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>We expect Thai inflation to continue easing from May to August, driven down by the high base effect and lower oil prices.</li><li>The Ministry of Commerce (MoC) anticipates 2023E inflation at a mean of +2.2% YoY (range of 1.7-2.7%), slowing considerably from +6.1% YoY in 2022.</li><li>We expect the MPC to continue raising the policy interest rate by 25 bps to 2.00% in the meeting on May 31, 2023, which should be the last rate hike in this upcycle. </li></ul>

We expect Thai inflation to continue easing from May to August, driven down by the high base effect and lower oil prices.The Ministry of Commerce (MoC) anticipates 2023E inflation at a mean of +2.2% YoY (range of 1.7-2.7%), slowing considerably from +6.1% YoY in 2022.We expect the MPC to continue raising the policy interest rate by 25 bps to 2.00% in the meeting on May 31, 2023, which should be the last rate hike in this upcycle. 

Special Report: Inflation Remains on a Downtrend

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Five stocks remain, nine new join the fray</li>
<li>Since inception, it has gained 96% versus the SET 100 Index’s return of 29%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Five stocks remain, nine new join the fray
Since inception, it has gained 96% versus the SET 100 Index’s return of 29%


The Stocks to Own in Thailand – Vol. 40

Equity Bottom-Up

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Nine stocks remain, and five new join the fray</li>
<li>Since inception, it has gained 105% versus the SET 100 Index’s return of 38%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Nine stocks remain, and five new join the fray
Since inception, it has gained 105% versus the SET 100 Index’s return of 38%


The Stocks to Own in Thailand – Vol. 39

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

<ul>
<li>Maintain our BUY rating with a new TP of Bt13.90, implying 7.4xPE’23E , +1SD from its five years trading average, to reflect higher project launches value in 2023.</li>
<li>3Q22 earnings  expand YoY AP reported 3Q22’s net profit of Bt1.4bn (+37.6%YoY, -9%QoQ), in line with our forecast and market expectation</li>
<li>The YoY growth of net profit supported by (1) Higher revenue recognition of real estate sales to Bt8.7bn(+25.6%YoY)  mainly from transfers of existing and new launches</li>
</ul>


Maintain our BUY rating with a new TP of Bt13.90, implying 7.4xPE’23E , +1SD from its five years trading average, to reflect higher project launches value in 2023.
3Q22 earnings  expand YoY AP reported 3Q22’s net profit of Bt1.4bn (+37.6%YoY, -9%QoQ), in line with our forecast and market expectation
The YoY growth of net profit supported by (1) Higher revenue recognition of real estate sales to Bt8.7bn(+25.6%YoY)  mainly from transfers of existing and new launches


<ul>
<li>We initiate coverage of APwith a BUY rating at a TP of Bt12.9,based on 7.0xPE23,or +0.5SD of its 5-year trading average.Our rating reflects high potential growth in the low-rise segment</li>
<li>High potential growth in long term AP has a high potential to expand its revenue in the long term,backed by(1)strong presales momentum,especially in the low-rise segment,where it is the leader</li>
<li>New high for project launches to support 22-24E earnings AP plans to launch 60 projects worth Bt75bn in 2022 (a new high), composed of 52 low-rise projects, 5 high-rise projects</li>
</ul>


We initiate coverage of APwith a BUY rating at a TP of Bt12.9,based on 7.0xPE23,or +0.5SD of its 5-year trading average.Our rating reflects high potential growth in the low-rise segment
High potential growth in long term AP has a high potential to expand its revenue in the long term,backed by(1)strong presales momentum,especially in the low-rise segment,where it is the leader
New high for project launches to support 22-24E earnings AP plans to launch 60 projects worth Bt75bn in 2022 (a new high), composed of 52 low-rise projects, 5 high-rise projects


Thailand

AP Thailand PCL is a property development company. The Company develops residential property projects in Bangkok areas as well as manufactures and distributes precast concrete products.

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AP Thailand PCL (AP TB)

Special Report: Inflation Remains on a Downtrend

The Ministry of Commerce (MoC) anticipates 2023E inflation at a mean of +2.2% YoY (range of 1.7-2.7%), slowing considerably from +6.1% YoY in 2022.

Krungthai XSpring

The Stocks to Own in Thailand – Vol. 40

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: Five stocks remain, nine new join...

A. Stotz Investment Research

The Stocks to Own in Thailand – Vol. 39

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: Nine stocks remain, five new join...

A. Stotz Investment Research

AP : Earnings Remain Strong in 3Q22

Maintain our BUY rating with a new TP of Bt13.90, implying 7.4xPE’23E , +1SD from its five years trading average, to reflect higher project...

Pi Securities PCL, Thailand

AP : High Growth Potential in Low-Rises

We initiate coverage of AP with a BUY rating at a TP of Bt12.9, based on 7.0xPE23, or +0.5SD of its 5-year trading average. Our rating reflects...

Pi Securities PCL, Thailand

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