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>The bank runs in the global banking system will continue to pose downside risk to global banking stocks, including Thai banks, until the Fed and the ECB can come up with systematic solutions, and a worsening of the situation would lead to huge unrealized losses from investment in government bonds.</li><li>A temporary full-deposit guarantee is another potential way to address the banking crisis; note that the US guarantees around USD10trn out of total deposits of USD18trn, and the FDIC incurs costs of just USD100bn.</li><li>The longer the banking crisis is drawn-out, the greater the risks related to a credit crunch and the higher the chance of a global economic recession.</li></ul>

The bank runs in the global banking system will continue to pose downside risk to global banking stocks, including Thai banks, until the Fed and the ECB can come up with systematic solutions, and a worsening of the situation would lead to huge unrealized losses from investment in government bonds.A temporary full-deposit guarantee is another potential way to address the banking crisis; note that the US guarantees around USD10trn out of total deposits of USD18trn, and the FDIC incurs costs of just USD100bn.The longer the banking crisis is drawn-out, the greater the risks related to a credit crunch and the higher the chance of a global economic recession.

Research Firm with a Qualitative Overlay, Pearl Gray Equity and Research

Pearl Gray Equity and Research

Research Firm with a Qualitative Overlay

Quantitative fund & research firm with a qualitative overlay. 

Our coverage: General U.S. with a skew towards the primary sector. 

Methods: Smart Beta/Factor Pricing, Neural Networks, Street Gossip, and Common Sense.

Equity Bottom-Up

<ul><li>Deutsche Bank Aktiengesellschaft's Q4 earnings miss is undesirable to its investors, but key variables could align and cause the bank's stock to surge.</li><li>The bank's commissions-based business struggled during the past year, and M&amp;A will probably remain flat.</li><li>Deutsche Bank Aktiengesellschaft (NYSE:DB) released its fourth-quarter earnings report last week, revealing an earnings-per-share miss of 35 cents, coupled with a revenue miss of $213.4 million.</li></ul>

Deutsche Bank Aktiengesellschaft's Q4 earnings miss is undesirable to its investors, but key variables could align and cause the bank's stock to surge.The bank's commissions-based business struggled during the past year, and M&amp;A will probably remain flat.Deutsche Bank Aktiengesellschaft (NYSE:DB) released its fourth-quarter earnings report last week, revealing an earnings-per-share miss of 35 cents, coupled with a revenue miss of $213.4 million.

Deutsche Bank: Don't Worry About Q4 Earnings Miss

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>In Part I of our Asia AT1s comments, we focus our discussions on China AT1 and our rationale on why we believe that China AT1s, especially those of China G-SIBs, offer more predictable return.</li><li>To start with, the return predictability of AT1s are subject to 1) likelihood of loss absorption; 2) likelihood of cancellation of non-cumulative distribution; and 3) likelihood of being called, especially on the first call dates.</li><li>So far, there is no precedent on the principal of the AT1s of Chinese G- SIBs being written down or converted into equity.</li></ul>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.

In Part I of our Asia AT1s comments, we focus our discussions on China AT1 and our rationale on why we believe that China AT1s, especially those of China G-SIBs, offer more predictable return.To start with, the return predictability of AT1s are subject to 1) likelihood of loss absorption; 2) likelihood of cancellation of non-cumulative distribution; and 3) likelihood of being called, especially on the first call dates.So far, there is no precedent on the principal of the AT1s of Chinese G- SIBs being written down or converted into equity.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.

Asian AT1s Part I – Our picks on Chinese G-SIBs AT1s

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Deutsche Börse (DB1) is a leading European capital markets infrastructure provider with activities across pre-trading, trading and clearing, and post-trade segments. Its diversity provides resilience to fluctuations in market activity and encompasses a range of faster growing areas that can fuel the secular growth element of its strategy. M&A is also seen as a potential source of additional capability and growth.

Deutsche Börse (DB1) is a leading European capital markets infrastructure provider with activities across pre-trading, trading and clearing, and post-trade segments. Its diversity provides resilience to fluctuations in market activity and encompasses a range of faster growing areas that can fuel the secular growth element of its strategy. M&A is also seen as a potential source of additional capability and growth.

Deutsche Börse - Seeking secular growth augmented with M&A

Deutsche Börse (DB1) is a leading European capital markets infrastructure provider across pre-trading, trading and clearing, and post-trade segments. It is following a road map designed to secure faster growth including both organic and M&A elements. At the Q3 stage, the group reported that it is making progress in line with its objectives. DB1 is keen to use its available cash and debt capacity (up to c €2bn) for acquisitions that meet its criteria; these are set to be both lower risk and less transformational than London Stock Exchange’s Refinitiv transaction.

Deutsche Börse (DB1) is a leading European capital markets infrastructure provider across pre-trading, trading and clearing, and post-trade segments. It is following a road map designed to secure faster growth including both organic and M&A elements. At the Q3 stage, the group reported that it is making progress in line with its objectives. DB1 is keen to use its available cash and debt capacity (up to c €2bn) for acquisitions that meet its criteria; these are set to be both lower risk and less transformational than London Stock Exchange’s Refinitiv transaction.

Deutsche Börse - On track to meet strategic targets

Germany

Deutsche Bank AG is a global financial service provider delivering commercial, investment, private, and retail banking. The Bank offers debt, foreign exchange, derivatives, commodities, money markets, repo and securitization, cash equities, research, equity prime services, loans, convertibles, advice on M&A and IPO's, trade finance, retail banking, asset management, and corporate investments.

Deutsche Bank (DBK GR)

Special Report: Bank Runs

The longer the banking crisis is drawn-out, the greater the risks related to a credit crunch and the higher the chance of a global economic recession.

Krungthai XSpring

Deutsche Bank: Don't Worry About Q4 Earnings Miss

Deutsche Bank Aktiengesellschaft's Q4 earnings miss is undesirable to its investors, but key variables could align and cause the bank's stock to...

Pearl Gray Equity and Research

Asian AT1s Part I – Our picks on Chinese G-SIBs AT1s

So far, there is no precedent on the principal of the AT1s of Chinese G- SIBs being written down or converted into equity.

CMB International

Deutsche Börse - Seeking secular growth augmented with M&A

Deutsche Börse (DB1) is a leading European capital markets infrastructure provider with activities across pre-trading, trading and clearing, and...

Edison Investment Research

Deutsche Börse - On track to meet strategic targets

Deutsche Börse (DB1) is a leading European capital markets infrastructure provider across pre-trading, trading and clearing, and post-trade...

Edison Investment Research