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 the resistance at 1,394/1,408 points (5-day and 10-day EMA) and the support at 1,370/1,360 points (the previous support), in a continuing technical rebound after recovering by over 18 points in the afternoon last Friday, which triggered a short-term rebound signal.</li><li>This suggests that the SET Index has entered buying territory where the potential reward outweighs the associated risk.</li><li>We assess the buying range for investment in the next 12 months at 1,319-1,409 points, based on the high MRP of 4.22%, +2 S.D. from the current SET Index level at 1,371 points; the current MRP of 3.87% is higher than the 90-day average of 3.73%.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,394/1,408 points (5-day and 10-day EMA) and the support at 1,370/1,360 points (the previous support), in a continuing technical rebound after recovering by over 18 points in the afternoon last Friday, which triggered a short-term rebound signal.This suggests that the SET Index has entered buying territory where the potential reward outweighs the associated risk.We assess the buying range for investment in the next 12 months at 1,319-1,409 points, based on the high MRP of 4.22%, +2 S.D. from the current SET Index level at 1,371 points; the current MRP of 3.87% is higher than the 90-day average of 3.73%.

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Since our downgrade report on 14 Aug, we have seen a continuous decline on Innolight’s share price by more than 23%.</li><li>Our current view on the stock is becoming increasingly favourable, driven by: 1) continuous strong momentum observed in building up AI infrastructure globally; and 2) quick uptake seen in downstream application market (e.g., AI-powered Ads adopted by Meta, Google and Amazon, GitHub copilot by Microsoft).</li><li>In addition, companies within the AI hardware value chain start to report strong earnings. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Since our downgrade report on 14 Aug, we have seen a continuous decline on Innolight’s share price by more than 23%.Our current view on the stock is becoming increasingly favourable, driven by: 1) continuous strong momentum observed in building up AI infrastructure globally; and 2) quick uptake seen in downstream application market (e.g., AI-powered Ads adopted by Meta, Google and Amazon, GitHub copilot by Microsoft).In addition, companies within the AI hardware value chain start to report strong earnings. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Innolight (300308 CH) – Expect Higher Contribution from AI Revenue in 3Q

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,505/1,498 points and the resistance at 1,520/1,530 points, based on the short-term downtrend movement.</li><li>The BoJ is expected to maintain its monetary policies (policy interest rate at -0.1% and 10Y bond yield at 0%, but allowing the yield curve to swing to 1% temporarily) even though inflation remains higher than the target of 2% (headline inflation in August is expected to remain unchanged at +3.3% YoY and core inflation in August is forecast at +3% YoY vs. +3.1% YoY in July).</li><li>Should the figures align with expectations, it is likely that we will witness favorable momentum in the international economy and trade.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,505/1,498 points and the resistance at 1,520/1,530 points, based on the short-term downtrend movement.The BoJ is expected to maintain its monetary policies (policy interest rate at -0.1% and 10Y bond yield at 0%, but allowing the yield curve to swing to 1% temporarily) even though inflation remains higher than the target of 2% (headline inflation in August is expected to remain unchanged at +3.3% YoY and core inflation in August is forecast at +3% YoY vs. +3.1% YoY in July).Should the figures align with expectations, it is likely that we will witness favorable momentum in the international economy and trade.

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,529 points (the gap opened on August 22)/1,515 points and the resistance at 1,540/1,545 points, after it continued moving in a downtrend toward the support at 1,506 points.</li><li>The market expects the bank to maintain the policy interest rate for the first time after nine consecutive hikes.</li><li>In our view, even if inflation accelerates, the likelihood of the Fed raising the fed funds rate at its November meeting may diminish should there be indications of an economic slowdown.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,529 points (the gap opened on August 22)/1,515 points and the resistance at 1,540/1,545 points, after it continued moving in a downtrend toward the support at 1,506 points.The market expects the bank to maintain the policy interest rate for the first time after nine consecutive hikes.In our view, even if inflation accelerates, the likelihood of the Fed raising the fed funds rate at its November meeting may diminish should there be indications of an economic slowdown.

Bangkok Dusit Medical Services / Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to fluctuate, with the support at 1,540 points/1,529 points (the gap opened on August 21) and the resistance at 1,550 points (10-day EMA)/1,556 points.</li><li>The market will focus on the first Cabinet meeting of the new government.</li><li>Externally, we will be monitoring the US CPI in August, which is likely to accelerate for the third consecutive month, possibly prompting the Fed to keep the fed funds rate high for a longer duration.</li></ul>

Technically, the SET Index is expected to fluctuate, with the support at 1,540 points/1,529 points (the gap opened on August 21) and the resistance at 1,550 points (10-day EMA)/1,556 points.The market will focus on the first Cabinet meeting of the new government.Externally, we will be monitoring the US CPI in August, which is likely to accelerate for the third consecutive month, possibly prompting the Fed to keep the fed funds rate high for a longer duration.

Krungthai XSpring Zoom Eng. September 13, 2023

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon (AMZN US)

Today's Dominant Ideas

Technically, the SET Index is expected to move sideways up, with the resistance at 1,394/1,408 points (5-day and 10-day EMA) and the support at...

Krungthai XSpring

Innolight (300308 CH) – Expect Higher Contribution from AI Revenue in 3Q

Our current view on the stock is becoming increasingly favourable, driven by: 1) continuous strong momentum observed in building up AI...

CMB International

Today's Dominant Ideas

Technically, the SET Index is expected to weaken, with the support at 1,505/1,498 points and the resistance at 1,520/1,530 points, based on the...

Krungthai XSpring

Today's Dominant Ideas

Technically, the SET Index is expected to weaken, with the support at 1,529 points (the gap opened on August 22)/1,515 points and the resistance...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 13, 2023

Technically, the SET Index is expected to fluctuate, with the support at 1,540 points/1,529 points (the gap opened on August 21) and the...

Krungthai XSpring

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