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 maintain our Neutral rating, based on the earnings yield and the new required rate of return of 16.7%.</li><li>The valuation metrics suggest that the stock is fundamentally undervalued, which is offset by an expected low CAGR of 3.4% in 2024-26E.</li><li>Meanwhile, the tactical view is neutral</li></ul>

We maintain our Neutral rating, based on the earnings yield and the new required rate of return of 16.7%.The valuation metrics suggest that the stock is fundamentally undervalued, which is offset by an expected low CAGR of 3.4% in 2024-26E.Meanwhile, the tactical view is neutral

Bangkok Bank - 2Q24E Net Profit Expected to Fall YoY and QoQ

Thematic (Sector/Industry)

<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.

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>Reiterate BUY with a target price of Bt171.00.BBL is our top pick in the banking sector as we like (1)steady growth ahead in 2023-24 (2)solid balance sheet to withstand uncertainty</li>
<li>Earnings to reach the peak in 4Q22 We expect Bangkok Bank (BBL) to post a net profit of Bt8.4bn in 4Q22, up 34% YoY (+10% QoQ). </li>
<li>Despite a muted lending growth in 4Q22 due to repayment in Nov, its full-year loan growth in 2022 is likely to be solid at 8.5% YoY</li>
</ul>


Reiterate BUY with a target price of Bt171.00.BBL is our top pick in the banking sector as we like (1)steady growth ahead in 2023-24 (2)solid balance sheet to withstand uncertainty
Earnings to reach the peak in 4Q22 We expect Bangkok Bank (BBL) to post a net profit of Bt8.4bn in 4Q22, up 34% YoY (+10% QoQ). 
Despite a muted lending growth in 4Q22 due to repayment in Nov, its full-year loan growth in 2022 is likely to be solid at 8.5% YoY


BBL : Steady Growth with Attractive Valuation

<ul>
<li>Maintain BUY with a higher target price of Bt171.00(from Bt164).Given its resilient loan growth and NIM expansion,its 4Q22 net profit is expected to register the highest quarterly level in 2022.</li>
<li>Analyst meeting    BBL expected Thai GDP to expand by 2–3% YoY in 2023, slower from 3-4% in 2022 due to the global economic slowdown. Yet, the economic growth could </li>
<li>For 4Q22 and 2022 guidance,(1) Loan growth in 4Q was likely flat QoQ resulting in full-year loan growth of around 8% (vs 4-6% earlier); (2) NIM continued to improve given</li>
</ul>


Maintain BUY with a higher target price of Bt171.00(from Bt164).Given its resilient loan growth and NIM expansion,its 4Q22 net profit is expected to register the highest quarterly level in 2022.
Analyst meeting    BBL expected Thai GDP to expand by 2–3% YoY in 2023, slower from 3-4% in 2022 due to the global economic slowdown. Yet, the economic growth could 
For 4Q22 and 2022 guidance,(1) Loan growth in 4Q was likely flat QoQ resulting in full-year loan growth of around 8% (vs 4-6% earlier); (2) NIM continued to improve given


BBL : Steady Growth and Balance Sheet Resilience

Thailand

Bangkok Bank Public Company Limited provides various banking and financial services including commercial, consumer, credit card, and mortgage lending, international trade financing, investment banking, and securities services.

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Bangkok Bank Public (BBL TB)

Bangkok Bank - 2Q24E Net Profit Expected to Fall YoY and QoQ

The valuation metrics suggest that the stock is fundamentally undervalued, which is offset by an expected low CAGR of 3.4% in 2024-26E. Meanwhile,...

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

BBL : Steady Growth with Attractive Valuation

Reiterate BUY with a target price of Bt171.00. BBL is our top pick in the banking sector as we like (1) steady growth ahead in 2023-24 (2) solid...

Pi Securities PCL, Thailand

BBL : Steady Growth and Balance Sheet Resilience

Maintain BUY with a higher target price of Bt171.00 (from Bt164). Given its resilient loan growth and NIM expansion, its 4Q22 net profit is...

Pi Securities PCL, Thailand

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Market Cap (USDm)

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