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.

Cross Asset Strategy

<ul><li>The SET Index is expected to move sideways, with the resistance at 1,700/1,706 points and the support at 1,685/1,675 points.</li><li>Tactically, investors are suggested to focus on laggard plays after the market began to be concerned about softer buying by foreign investors due to the possibility of baht depreciation after it gained 4% last week and 12% from its weakest point.</li><li>Foreign investors' buying became the key supporting factor and kept the market sentiment positive, in line with the MACD, RSI and stochastic.</li></ul>

The SET Index is expected to move sideways, with the resistance at 1,700/1,706 points and the support at 1,685/1,675 points.Tactically, investors are suggested to focus on laggard plays after the market began to be concerned about softer buying by foreign investors due to the possibility of baht depreciation after it gained 4% last week and 12% from its weakest point.Foreign investors' buying became the key supporting factor and kept the market sentiment positive, in line with the MACD, RSI and stochastic.

<ul><li>The SET Index is expected to move sideways, with the resistance at 1,650/1,660 points and the support at 1,630/1,617 points.</li><li>We recommend trading buy on BH, AS and IVL.</li><li>Yesterday, foreign investors continued to be net buyers in the SET at Bt6,141.06mn, raising the cumulative buying in August to Bt41,177.63mn and the YTD buying to Bt158,528.42mn.</li></ul>

The SET Index is expected to move sideways, with the resistance at 1,650/1,660 points and the support at 1,630/1,617 points.We recommend trading buy on BH, AS and IVL.Yesterday, foreign investors continued to be net buyers in the SET at Bt6,141.06mn, raising the cumulative buying in August to Bt41,177.63mn and the YTD buying to Bt158,528.42mn.

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Boxihe Outdoor Sports Group / Equity Capital Markets

<ul>
<li>Based on the successful application of self-developed technology, Boxihe has embarked on a completely opposite path to international brands, highlighting the "cost-effectiveness" in outdoor sports industry, thus achieving high growth.</li>
<li>Creating the next blockbuster and diversifying product portfolios greatly test Boxihe’s operational capabilities, with some uncertainties. Boxihe may face the troubles of finding a new growth point in long term.</li>
<li>Performance growth could remain high in the short term. Post-money valuation after Series B Financing reached RMB2.8 billion.Valuation of Boxihe could be higher than <a href="https://www.smartkarma.com/entities/li-ning-co-ltd" target="_blank" data-smartkarma-citation="entities:6047:1" rel="noopener">Li Ning </a>but lower than <a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta</a>.</li>
</ul>


Based on the successful application of self-developed technology, Boxihe has embarked on a completely opposite path to international brands, highlighting the "cost-effectiveness" in outdoor sports industry, thus achieving high growth.
Creating the next blockbuster and diversifying product portfolios greatly test Boxihe’s operational capabilities, with some uncertainties. Boxihe may face the troubles of finding a new growth point in long term.
Performance growth could remain high in the short term. Post-money valuation after Series B Financing reached RMB2.8 billion.Valuation of Boxihe could be higher than Li Ning but lower than Anta.


Pre-IPO Boxihe Outdoor Sports Group - The Concerns Behind the High Growth

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>1Q25 sales for <a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a> continue the trend in 4Q24, with ANTA and FILA brands recording a healthy high-single-digit YoY increase.</li>
<li>With the US-China trade war, the negative impact on consumer appetite is uncertain. It is difficult to project the 2Q-4Q25 revenue and margin outlook. </li>
<li>Its associate, <a href="https://www.smartkarma.com/entities/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a>, has 36% of revenue from the Americas, while the Jack Wolfskin acquisition has limited contribution. Its 50% premium to sector caps upside.  </li>
</ul>


1Q25 sales for Anta Sports Products (2020 HK) continue the trend in 4Q24, with ANTA and FILA brands recording a healthy high-single-digit YoY increase.
With the US-China trade war, the negative impact on consumer appetite is uncertain. It is difficult to project the 2Q-4Q25 revenue and margin outlook. 
Its associate, Amer Sports (AS US), has 36% of revenue from the Americas, while the Jack Wolfskin acquisition has limited contribution. Its 50% premium to sector caps upside.  


