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>Technically, the SET Index is expected to weaken, with the support at 1,150/1,140 points and the resistance at 1,173/1,177 points.</li><li>In the medium term, the index remains in a downtrend, forming a zig-zag down pattern as it searches for the bottom within the 1,100-1,506-point range.</li><li>In the short term, the market has continued to set new lows for the second consecutive day, reaching 1,160 points — its lowest level in four years and 11 months, compared to 1,130.54 points recorded on April 3, 2020.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,150/1,140 points and the resistance at 1,173/1,177 points.In the medium term, the index remains in a downtrend, forming a zig-zag down pattern as it searches for the bottom within the 1,100-1,506-point range.In the short term, the market has continued to set new lows for the second consecutive day, reaching 1,160 points — its lowest level in four years and 11 months, compared to 1,130.54 points recorded on April 3, 2020.

<ul><li>The combined 4Q24 earnings of 597 stocks in the SET Index (accounting for 98% of total market capitalization) amounted to Bt190,163mn, up 12% YoY but down 5% QoQ.</li><li>Excluding the energy, petrochemical, and banking sectors, earnings for the remaining stocks grew 23% YoY but declined 12% QoQ.</li><li>Among the 185 stocks with Bloomberg consensus estimates, earnings came in at Bt179,438mn, rising 24% YoY and 3% QoQ, but falling short of the Bloomberg consensus estimates by approximately 8%. </li></ul>

The combined 4Q24 earnings of 597 stocks in the SET Index (accounting for 98% of total market capitalization) amounted to Bt190,163mn, up 12% YoY but down 5% QoQ.Excluding the energy, petrochemical, and banking sectors, earnings for the remaining stocks grew 23% YoY but declined 12% QoQ.Among the 185 stocks with Bloomberg consensus estimates, earnings came in at Bt179,438mn, rising 24% YoY and 3% QoQ, but falling short of the Bloomberg consensus estimates by approximately 8%. 

Special Report: 4Q24 Consensus Earnings Summary - March 4, 2025

<ul><li>We expect certain healthcare service stocks and healthcare-related stocks to rebound and outperform the market, driven by the rapid spread of influenza.</li><li>This is likely to boost health awareness and increase demand for healthcare services. At the same time, the previous decline in these stocks has made their valuations more attractive.</li><li>For healthcare stocks, we recommend BDMS, PR9, CHG, and BCH. Meanwhile, healthcare-related stocks that could benefit from positive sentiment include STGT, MEGA, and OKJ.</li></ul>

We expect certain healthcare service stocks and healthcare-related stocks to rebound and outperform the market, driven by the rapid spread of influenza.This is likely to boost health awareness and increase demand for healthcare services. At the same time, the previous decline in these stocks has made their valuations more attractive.For healthcare stocks, we recommend BDMS, PR9, CHG, and BCH. Meanwhile, healthcare-related stocks that could benefit from positive sentiment include STGT, MEGA, and OKJ.

Influenza Outbreak Supporting Recovery of Healthcare Stocks - FEBRUARY 20, 2025

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

Equity Bottom-Up

Bangkok Chain Hospital / Equity Bottom-Up

<ul>
<li>We retain our HOLD rating with a new target price of Bt20.00, derived from 25xPE’22E, its bottom level before the pandemic lockdown.Our neutral view is supported by intact organic growth</li>
<li>A beacon of light in 4Q22 and onwardsWe expect 4Q22 earnings momentum to drop YoY off last year’s high base,but rebound QoQ from a net loss of Bt403m in 3Q22.</li>
<li>SSO segment (35% of 2Q22 sales) will benefit from a rising number of insurers, currently at 1m insured people (15% above pre-COVID) out of the 1.52m quota</li>
</ul>


We retain our HOLD rating with a new target price of Bt20.00, derived from 25xPE’22E, its bottom level before the pandemic lockdown.Our neutral view is supported by intact organic growth
A beacon of light in 4Q22 and onwardsWe expect 4Q22 earnings momentum to drop YoY off last year’s high base,but rebound QoQ from a net loss of Bt403m in 3Q22.
SSO segment (35% of 2Q22 sales) will benefit from a rising number of insurers, currently at 1m insured people (15% above pre-COVID) out of the 1.52m quota


BCH : March Forward with Better Core Operations

<ul>
<li>We retain our HOLD rating with a new target price of Bt20.00,derived from 25xPE’22E, its bottom level before the pandemic lockdown. Despite,the fading COVID contribution to pressure margins going forward</li>
<li>Unsold Moderna vaccines swung 3Q22to a net loss BCH posted a 3Q22 net loss of Bt403m,compared with a profit of Bt1.1bn in 2Q22 and Bt2.9bn in 3Q21.The result was in-line</li>
<li>Excluding the provision loss from devalued inventories and advance payment related to Moderna vaccines, BCH’s core profit would be Bt499m (-83%YoY, -56%QoQ).</li>
</ul>


We retain our HOLD rating with a new target price of Bt20.00,derived from 25xPE’22E, its bottom level before the pandemic lockdown. Despite,the fading COVID contribution to pressure margins going forward
Unsold Moderna vaccines swung 3Q22to a net loss BCH posted a 3Q22 net loss of Bt403m,compared with a profit of Bt1.1bn in 2Q22 and Bt2.9bn in 3Q21.The result was in-line
Excluding the provision loss from devalued inventories and advance payment related to Moderna vaccines, BCH’s core profit would be Bt499m (-83%YoY, -56%QoQ).


Thailand

Bangkok Chain Hospital Public Company Limited operates a chain of hospitals in Thailand serving both the cash and managed care markets.

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Bangkok Chain Hospital (BCH TB)

KTX Zoom: US PPI - MARCH 13, 2025

Technically, the SET Index is expected to weaken, with the support at 1,150/1,140 points and the resistance at 1,173/1,177 points.

Krungthai XSpring

Special Report: 4Q24 Consensus Earnings Summary - March 4, 2025

The combined 4Q24 earnings of 597 stocks in the SET Index (accounting for 98% of total market capitalization) amounted to Bt190,163mn, up 12% YoY...

Krungthai XSpring

Influenza Outbreak Supporting Recovery of Healthcare Stocks - FEBRUARY 20, 2025

We expect certain healthcare service stocks and healthcare-related stocks to rebound and outperform the market, driven by the rapid spread of...

Krungthai XSpring

BCH : March Forward with Better Core Operations

We retain our HOLD rating with a new target price of Bt20.00, derived from 25xPE’22E, its bottom level before the pandemic lockdown. Our neutral...

Pi Securities PCL, Thailand

BCH : A Quarter to Forget

We retain our HOLD rating with a new target price of Bt20.00, derived from 25xPE’22E, its bottom level before the pandemic lockdown. Despite, the...

Pi Securities PCL, Thailand

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