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

CPN Retail Growth Leasehold REIT / Equity Bottom-Up

CPN Retail Growth Leasehold REIT (CPNREIT TB)

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,250/1,235 points and resistance at 1,270/1,275 points.</li><li>In the medium term, the index remains in a downtrend under a rounding top pattern, with a range of 1,200-1,506 points.</li><li>Investment strategy: Wait for a technical reversal signal before trading buy.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,250/1,235 points and resistance at 1,270/1,275 points.In the medium term, the index remains in a downtrend under a rounding top pattern, with a range of 1,200-1,506 points.Investment strategy: Wait for a technical reversal signal before trading buy.

US Employment May Be Weaker Than Expected

<ul><li>ADVANC's stock price has declined by 0.7% since being excluded from the latest ranking criteria, causing it to re-enter the portfolio.</li><li>The earnings outlook remains strong, with expected QoQ and YoY profit growth in 4Q24E, driven by higher service revenue and effective cost control.</li><li>KTX's Tactical Picks portfolio is constructed within SET100 Index constituents.</li></ul>

ADVANC's stock price has declined by 0.7% since being excluded from the latest ranking criteria, causing it to re-enter the portfolio.The earnings outlook remains strong, with expected QoQ and YoY profit growth in 4Q24E, driven by higher service revenue and effective cost control.KTX's Tactical Picks portfolio is constructed within SET100 Index constituents.

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,308/1,300 points and the resistance at 1,324/1,330 points.</li><li>The investment strategy remains cautious, waiting for a technical reversal signal (higher high, higher low) before entering new positions.</li><li>From a fundamental perspective, the valuation has entered an attractive zone for selective buying, with PTT, BBL, and KKP as the recommended picks.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,308/1,300 points and the resistance at 1,324/1,330 points.The investment strategy remains cautious, waiting for a technical reversal signal (higher high, higher low) before entering new positions.From a fundamental perspective, the valuation has entered an attractive zone for selective buying, with PTT, BBL, and KKP as the recommended picks.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Shinko Electric Industries / Event-Driven

<ul>
<li>For the month of January 2025, 14 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$6bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in January was ~57%, excluding <a href="https://www.smartkarma.com/entities/sun-art-retail-group-ltd" target="_blank" data-smartkarma-citation="entities:401:1" rel="noopener">Sun Art Retail (6808 HK)</a>'s massive takeunder.</li>
<li>The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31% .</li>
</ul>


For the month of January 2025, 14 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$6bn.
The average premium for the new transactions announced (or first discussed) in January was ~57%, excluding Sun Art Retail (6808 HK)'s massive takeunder.
The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31% .


(Mostly) Asia M&A, Jan 2025: Sun Art, Sanyo Special Steel, Jamco, Ascot, Dropsuite, Smart Share

<ul>
<li>I tally 58 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Ten new deals discussed this week! Australia's <a href="https://www.smartkarma.com/entities/excalibur-mining-corp-ltd" target="_blank" data-smartkarma-citation="entities:3088:1" rel="noopener">Dropsuite</a>, <a href="https://www.smartkarma.com/entities/red-hawk-mining-ltd" target="_blank" data-smartkarma-citation="entities:15387:1" rel="noopener">Red Hawk</a>,; Singapore's <a href="https://www.smartkarma.com/entities/japfa-ltd" target="_blank" data-smartkarma-citation="entities:15597:1" rel="noopener">Japfa</a>, <a href="https://www.smartkarma.com/entities/slb-development-ltd" target="_blank" data-smartkarma-citation="entities:26989:1" rel="noopener">SLB</a>; Japan's <a href="https://www.smartkarma.com/entities/global-food-creators-co-ltd" target="_blank" data-smartkarma-citation="entities:20883:1" rel="noopener">Global Food</a>, <a href="https://www.smartkarma.com/entities/ascot-corp" target="_blank" data-smartkarma-citation="entities:9576:1" rel="noopener">Ascot Corp</a>, <a href="https://www.smartkarma.com/entities/chuoh-pack-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:1360:1" rel="noopener">Chuoh Pack Industry</a>, <a href="https://www.smartkarma.com/entities/giga-prize-co-ltd" target="_blank" data-smartkarma-citation="entities:6115:1" rel="noopener">Giga Prize</a>, <a href="https://www.smartkarma.com/entities/sanyo-special-steel-co-ltd" target="_blank" data-smartkarma-citation="entities:15900:1" rel="noopener">Sanyo Special Steel</a>; and <a href="https://www.smartkarma.com/entities/dada-nexus-ltd" target="_blank" data-smartkarma-citation="entities:28961:1" rel="noopener">Dada Nexus</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a>, <a href="https://www.smartkarma.com/entities/shandong-hi-speed-new-energy-g" target="_blank" data-smartkarma-citation="entities:6927:1" rel="noopener">Shandong Hi-Speed New Energy (1250 HK)</a>, <a href="https://www.smartkarma.com/entities/china-national-building-ma-h" target="_blank" data-smartkarma-citation="entities:184:1" rel="noopener">China National Building Material (3323 HK)</a>, <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports (MAHB MK)</a>, and <a href="https://www.smartkarma.com/entities/sun-art-retail-group-ltd" target="_blank" data-smartkarma-citation="entities:401:1" rel="noopener">Sun Art (6808 HK)</a>.</li>
</ul>


