driven by the increase in US 10Y bond yield (+20 bps WoW) and a -0.4% WoW downgrade in EPS estimates.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I see <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a>'s discount to NAV and implied stub at 12-month lows.</li>
<li>Recent interim results were okay. Stripping out <a href="https://www.smartkarma.com/entities/dfi-retail-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:7427:1" rel="noopener">DFI Retail Group Holdings (DFI SP)</a>'s outperformance, the remainder of the Jardine stable delivered weaker numbers. </li>
<li>Further afield, the implied stub is marginally below the long-term average since the <a href="https://www.smartkarma.com/entities/jardine-strategic-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15081:1" rel="noopener">Jardine Strategic Holdings (JS SP)</a> circularity was collapsed in April 2021. </li>
</ul>


I see Jardine Matheson Holdings (JM SP)'s discount to NAV and implied stub at 12-month lows.
Recent interim results were okay. Stripping out DFI Retail Group Holdings (DFI SP)'s outperformance, the remainder of the Jardine stable delivered weaker numbers. 
Further afield, the implied stub is marginally below the long-term average since the Jardine Strategic Holdings (JS SP) circularity was collapsed in April 2021. 


Jardine Matheson (JM SP): Trading "Cheap"

<ul><li>Technically, the SET Index is expected to advance in a sideways-up pattern, with the resistance at 1,330/1,333 points and the support at 1,314 points (50-day EMA)/1,310 points.</li><li>The likelihood of the MPC maintaining the policy interest rate at the August 21 meeting has increased following the National Economic and Social Development Council's (NESDC) recent announcement of a slight revision to its 2024E GDP growth estimate, now at 2.3-2.8% (mean of 2.55%), compared to the previous 2-3% (mean of 2.5%).</li><li>We recommend stocks with positive factors: SCB, PTT and GFPT.</li></ul>

Technically, the SET Index is expected to advance in a sideways-up pattern, with the resistance at 1,330/1,333 points and the support at 1,314 points (50-day EMA)/1,310 points.The likelihood of the MPC maintaining the policy interest rate at the August 21 meeting has increased following the National Economic and Social Development Council's (NESDC) recent announcement of a slight revision to its 2024E GDP growth estimate, now at 2.3-2.8% (mean of 2.55%), compared to the previous 2-3% (mean of 2.5%).We recommend stocks with positive factors: SCB, PTT and GFPT.

Thailand

Siam City Cement is a leading Thai manufacturer and distributor of cement and construction materials, including ready-mixed concrete, aggregates, and light building materials such as fiber cement and lightweight concrete blocks. The company also engages in waste management, industrial services, and energy production. It was established on May 16, 1969, and is headquartered in Bangkok, Thailand.

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Siam City Cement (SCCC TB)

US Employment May Be Weaker Than Expected

Technically, the SET Index is expected to weaken, with the support at 1,250/1,235 points and resistance at 1,270/1,275 points. In the medium term,...

Krungthai XSpring

Aequitas 2025 Asia IPO Pipeline - ASEAN, ANZ, ADRs

In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, with a look at ASEAN, ANZ and ADRs, after having looked at HK, India,...

Sumeet Singh

Crisis of Confidence

Technically, the SET Index is expected to move sideways, with the support at 1,360/1,355 points and the resistance at 1,380/1,385 points. For this...

Krungthai XSpring

Jardine Matheson (JM SP): Trading "Cheap"

I’ve received some feedback questioning my NAV calculations. Happy to take up the challenge and make adjustments where needed. I flesh out more...

David Blennerhassett

Daily Market Outlook and Strategic Picks

Technically, the SET Index is expected to advance in a sideways-up pattern, with the resistance at 1,330/1,333 points and the support at 1,314...

Krungthai XSpring

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