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>In our view, lower gas costs following the implementation of the single pool gas system should mitigate the risks regarding the government’s further intervention in electricity tariffs and the Ft. Meanwhile, we expect the potential reclaim of EGAT’s Ft subsidies to be the next price catalyst for SPP operators.</li><li>We maintain our Outperform rating and the 12M FV of Bt33.0.</li><li>Our valuation metrics suggest that the current share price is attractive, with strong long-term earnings growth prospects and neutral tactical risk</li></ul>

In our view, lower gas costs following the implementation of the single pool gas system should mitigate the risks regarding the government’s further intervention in electricity tariffs and the Ft. Meanwhile, we expect the potential reclaim of EGAT’s Ft subsidies to be the next price catalyst for SPP operators.We maintain our Outperform rating and the 12M FV of Bt33.0.Our valuation metrics suggest that the current share price is attractive, with strong long-term earnings growth prospects and neutral tactical risk

B.grimm Power -In-Line 4Q23 Earnings; Strong LT Earnings Outlook

Thematic (Sector/Industry)

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,395 points (50-day EMA)/1,400 points and the support at 1,380/1,372 points.</li><li>The index may rebound to 1,416/1,438 points again after it was able to reverse and breach the resistance at 1,390 points, forming a higher high and higher low pattern.</li><li>There is risk of the index returning to a downward direction again if it closes below the key support at 1,380 points.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,395 points (50-day EMA)/1,400 points and the support at 1,380/1,372 points.The index may rebound to 1,416/1,438 points again after it was able to reverse and breach the resistance at 1,390 points, forming a higher high and higher low pattern.There is risk of the index returning to a downward direction again if it closes below the key support at 1,380 points.

Wait for Thailand’s 4Q23 GDP (Monday Morning) And U. Of Michigan Survey in US Tonight

<ul><li>Although Asian bourses were able to rebound on the back of tech stocks, alongside the jump in US markets after bond yields decreased, the SET only managed to edge up due to a lack of new factors to boost it.</li><li>Meanwhile, ADVANC and banking stocks fell, and foreign investors kept selling for a third day amid continued thin volume.</li><li>The index has an unclear direction after continuing to swing sideways in a narrow range, but we expect upward movement because it attempted to rise despite facing selling pressure.</li></ul>

Although Asian bourses were able to rebound on the back of tech stocks, alongside the jump in US markets after bond yields decreased, the SET only managed to edge up due to a lack of new factors to boost it.Meanwhile, ADVANC and banking stocks fell, and foreign investors kept selling for a third day amid continued thin volume.The index has an unclear direction after continuing to swing sideways in a narrow range, but we expect upward movement because it attempted to rise despite facing selling pressure.

Technical Analysis - The Trend - Feb 16, 2024

<ul><li>The SET traded within a narrow range throughout the day, reflecting subdued sentiment attributed to the Chinese New Year festival.</li><li>Furthermore, with most Asian bourses closed, trading activity remained sluggish.</li><li>Large cap stocks experienced limited fluctuations, resulting in an index outlook devoid of clear signals. However, foreign investors turned to buy slightly.</li></ul>

The SET traded within a narrow range throughout the day, reflecting subdued sentiment attributed to the Chinese New Year festival.Furthermore, with most Asian bourses closed, trading activity remained sluggish.Large cap stocks experienced limited fluctuations, resulting in an index outlook devoid of clear signals. However, foreign investors turned to buy slightly.

<ul><li>In our view, lower gas costs following the implementation of the single pool gas system should mitigate the risks regarding the government’s further intervention in electricity tariffs and the Ft, causing the latter to move in line with gas costs.</li><li>We maintain our Outperform rating and the 12M FV of Bt33.0.</li><li>Our valuation  metrics suggest that the current share price is attractive, with strong long-term earnings prospects and neutral tactical risk.</li></ul>

In our view, lower gas costs following the implementation of the single pool gas system should mitigate the risks regarding the government’s further intervention in electricity tariffs and the Ft, causing the latter to move in line with gas costs.We maintain our Outperform rating and the 12M FV of Bt33.0.Our valuation  metrics suggest that the current share price is attractive, with strong long-term earnings prospects and neutral tactical risk.

B.grimm Power - Weak 4Q23E Core Profit; Solid LT Earnings

Thailand

B.Grimm Power Public Company Limited operates as a renewable energy company. The Company focuses on the development, financing, construction, and operation of green field power plants. B.Grimm Power also renders electricity distribution, operations, and maintenance services. B.Grimm Power serves clients in Asia.

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B Grimm Power (BGRIM TB)

B.grimm Power -In-Line 4Q23 Earnings; Strong LT Earnings Outlook

Our valuation metrics suggest that the current share price is attractive, with strong long-term earnings growth prospects and neutral tactical risk

Krungthai XSpring

Wait for Thailand’s 4Q23 GDP (Monday Morning) And U. Of Michigan Survey in US Tonight

Technically, the SET Index is expected to move sideways up, with the resistance at 1,395 points (50-day EMA)/1,400 points and the support at 1,380...

Krungthai XSpring

Technical Analysis - The Trend - Feb 16, 2024

The index has an unclear direction after continuing to swing sideways in a narrow range, but we expect upward movement because it attempted to rise...

Krungthai XSpring

Technical Analysis - FEBRUARY 13, 2024

The SET traded within a narrow range throughout the day, reflecting subdued sentiment attributed to the Chinese New Year festival.

Krungthai XSpring

B.grimm Power - Weak 4Q23E Core Profit; Solid LT Earnings

Our valuation metrics suggest that the current share price is attractive, with strong long-term earnings prospects and neutral tactical risk.

Krungthai XSpring

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