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>Most Asian bourses surged, while the SET saw buying activity flow into banking, commerce, hospital, and tourism stocks.</li><li>In addition, AOT managed to rise, which helped the index close higher despite DELTA's decline.</li><li>However, the recovery remains uncertain due to light trading volume.</li></ul>

Most Asian bourses surged, while the SET saw buying activity flow into banking, commerce, hospital, and tourism stocks.In addition, AOT managed to rise, which helped the index close higher despite DELTA's decline.However, the recovery remains uncertain due to light trading volume.

Cross Asset Strategy

<ul><li>The SET rose in line with Asian bourses, driven by expectations surrounding LTFs and the strong performance of ADVANC, GULF, INTUCH, and DELTA, pushing the index to 1,298.72 points.</li><li>However, it quickly retreated in the afternoon as the market lacked new supportive factors and uncertainty lingered over the 4Q24 performances.</li><li>The index initially bounced up but then quickly swung back down, reflecting an unstable price pattern, with buying momentum concentrated in a few stocks. </li></ul>

The SET rose in line with Asian bourses, driven by expectations surrounding LTFs and the strong performance of ADVANC, GULF, INTUCH, and DELTA, pushing the index to 1,298.72 points.However, it quickly retreated in the afternoon as the market lacked new supportive factors and uncertainty lingered over the 4Q24 performances.The index initially bounced up but then quickly swung back down, reflecting an unstable price pattern, with buying momentum concentrated in a few stocks. 

<ul><li>The SET Index is expected to weaken, with the support at 1,370/1,350 points and the resistance at 1,420/1,440 points.</li><li>Key highlights influencing the market include: i) the first 100-day policies after Trump's inauguration as US president on January 20, 2025, such as raising import tariffs on countries with trade surpluses with the US, expelling migrant workers, cutting corporate tax rates, ending the Russia-Ukraine war, and withdrawing from the Paris Agreement (clean energy);</li><li>ii) selling pressure from LTF maturity</li></ul>

The SET Index is expected to weaken, with the support at 1,370/1,350 points and the resistance at 1,420/1,440 points.Key highlights influencing the market include: i) the first 100-day policies after Trump's inauguration as US president on January 20, 2025, such as raising import tariffs on countries with trade surpluses with the US, expelling migrant workers, cutting corporate tax rates, ending the Russia-Ukraine war, and withdrawing from the Paris Agreement (clean energy);ii) selling pressure from LTF maturity

<ul><li>KTX expects sideways-up movement with the resistance at 1,455/1,472 points and the support at 1,412/1,400 points.</li><li>Key highlights impacting the market include: I) December effect – increased domestic fund purchases from TESG, SSF, RMF, along with the Vayupak Fund; ii) foreign selling pressure expected to ease due to a pause in investments ahead of the Christmas and New Year holidays; and iii) gradual implementation of government measures aimed at boosting confidence in economic growth.</li><li>Risks include a potential reduction in investment in Asian and Thai stock markets in favor of USD assets (e.g., US equities, Russell 2000 Index, US Dollar Index), which are expected to benefit from the policies of President Trump, who will officially take office on January 20, 2025.</li></ul>

KTX expects sideways-up movement with the resistance at 1,455/1,472 points and the support at 1,412/1,400 points.Key highlights impacting the market include: I) December effect – increased domestic fund purchases from TESG, SSF, RMF, along with the Vayupak Fund; ii) foreign selling pressure expected to ease due to a pause in investments ahead of the Christmas and New Year holidays; and iii) gradual implementation of government measures aimed at boosting confidence in economic growth.Risks include a potential reduction in investment in Asian and Thai stock markets in favor of USD assets (e.g., US equities, Russell 2000 Index, US Dollar Index), which are expected to benefit from the policies of President Trump, who will officially take office on January 20, 2025.

Equity Bottom-Up

<ul><li>We maintain an Outperform rating and the 12M FWD fair value (FV) at Bt68.00, based on an earnings yield of 2.5%.</li><li>KTX’s valuation metrics recommend buying based on the fundamentals, given that the current market price provices upside of +11% to the FV.</li><li>The long- term growth outlook is strong, with an FY2025-27E EPS CAGR of +14%, exceeding the industry average of +11%.</li></ul>

We maintain an Outperform rating and the 12M FWD fair value (FV) at Bt68.00, based on an earnings yield of 2.5%.KTX’s valuation metrics recommend buying based on the fundamentals, given that the current market price provices upside of +11% to the FV.The long- term growth outlook is strong, with an FY2025-27E EPS CAGR of +14%, exceeding the industry average of +11%.

Airports of Thailand - Entering the High Season; Passenger Volume Likely to Exceed AOT’s Target

Thailand

Airports of Thailand Public Company Ltd. operates the Bangkok International Airport (Don Muang) and the New Bangkok International Airport (Suvarnabhumi).. The Company also operates provincial airports in Chiang Mai, Chiang Rai, Hat Yai, and Phuket.

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Airports of Thailand (AOT TB)

Technical Analysis - FEBRUARY 19, 2025

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Krungthai XSpring

Technical Analysis FEBRUARY 14, 2025

The SET rose in line with Asian bourses, driven by expectations surrounding LTFs and the strong performance of ADVANC, GULF, INTUCH, and DELTA,...

Krungthai XSpring

Monthly Report: January 2025

Clouded by concerns over the first 100-day measures following Trump's inauguration as US president. The SET Index is expected to weaken...

Krungthai XSpring

Monthly Report: December 2024

Key highlights impacting the market include: I) December effect – increased domestic fund purchases from TESG, SSF, RMF, along with the Vayupak Fund

Krungthai XSpring

Airports of Thailand - Entering the High Season; Passenger Volume Likely to Exceed AOT’s Target

KTX’s valuation metrics recommend buying based on the fundamentals, given that the current market price provices upside of +11% to the FV.

Krungthai XSpring

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