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>The SET Index is expected to weaken, with the resistance at 1,630/1,640 points and the support at 1,614 points (10/25-day EMA)/1,608 points (50-day EMA).</li><li>We suggest trading buy on ASIAN, TFG and JMART.</li><li>Negative momentum will be generated from China's lockdown of a major city where the production bases of chips and autos are located.</li></ul>

The SET Index is expected to weaken, with the resistance at 1,630/1,640 points and the support at 1,614 points (10/25-day EMA)/1,608 points (50-day EMA).We suggest trading buy on ASIAN, TFG and JMART.Negative momentum will be generated from China's lockdown of a major city where the production bases of chips and autos are located.

<ul><li>We maintain a Buy but lower the 2020E TP to Bt19.40 based on PER of 15x (average of its 2005-19 average PER), down from Bt25.80 with PER of 20x previously.</li><li>AMATA announced a 2H19 DPS at Bt0.29, implying a dividend yield of 1.7%.</li><li>AMATA reported 4Q19 net profit at Bt250mn (+115.4% YoY, -68.6% QoQ) and normalized profit of Bt229mn (-24.1% YoY, -69.6% QoQ), topping our estimate of Bt97mn on the back of lower-than-expected expense items.</li></ul>

We maintain a Buy but lower the 2020E TP to Bt19.40 based on PER of 15x (average of its 2005-19 average PER), down from Bt25.80 with PER of 20x previously.AMATA announced a 2H19 DPS at Bt0.29, implying a dividend yield of 1.7%.AMATA reported 4Q19 net profit at Bt250mn (+115.4% YoY, -68.6% QoQ) and normalized profit of Bt229mn (-24.1% YoY, -69.6% QoQ), topping our estimate of Bt97mn on the back of lower-than-expected expense items.

Thailand

Amata VN Public Company Limited is a Thailand-based holding company that invests in and develops industrial estates, commercial, and residential areas in Vietnam. The company offers industrial land lease, ready-built factories, commercial and residential land lease, office rental services, and utility services. Amata VN was founded in 2012 and has its headquarters in Thailand.

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Amata VN (AMATAV-R TB)

Market Outlook

The SET Index is expected to weaken, with the resistance at 1,630/1,640 points and the support at 1,614 points (10/25-day EMA)/1,608 points...

Krungthai XSpring

2019 Net Profit Rose 71.1% YoY

We maintain a Buy but lower the 2020E TP to Bt19.40 based on PER of 15x (average of its 2005-19 average PER), down from Bt25.80 with PER of 20x...

Krungthai XSpring

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