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 maintain a Neutral rating, with the fundamental view revised to overvalued (previously buy), as the share price has risen more than 6.1% since our previous report, leaving upside of just 5.7% compared to the fair value of Bt314 (based on a required return of 4.0%).</li><li>Meanwhile, the neutral tactical view remains unchanged.</li><li>The long-term profit outlook, based on projected EPS growth for 2025-27E, is relatively weak at a CAGR of 7.0%, compared to the average of major operators in ASEAN (+14.1%).</li></ul>

We maintain a Neutral rating, with the fundamental view revised to overvalued (previously buy), as the share price has risen more than 6.1% since our previous report, leaving upside of just 5.7% compared to the fair value of Bt314 (based on a required return of 4.0%).Meanwhile, the neutral tactical view remains unchanged.The long-term profit outlook, based on projected EPS growth for 2025-27E, is relatively weak at a CAGR of 7.0%, compared to the average of major operators in ASEAN (+14.1%).

Advanced Info Service - Better Profitability Led to Upbeat 1Q25 Earnings

<ul><li>We maintain our Neutral rating, as the attractiveness of the valuation based on the fundamentals (with the share price implying 12% upside to the fair value) is offset by the relatively modest average EPS growth of a 7% CAGR during 2025-27E, which is at the lower end compared to regional peers. In addition, the tactical view is neutral.</li><li>The 12-month forward fair value has been revised to Bt314 (previously Bt317), reflecting adjustments to the macroeconomic variables in the beta estimation based on our new house view.</li><li>This adjustment immaterially impacted the required return, which remains almost unchanged at 4.0%.</li></ul>

We maintain our Neutral rating, as the attractiveness of the valuation based on the fundamentals (with the share price implying 12% upside to the fair value) is offset by the relatively modest average EPS growth of a 7% CAGR during 2025-27E, which is at the lower end compared to regional peers. In addition, the tactical view is neutral.The 12-month forward fair value has been revised to Bt314 (previously Bt317), reflecting adjustments to the macroeconomic variables in the beta estimation based on our new house view.This adjustment immaterially impacted the required return, which remains almost unchanged at 4.0%.

Advanced Info Service - Continued Earnings Momentum 1Q25E

Thematic (Sector/Industry)

<ul><li>The SET Index is expected to weaken, with the support levels at 1,127/1,114 points and the resistance at 1,144/1,150 points.</li><li>Technically, no buy signal has emerged yet, as the index continued to decline yesterday and broke below the key support level of 1,144 points.</li><li>As a result, the main entry point for the next rebound has been revised down to 1,114 points. </li></ul>

The SET Index is expected to weaken, with the support levels at 1,127/1,114 points and the resistance at 1,144/1,150 points.Technically, no buy signal has emerged yet, as the index continued to decline yesterday and broke below the key support level of 1,144 points.As a result, the main entry point for the next rebound has been revised down to 1,114 points. 

<ul><li>The SET Index faced pressure from a temporary suspension of the US International Trade Court tariff ruling by the US Federal Appeals Court.</li><li>Combined with the impact of the MSCI rebalancing and the upcoming long holiday, this led the index to trade in negative territory throughout the day.</li><li>Selling pressure in large-cap stocks, particularly DELTA, ADVANC, and CPALL, pulled the index below the 1,150-point level, resulting in a weekly decline of 2.31%.</li></ul>

The SET Index faced pressure from a temporary suspension of the US International Trade Court tariff ruling by the US Federal Appeals Court.Combined with the impact of the MSCI rebalancing and the upcoming long holiday, this led the index to trade in negative territory throughout the day.Selling pressure in large-cap stocks, particularly DELTA, ADVANC, and CPALL, pulled the index below the 1,150-point level, resulting in a weekly decline of 2.31%.

<ul><li>We reinitiate our coverage on ADVANC with a Neutral rating.</li><li>While the valuation appears attractive from a fundamental perspective, with 13% upside to its fair value, this is offset by its earnings growth outlook, which remains below the average of major regional operators.</li><li>In addition, the tactical outlook remains neutral.</li></ul>

We reinitiate our coverage on ADVANC with a Neutral rating.While the valuation appears attractive from a fundamental perspective, with 13% upside to its fair value, this is offset by its earnings growth outlook, which remains below the average of major regional operators.In addition, the tactical outlook remains neutral.

ADVANCED INFO SERVICE - Resuming Normal Growth Mode in 2025E

Thailand

Advanced Info Service Public Company Limited is granted a 25-year concession expiring the year 2015 by the Telephone Organization of Thailand to provide cellular phone services.  The Company provides analog mobile phone services through the Nordic Mobile Telephone (NMT900) network, and digital phone services through the Global Systems for Mobile Communication (GSM) network.

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52-week Range	0.00 - 0.00
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Advanced Info Service (ADVANC TB)

Advanced Info Service - Better Profitability Led to Upbeat 1Q25 Earnings

The long-term profit outlook, based on projected EPS growth for 2025-27E, is relatively weak at a CAGR of 7.0%, compared to the average of major...

Krungthai XSpring

Advanced Info Service - Continued Earnings Momentum 1Q25E

The 12-month forward fair value has been revised to Bt314 (previously Bt317), reflecting adjustments to the macroeconomic variables in the beta...

Krungthai XSpring

KTX Zoom - JUNE 5, 2025

The SET Index is expected to weaken, with the support levels at 1,127/1,114 points and the resistance at 1,144/1,150 points. Technically, no buy...

Krungthai XSpring

Technical Analysis - JUNE 4, 2025

The SET Index faced pressure from a temporary suspension of the US International Trade Court tariff ruling by the US Federal Appeals Court.

Krungthai XSpring

ADVANCED INFO SERVICE - Resuming Normal Growth Mode in 2025E

While the valuation appears attractive from a fundamental perspective, with 13% upside to its fair value, this is offset by its earnings growth...

Krungthai XSpring

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P/E

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