I tally 58 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.
Ten new deals discussed this week! Australia's Dropsuite, Red Hawk,; Singapore's Japfa, SLB; Japan's Global Food, Ascot Corp, Chuoh Pack Industry, Giga Prize, Sanyo Special Steel; and Dada Nexus.
Key updates/news took place on: Sigma Healthcare (SIG AU), Shandong Hi-Speed New Energy (1250 HK), China National Building Material (3323 HK), Malaysia Airports (MAHB MK), and Sun Art (6808 HK).


(Mostly) Asia-Pac M&A: Sigma Healthcare Dropsuite, Japfa, Dada Nexus, Malaysia Airports, Sanyo Steel

Thailand

Advanced Info Service is Thailand's largest telecommunications and technology company, providing mobile phone services, including prepaid, postpaid, and 5G network services, along with mobile devices. The company also offers high-speed home broadband services under the AIS Fibre and 3BB brands, as well as digital services such as cloud solutions, IoT, digital payments, and enterprise solutions. Headquartered in Bangkok, Thailand, the company was founded in 1986.

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Advanced Info Service (ADVANC-R TB)

US Employment May Be Weaker Than Expected

Technically, the SET Index is expected to weaken, with the support at 1,250/1,235 points and resistance at 1,270/1,275 points. In the medium term,...

Krungthai XSpring

KTX Tactical Picks

ADVANC's stock price has declined by 0.7% since being excluded from the latest ranking criteria, causing it to re-enter the portfolio. The...

Krungthai XSpring

Global Manufacturing PMI in January

Technically, the SET Index is expected to weaken, with the support at 1,308/1,300 points and the resistance at 1,324/1,330 points. The investment...

Krungthai XSpring

(Mostly) Asia-Pac M&A: Sigma Healthcare Dropsuite, Japfa, Dada Nexus, Malaysia Airports, Sanyo Steel

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

US Employment May Be Weaker Than Expected

Technically, the SET Index is expected to weaken, with the support at 1,250/1,235 points and resistance at 1,270/1,275 points. In the medium term,...

Krungthai XSpring

KTX Tactical Picks

ADVANC's stock price has declined by 0.7% since being excluded from the latest ranking criteria, causing it to re-enter the portfolio. The...

Krungthai XSpring

Global Manufacturing PMI in January

Technically, the SET Index is expected to weaken, with the support at 1,308/1,300 points and the resistance at 1,324/1,330 points. The investment...

Krungthai XSpring

(Mostly) Asia M&A, Jan 2025: Sun Art, Sanyo Special Steel, Jamco, Ascot, Dropsuite, Smart Share

For the month of January, 14 new deals were discussed on Smartkarma with an overall deal size of just ~US$6bn. The average premium for the new...

David Blennerhassett

(Mostly) Asia-Pac M&A: Sigma Healthcare Dropsuite, Japfa, Dada Nexus, Malaysia Airports, Sanyo Steel

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett