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

Asset World Corporation / Equity Bottom-Up

<ul><li>Yesterday, our Big Cap portfolio generated a return of -0.03% (vs. the SET's return of +0.25%) due to selling on AWC and AMATA.</li></ul>

Yesterday, our Big Cap portfolio generated a return of -0.03% (vs. the SET's return of +0.25%) due to selling on AWC and AMATA.

<ul><li>Our Big Cap portfolio generated a return of -0.43%, vs. the SET Index's return of +0.11%, due to the selling in AWC, CENTEL and BH.</li></ul>

Our Big Cap portfolio generated a return of -0.43%, vs. the SET Index's return of +0.11%, due to the selling in AWC, CENTEL and BH.

<ul><li>AWC will benefit from the positive sentiment generated by the BoT's upward revision to its tourist arrival projection in 2023E to 28mn.</li><li>HANA will be boosted by the recovery in demand following China's reopening.</li><li>Regarding TRUE, the market expects the firm to earn a healthy profit in the first year following the merger, anticipated at around Bt2,723mn (+145.21% YoY) thanks to the potential business synergies and less competition in the mobile phone business.</li></ul>

AWC will benefit from the positive sentiment generated by the BoT's upward revision to its tourist arrival projection in 2023E to 28mn.HANA will be boosted by the recovery in demand following China's reopening.Regarding TRUE, the market expects the firm to earn a healthy profit in the first year following the merger, anticipated at around Bt2,723mn (+145.21% YoY) thanks to the potential business synergies and less competition in the mobile phone business.

<ul><li>Yesterday, our Big Cap portfolio generated a return of +0.37%, outperforming the SET Index (-0.11%).</li><li>There were buybacks of reopening plays (AWC at +2.46%, MINT at +1.65%, BEM at +1.59% and CPN at +0.35%).</li><li>The Ministry of Tourism and Sports disclosed that the cumulative number of tourist arrivals this year, as of December 2, was 9.09mn, accounting for 86.57% of the MPC's 2022 target of 10.5mn.</li></ul>

Yesterday, our Big Cap portfolio generated a return of +0.37%, outperforming the SET Index (-0.11%).There were buybacks of reopening plays (AWC at +2.46%, MINT at +1.65%, BEM at +1.59% and CPN at +0.35%).The Ministry of Tourism and Sports disclosed that the cumulative number of tourist arrivals this year, as of December 2, was 9.09mn, accounting for 86.57% of the MPC's 2022 target of 10.5mn.

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>The company report 3Q22 net profit at Bt1.0bn(+49%YoY +32%QoQ).However, stripping out extra gain from asset valuation, AWC would incurred loss from operation at Bt11m, the lowest loss in ten quarter</li>
<li>Solid improvement in 3Q22 profit backed by Bangkok-MICE hotels This impressive recovery supported by hotel business,which generated revenue at Bt1.8bn(+575%YoY +38%QoQ)as occupancy is assumed to touch 55%(vs. 43% in 2Q22)</li>
<li>Retail and Commercial businesses are still on its gradual recovery pace given a lower rent discount subsided to renters to around10%from 2019 level (15% in 2Q22). Revenue expanded slightly QoQ </li>
</ul>


The company report 3Q22 net profit at Bt1.0bn(+49%YoY +32%QoQ).However, stripping out extra gain from asset valuation, AWC would incurred loss from operation at Bt11m, the lowest loss in ten quarter
Solid improvement in 3Q22 profit backed by Bangkok-MICE hotels This impressive recovery supported by hotel business,which generated revenue at Bt1.8bn(+575%YoY +38%QoQ)as occupancy is assumed to touch 55%(vs. 43% in 2Q22)
Retail and Commercial businesses are still on its gradual recovery pace given a lower rent discount subsided to renters to around10%from 2019 level (15% in 2Q22). Revenue expanded slightly QoQ 


AWC : 3Q22 Core Profit Beat Our Estimate but Below Market Expectation

Thailand

Asset World Corporation invests in, develops, and manages real estate properties in Thailand, focusing on hospitality, lifestyle destinations, and commercial workspaces. The company operates through two segments: Hotel and Related Services, and Rental and Rendering of Commercial Building Services. It develops and owns hotels, community shopping malls, and mixed-use properties. Headquartered in Bangkok, Thailand, the company was founded in 2009.

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Asset World Corporation (AWC TB)

Big Cap Tactical Picks

Yesterday, our Big Cap portfolio generated a return of -0.03% (vs. the SET's return of +0.25%) due to selling on AWC and AMATA.

Krungthai XSpring

Big Cap Tactical Picks

Our Big Cap portfolio generated a return of -0.43%, vs. the SET Index's return of +0.11%, due to the selling in AWC, CENTEL and BH.

Krungthai XSpring

Report Title Not Provided

AWC will benefit from the positive sentiment generated by the BoT's upward revision to its tourist arrival projection in 2023E to 28mn. HANA will...

Krungthai XSpring

Big Cap Tactical Picks

Yesterday, our Big Cap portfolio generated a return of +0.37%, outperforming the SET Index (-0.11%). There were buybacks of reopening plays (AWC...

Krungthai XSpring

AWC : 3Q22 Core Profit Beat Our Estimate but Below Market Expectation

The company report 3Q22 net profit at Bt1.0bn (+49%YoY +32%QoQ). However, stripping out extra gain from asset valuation, AWC would incurred loss...

Pi Securities PCL, Thailand

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