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>We retain our Buy rating on CPW on the expectation of a strong rebound for the 2H2OE earnings thanks to the solid lineup of new products, both from Apple and digital lifestyle products.</li><li>CPW updated that foot traffic after the easing of the lockdown has resumed to the pre-COVID-19 level since June.</li><li>CPW has opened four new shops YTD, bringing the total to 46 shops.</li></ul>

We retain our Buy rating on CPW on the expectation of a strong rebound for the 2H2OE earnings thanks to the solid lineup of new products, both from Apple and digital lifestyle products.CPW updated that foot traffic after the easing of the lockdown has resumed to the pre-COVID-19 level since June.CPW has opened four new shops YTD, bringing the total to 46 shops.

<ul><li>CPW's 1Q20 earnings retreated in the wake of COVID-19, which led to temporary shop closures at the end of March.</li><li>With the business resuming normal operations, we leave our earnings forecast unchanged.</li><li>Its comparably cheap valuation (2020E PER of 7.9x vs. 29x of COM7) and attractive dividend yield cause us to maintain a Buy call.</li></ul>

CPW's 1Q20 earnings retreated in the wake of COVID-19, which led to temporary shop closures at the end of March.With the business resuming normal operations, we leave our earnings forecast unchanged.Its comparably cheap valuation (2020E PER of 7.9x vs. 29x of COM7) and attractive dividend yield cause us to maintain a Buy call.

Earnings Review Copperwired Plc. (CPW) Commerce

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

Entering Seasonal Peak

We retain our Buy rating on CPW on the expectation of a strong rebound for the 2H2OE earnings thanks to the solid lineup of new products, both...

Krungthai XSpring

Earnings Review Copperwired Plc. (CPW) Commerce

CPW's 1Q20 earnings retreated in the wake of COVID-19, which led to temporary shop closures at the end of March. With the business resuming normal...

Krungthai XSpring

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