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>Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,200/1,192 points and the resistance at 1,215/1,219 points (75-day EMA).</li><li>In the short term, the market is still waiting for confirmation of where the peak of Wave 1 (of the 5-wave upward structure in the Elliott Wave theory) will form before entering a correction phase.</li><li>Wave 2 is expected to retrace around 50–61.8% of Wave 1’s length. </li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,200/1,192 points and the resistance at 1,215/1,219 points (75-day EMA).In the short term, the market is still waiting for confirmation of where the peak of Wave 1 (of the 5-wave upward structure in the Elliott Wave theory) will form before entering a correction phase.Wave 2 is expected to retrace around 50–61.8% of Wave 1’s length. 

KTX Zoom: China’s Trade Balance - MAY 9, 2025

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

<ul>
<li>We maintain our BUY rating and TP of Bt24.25 based on21.1xPE’23E(+1.0S.D of 10-year trading history).Analyst meeting came with a positive tone as management expects continued growth across all its segments</li>
<li>Analyst Meeting Details Management expects double-digit revenue growth, primarily driven by commercial segment and an expanding ecosystem. Our revenue growth forecast of 5% YoY in 23E illustrates our cautious</li>
<li>Commercial segment (17% of 2021 revenue) should see strong growth from additional network and cloud services added to SYNEX’s portfolio. According to management, the segment has “large” amounts of backlog </li>
</ul>


We maintain our BUY rating and TP of Bt24.25 based on21.1xPE’23E(+1.0S.D of 10-year trading history).Analyst meeting came with a positive tone as management expects continued growth across all its segments
Analyst Meeting Details Management expects double-digit revenue growth, primarily driven by commercial segment and an expanding ecosystem. Our revenue growth forecast of 5% YoY in 23E illustrates our cautious
Commercial segment (17% of 2021 revenue) should see strong growth from additional network and cloud services added to SYNEX’s portfolio. According to management, the segment has “large” amounts of backlog 


SYNEX : Weak 4Q22 but Positive 2023 Outlook

<ul>
<li>We maintain our BUY rating and TP of Bt24.25 based on 21.1xPE’23E(+1.0S.D of 10-year trading history).3Q22earnings was higher than expected and reaffirms our belief that reliance on technology in Thailand</li>
<li>3Q22 earnings grew amidst high inflation 3Q22 net profit was at Bt215m(+11%YoY, +5%QoQ),growing YoY from strong sales growth,while QoQ was led by both good sales performance and gross margin expansion.</li>
<li>9M22 comprises 70.4% of our full year 22E forecast. We expect strong 4Q22 performance due to seasonality, especially with the iPhone 14 remaining popular</li>
</ul>


We maintain our BUY rating and TP of Bt24.25 based on 21.1xPE’23E(+1.0S.D of 10-year trading history).3Q22earnings was higher than expected and reaffirms our belief that reliance on technology in Thailand
3Q22 earnings grew amidst high inflation 3Q22 net profit was at Bt215m(+11%YoY, +5%QoQ),growing YoY from strong sales growth,while QoQ was led by both good sales performance and gross margin expansion.
9M22 comprises 70.4% of our full year 22E forecast. We expect strong 4Q22 performance due to seasonality, especially with the iPhone 14 remaining popular


SYNEX : Cheap Valuation, High Dividend Yield

<ul>
<li>We maintain our BUY rating,but revise and roll-over our TP to Bt24.25(-18% from our previous TP)based on 21.1xPE’23E(+1.0S.D of 10-year trading history). With 2Q22 earnings showing limited impact from inflation</li>
<li>2Q22 earnings saw limited impact 2Q22 net profit was at Bt192m (-9% YoY,-12% QoQ), decreasing YoY and QoQ mainly due to lower equity income from associates. QoQ was also impacted </li>
<li>2Q22 sales was at Bt9.6bn (+14% YoY,-4% QoQ), with growth driven YoY by commercial segment as lockdown eases, but declining QoQ from seasonality. 2H22 and 2023 should mainly be driven</li>
</ul>


We maintain our BUY rating,but revise and roll-over our TP to Bt24.25(-18% from our previous TP)based on 21.1xPE’23E(+1.0S.D of 10-year trading history). With 2Q22 earnings showing limited impact from inflation
2Q22 earnings saw limited impact 2Q22 net profit was at Bt192m (-9% YoY,-12% QoQ), decreasing YoY and QoQ mainly due to lower equity income from associates. QoQ was also impacted 
2Q22 sales was at Bt9.6bn (+14% YoY,-4% QoQ), with growth driven YoY by commercial segment as lockdown eases, but declining QoQ from seasonality. 2H22 and 2023 should mainly be driven


SYNEX : Limited Inflationary Impact on 2Q22 Earnings

<ul><li>More cautious management view amid surrounding challenges</li><li>Honor to strengthen the mobile phone segment</li><li>Earnings forecasts trimmed to reflect pressure on the GPM. Upgrade to Buy due to solid long-term growth prospects</li></ul>

More cautious management view amid surrounding challengesHonor to strengthen the mobile phone segmentEarnings forecasts trimmed to reflect pressure on the GPM. Upgrade to Buy due to solid long-term growth prospects

Synnex -Shifting Focus to IT Ecosystem to Maintain Growth

Thailand

Synnex Thailand PCL distributes computer products.  The Company distributes computer components and peripherals, servers and storage devices, security products, computer software, and consumables.

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Synnex Thailand (SYNEX TB)

KTX Zoom: China’s Trade Balance - MAY 9, 2025

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,200/1,192 points and the resistance at 1,215/1,219...

Krungthai XSpring

SYNEX : Weak 4Q22 but Positive 2023 Outlook

We maintain our BUY rating and TP of Bt24.25 based on 21.1xPE’23E (+1.0S.D of 10-year trading history). Analyst meeting came with a positive tone...

Pi Securities PCL, Thailand

SYNEX : Cheap Valuation, High Dividend Yield

We maintain our BUY rating and TP of Bt24.25 based on 21.1xPE’23E (+1.0S.D of 10-year trading history). 3Q22 earnings was higher than expected and...

Pi Securities PCL, Thailand

SYNEX : Limited Inflationary Impact on 2Q22 Earnings

We maintain our BUY rating, but revise and roll-over our TP to Bt24.25 (-18% from our previous TP) based on 21.1xPE’23E (+1.0S.D of 10-year trading...

Pi Securities PCL, Thailand

Synnex -Shifting Focus to IT Ecosystem to Maintain Growth

SYNEX is the leading distributor of IT products in Thailand, holding the biggest market share at 33.7% of total revenue in 2020.

Krungthai XSpring

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