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-up pattern, with the resistance levels at 1,150/1,158/1,168 points (25-day EMA) and the support levels at 1,130/1,122 points.</li><li>In the medium term, the index remains in a downtren  within the 960-1,200-point range, searching for the bottom.</li><li>In the short term, the index is expected to continue rising, targeting 1,158/1,168 points. </li></ul>

Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance levels at 1,150/1,158/1,168 points (25-day EMA) and the support levels at 1,130/1,122 points.In the medium term, the index remains in a downtren  within the 960-1,200-point range, searching for the bottom.In the short term, the index is expected to continue rising, targeting 1,158/1,168 points. 

KTX Zoom: US 1Q25E Earnings Results - APRIL 11, 2025

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<ul><li>SGX welcomes 5 new Thai SDRs which allow investors to trade Thai blue-chip companies in the same way they would trade stocks listed in Singapore.</li><li>The 5 new SDRs are Advanced Info Service (SGX SDR stock code: TADD), Delta Electronics (TDED), Gulf Energy Development (TGED), Kasikornbank (TKKD) and Siam Cement Group (TSCD).</li><li>In total, the 8 Thai SDRs cover more than 40% of the SET50 benchmark and each of the 8 SDRs represent a different sector.</li></ul>

SGX welcomes 5 new Thai SDRs which allow investors to trade Thai blue-chip companies in the same way they would trade stocks listed in Singapore.The 5 new SDRs are Advanced Info Service (SGX SDR stock code: TADD), Delta Electronics (TDED), Gulf Energy Development (TGED), Kasikornbank (TKKD) and Siam Cement Group (TSCD).In total, the 8 Thai SDRs cover more than 40% of the SET50 benchmark and each of the 8 SDRs represent a different sector.

Expanded suite of 8 Thai SDRs tracking over 40% of Thailand’s SET50 Index

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

We maintain our SELL recommendation on CHAYO but raise our target price to Bt13.70 (previously Bt8.70), implying a downside of 20% from the current price. We derive our target price from a 30% premium to the 2022E PB of Thai Diversified Financials, giving a 2022E 4x target PB.
Investment thesis:
<ul>
<li>Rising level of bad loans in Thailand can boost core business</li>
<li>Economic uncertainty helps to expand the customer base for debt collection</li>
<li>Capital injection for new subsidiary helps to boost business</li>
<li>Debt collection to further benefit from increasing mobile usage</li>
<li>Joining the hemp hype supposed to bring additional income</li>
</ul>
Interim: The 1Q21 results were strong, and we revise our loan growth and loan yield slightly upward. However, we still think that the stock trades too expensive.
Risks: Increased competition in acquiring non-performing loans, loss from unsecured debt management, adverse regulatory changes, and potential litigation issues arising from debt collection service.

We maintain our SELL recommendation on CHAYO but raise our target price to Bt13.70 (previously Bt8.70), implying a downside of 20% from the current price. We derive our target price from a 30% premium to the 2022E PB of Thai Diversified Financials, giving a 2022E 4x target PB.
Investment thesis:

Rising level of bad loans in Thailand can boost core business
Economic uncertainty helps to expand the customer base for debt collection
Capital injection for new subsidiary helps to boost business
Debt collection to further benefit from increasing mobile usage
Joining the hemp hype supposed to bring additional income

Interim: The 1Q21 results were strong, and we revise our loan growth and loan yield slightly upward. However, we still think that the stock trades too expensive.
Risks: Increased competition in acquiring non-performing loans, loss from unsecured debt management, adverse regulatory changes, and potential litigation issues arising from debt collection service.

CHAYO: No Cheap Opportunity to Participate in High Growth

We change our recommendation on CHAYO to SELL from HOLD but raise our target price to Bt8.70 (previously Bt7.30), implying a downside of 22% from the current price. We derive our target price from a 30% premium to the 2021E PB of Thai Diversified Financials and apply a 15% small-cap discount, giving a 2021E 4x target PB.
Investment thesis:
<ul>
<li>Rising level of bad loans in Thailand can boost core business</li>
<li>Economic uncertainty helps to expand the customer base for debt collection</li>
<li>Joining the hemp hype supposed to bring additional income</li>
<li>Debt collection to further benefit from increasing mobile usage</li>
<li>High growth is priced in, warrant exercise to fund growth</li>
</ul>
Interim: The 4Q20 results were strong, and we revise our loan-growth and loan yield slightly upward. However, we still think that CHAYO lags its huge potential.
Risks: Increased competition in acquiring non-performing loans, loss from unsecured debt management, adverse regulatory changes, and potential litigation issues arising from debt collection service.