Anta Sports (2020 HK): 1Q25 Stable, yet the Margin Remains Our Concern

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a>'s strong FY24 result is masked by one-offs and <a href="https://www.smartkarma.com/entities/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a>. Without them, its earnings would have declined by an alarming 5.4% in 2H24. </li>
<li>Its ANTA and FILA brands have seen YoY operating profit drop in 2H24, with heavy margin pressure. Their revenue growth has also showed meaningful slowdown sequentially.</li>
<li>The 18.6x PER for FY25 is at a 50% premium to the sector, but the market expectation of 15% growth looks challenging. The YTD rally has opened room for profit-taking.</li>
</ul>



Anta Sports Products (2020 HK)'s strong FY24 result is masked by one-offs and Amer Sports (AS US). Without them, its earnings would have declined by an alarming 5.4% in 2H24. 
Its ANTA and FILA brands have seen YoY operating profit drop in 2H24, with heavy margin pressure. Their revenue growth has also showed meaningful slowdown sequentially.
The 18.6x PER for FY25 is at a 50% premium to the sector, but the market expectation of 15% growth looks challenging. The YTD rally has opened room for profit-taking.


Anta Sports (2020 HK): Need to Exercise Caution

United States

Amer Sports, Inc. manufactures sports apparel and fitness equipment. The Company offers apparel, footwear, equipment, protective gear, and related accessories. Amer Sports serves customers worldwide.

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Amer Sports (AS US)

Market Outlook and Investment Strategy

The SET Index is expected to move sideways, with the resistance at 1,700/1,706 points and the support at 1,685/1,675 points. Tactically, investors...

Krungthai XSpring

Market Outlook

The SET Index is expected to move sideways, with the resistance at 1,650/1,660 points and the support at 1,630/1,617 points. We recommend trading...

Krungthai XSpring

Pre-IPO Boxihe Outdoor Sports Group - The Concerns Behind the High Growth

Boxihe's advanced technology and cost-effectiveness lead to high growth, but challenge lies in product diversification. Short-term growth remains...

Xinyao (Criss) Wang

Anta Sports (2020 HK): 1Q25 Stable, yet the Margin Remains Our Concern

Anta Sports has a healthy 1Q25, but uncertainty looms due to the US-China trade war and Amer Sports' exposure. The Jack Wolfskin acquisition will...

Osbert Tang, CFA

Anta Sports (2020 HK): Need to Exercise Caution

Anta's strong FY24 result was overshadowed by one-offs and Amer's impact, with earnings declining by 5.4% in 2H24. ANTA and FILA brands facing...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Market Outlook and Investment Strategy

The SET Index is expected to move sideways, with the resistance at 1,700/1,706 points and the support at 1,685/1,675 points. Tactically, investors...

Krungthai XSpring

Market Outlook

The SET Index is expected to move sideways, with the resistance at 1,650/1,660 points and the support at 1,630/1,617 points. We recommend trading...

Krungthai XSpring

Pre-IPO Boxihe Outdoor Sports Group - The Concerns Behind the High Growth

​Boxihe's advanced technology and cost-effectiveness lead to high growth, but challenge lies in product diversification. Short-term growth remains...

Xinyao (Criss) Wang

Anta Sports (2020 HK): 1Q25 Stable, yet the Margin Remains Our Concern

​Anta Sports has a healthy 1Q25, but uncertainty looms due to the US-China trade war and Amer Sports' exposure. The Jack Wolfskin acquisition will...

Osbert Tang, CFA

Anta Sports (2020 HK): Need to Exercise Caution

​Anta's strong FY24 result was overshadowed by one-offs and Amer's impact, with earnings declining by 5.4% in 2H24. ANTA and FILA brands facing...

Osbert Tang, CFA

Boxihe's advanced technology and cost-effectiveness lead to high growth, but challenge lies in product diversification. Short-term growth remains...

Anta Sports has a healthy 1Q25, but uncertainty looms due to the US-China trade war and Amer Sports' exposure. The Jack Wolfskin acquisition will...

Anta's strong FY24 result was overshadowed by one-offs and Amer's impact, with earnings declining by 5.4% in 2H24. ANTA and FILA brands facing...