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>AIT's 3Q20 NP bounced back as expected thanks to strong top-line growth on the delivery of projects after the easing of the lockdowns.</li><li>Its healthy backlog will sustain the 4Q20E earnings momentum, with further growth of 13% expected in 2021E.</li><li>As AIT also offers an attractive yield of 9% in 2H20E, we lift the rating to Buy.</li></ul>

AIT's 3Q20 NP bounced back as expected thanks to strong top-line growth on the delivery of projects after the easing of the lockdowns.Its healthy backlog will sustain the 4Q20E earnings momentum, with further growth of 13% expected in 2021E.As AIT also offers an attractive yield of 9% in 2H20E, we lift the rating to Buy.

<ul><li>We reiterate our view that AIT's earnings will accelerate in 2H2OE on the back of its healthy backlog on hand.</li><li>This will enable the company to sustain its high dividend payout policy, with an attractive annualized dividend yield of nearly 10%.</li><li>AIT expects its 2020E revenue target of Bt6.0bn, down 15% YoY, to be achieved.</li></ul>

We reiterate our view that AIT's earnings will accelerate in 2H2OE on the back of its healthy backlog on hand.This will enable the company to sustain its high dividend payout policy, with an attractive annualized dividend yield of nearly 10%.AIT expects its 2020E revenue target of Bt6.0bn, down 15% YoY, to be achieved.

<ul><li>AIT believes its 2020E revenue target of Bt6bn will be achieved on the back of a flood of tendering for public projects.</li><li>We expect its earnings to accelerate in 2H20E alongside the easing of the lockdown measures.</li><li>Despite limited upside to our TP, its nearly 10% yield causes us to keep our Hold call.</li></ul>

AIT believes its 2020E revenue target of Bt6bn will be achieved on the back of a flood of tendering for public projects.We expect its earnings to accelerate in 2H20E alongside the easing of the lockdown measures.Despite limited upside to our TP, its nearly 10% yield causes us to keep our Hold call.

<ul><li>AIT started the year with weak results in 1Q20.</li><li>The COVID-19 outbreak will impact its operating performance in terms of project delays.</li><li>This leads us to trim its 2020E earnings estimate by 15%.</li></ul>

AIT started the year with weak results in 1Q20.The COVID-19 outbreak will impact its operating performance in terms of project delays.This leads us to trim its 2020E earnings estimate by 15%.

Japan

AIT CORPORATION provides comprehensive international cargo and container booking services.  The Company mainly operates its business in Japan, China and other major Asian cities.

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AIT Corp (9381 JP)

Back on Track; Attractive Yield of 9%

AIT's 3Q20 NP bounced back as expected thanks to strong top-line growth on the delivery of projects after the easing of the lockdowns. Its healthy...

Krungthai XSpring

Earnings Momentum to Accelerate in 2H20E

We reiterate our view that AIT's earnings will accelerate in 2H2OE on the back of its healthy backlog on hand. This will enable the company to...

Krungthai XSpring

Still On Track

AIT believes its 2020E revenue target of Bt6bn will be achieved on the back of a flood of tendering for public projects. We expect its earnings to...

Krungthai XSpring

Earnings Downgrade

AIT started the year with weak results in 1Q20. The COVID-19 outbreak will impact its operating performance in terms of project delays. This leads...

Krungthai XSpring

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