We change our recommendation on CHAYO to SELL from HOLD but raise our target price to Bt8.70 (previously Bt7.30), implying a downside of 22% from the current price. We derive our target price from a 30% premium to the 2021E PB of Thai Diversified Financials and apply a 15% small-cap discount, giving a 2021E 4x target PB.
Investment thesis:

Rising level of bad loans in Thailand can boost core business
Economic uncertainty helps to expand the customer base for debt collection
Joining the hemp hype supposed to bring additional income
Debt collection to further benefit from increasing mobile usage
High growth is priced in, warrant exercise to fund growth

Interim: The 4Q20 results were strong, and we revise our loan-growth and loan yield slightly upward. However, we still think that CHAYO lags its huge potential.
Risks: Increased competition in acquiring non-performing loans, loss from unsecured debt management, adverse regulatory changes, and potential litigation issues arising from debt collection service.

CHAYO: High Growth Expectations Make It Hard to Outperform

We upgrade our recommendation to HOLD from SELL on CHAYO with a revised target price of Bt7.30 (previously Bt6.90), implying a downside of 3% from the current price. We derive our target price from a 30% premium to the 2021E PB/ROE of Thai Diversified Financials and apply a 15% small-cap discount.
Investment thesis:
<ul>
<li>Rising level of bad loans in Thailand can boost core business</li>
<li>Economic uncertainty helps to expand the customer base for debt collection</li>
<li>Debt collection to further benefit from increasing mobile usage</li>
<li>High growth is priced in, warrant exercise to fund growth</li>
</ul>
Interim: The 3Q20 results were below our expectations, and we still think that CHAYO lags on enormous growth opportunities. We revise down our loan-growth assumptions.
Risks: Increased competition in acquiring non-performing loans, loss from unsecured debt management, adverse regulatory changes, and potential litigation issues arising from debt collection service. A risk to our recommendation is that sentiment drives the share price considerably higher.

We upgrade our recommendation to HOLD from SELL on CHAYO with a revised target price of Bt7.30 (previously Bt6.90), implying a downside of 3% from the current price. We derive our target price from a 30% premium to the 2021E PB/ROE of Thai Diversified Financials and apply a 15% small-cap discount.
Investment thesis:

Rising level of bad loans in Thailand can boost core business
Economic uncertainty helps to expand the customer base for debt collection
Debt collection to further benefit from increasing mobile usage
High growth is priced in, warrant exercise to fund growth

Interim: The 3Q20 results were below our expectations, and we still think that CHAYO lags on enormous growth opportunities. We revise down our loan-growth assumptions.
Risks: Increased competition in acquiring non-performing loans, loss from unsecured debt management, adverse regulatory changes, and potential litigation issues arising from debt collection service. A risk to our recommendation is that sentiment drives the share price considerably higher.

CHAYO: Still Lags on Enormous Growth Opportunities

Thailand

Advanced Info Service is Thailand's largest telecommunications company, providing mobile network operations, internet connectivity, and digital television services. The company offers cellular telephone system networks, fixed-broadband services, and sells mobile phones and related equipment. It was founded in 1986 and is headquartered in Bangkok, Thailand.

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Advanced Info Service (ADVANC TB)

KTX Zoom: US 1Q25E Earnings Results - APRIL 11, 2025

Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance levels at 1,150/1,158/1,168 points (25-day EMA) and...

Krungthai XSpring

Expanded suite of 8 Thai SDRs tracking over 40% of Thailand’s SET50 Index

SGX welcomes 5 new Thai SDRs which allow investors to trade Thai blue-chip companies in the same way they would trade stocks listed in...

Singapore Exchange Ltd (SGX)

CHAYO: No Cheap Opportunity to Participate in High Growth

We maintain our SELL recommendation on CHAYO but raise our target price to Bt13.70 (previously Bt8.70), implying a downside of 20% from the current...

A. Stotz Investment Research

CHAYO: High Growth Expectations Make It Hard to Outperform

We change our recommendation on CHAYO to SELL from HOLD but raise our target price to Bt8.70 (previously Bt7.30), implying a downside of 22% from...

A. Stotz Investment Research

CHAYO: Still Lags on Enormous Growth Opportunities

We upgrade our recommendation to HOLD from SELL on CHAYO with a revised target price of Bt7.30, implying a downside of 3%. We derive our target...

A. Stotz Investment Research

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