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>We initiate coverage on AAV with a Neutral rating. While we have a positive view on its fundamentals, with the fair value offering upside of +14%, we remain concerned about its long-term performance, which is expected to grow by only +11%, below the industry average of +15%.</li><li>In the short term, however, we expect the stock price to improve.</li><li><span style="font-size: var(--content-font-size);">The short-term catalyst is the strong growth in 4Q24E core profit YoY </span>and QoQ, driven by seasonal factors and lower fuel costs. </li></ul>

We initiate coverage on AAV with a Neutral rating. While we have a positive view on its fundamentals, with the fair value offering upside of +14%, we remain concerned about its long-term performance, which is expected to grow by only +11%, below the industry average of +15%.In the short term, however, we expect the stock price to improve.The short-term catalyst is the strong growth in 4Q24E core profit YoY and QoQ, driven by seasonal factors and lower fuel costs. 

Asia Aviation - Stock Price Reflects Strong Performance, with the ERP Having Risen Significantly

<ul><li>We recommend selling AAV as the stock has fallen out of our top rankings (return: -2.91%).</li><li>We add TU to the portfolio due to increasingly favorable factors, including lower tuna costs and the recovery of both the frozen seafood and pet food businesses.</li></ul>

We recommend selling AAV as the stock has fallen out of our top rankings (return: -2.91%).We add TU to the portfolio due to increasingly favorable factors, including lower tuna costs and the recovery of both the frozen seafood and pet food businesses.

<ul><li>The SET Index is expected to rebound on light volume, with the resistance at 1,580/1,588 points and the support at 1,566/1,550 points.</li><li>We recommend AAV, AWC and CENTEL; these stocks were the biggest outperformers in the tourism sector listed to the SET100 Index in the past four Aprils (2019-22), with returns of +19.9%, +14.4% and +10.46%, respectively.</li><li>The US Dollar Index gained by 0.11% in response to the employment data in March.</li></ul>

The SET Index is expected to rebound on light volume, with the resistance at 1,580/1,588 points and the support at 1,566/1,550 points.We recommend AAV, AWC and CENTEL; these stocks were the biggest outperformers in the tourism sector listed to the SET100 Index in the past four Aprils (2019-22), with returns of +19.9%, +14.4% and +10.46%, respectively.The US Dollar Index gained by 0.11% in response to the employment data in March.

Thailand

Asia Aviation Public Company Limited is a Thailand-based holding company primarily engaged in investing in low-fare airline businesses, specifically holding 100% of Thai AirAsia Company Limited. The company's operations include scheduled and chartered flight services, along with providing aviation, tourism, and hospitality training through its subsidiary, Asia Aviation Center Co., Ltd. Asia Aviation was incorporated in 2006 and is headquartered in Bangkok, Thailand.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Asia Aviation (AAV TB)

Asia Aviation - Stock Price Reflects Strong Performance, with the ERP Having Risen Significantly

While we have a positive view on its fundamentals, with the fair value offering upside of +14%, we remain concerned about its long-term performance,

Krungthai XSpring

Big Cap Tactical Picks

We recommend selling AAV as the stock has fallen out of our top rankings (return: -2.91%). We add TU to the portfolio due to increasingly...

Krungthai XSpring

Today's Dominant Ideas

The SET Index is expected to rebound on light volume, with the resistance at 1,580/1,588 points and the support at 1,566/1,550 points. We...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)