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.

Cross Asset Strategy

<ul><li>Although global stock markets are showing signs of improvement, driven by expectations of a soft landing in the world economy and potential interest rate cuts by the Fed in May, KTX maintains the view that the SET Index will underperform compared to global and regional markets (excluding China).</li><li>The recommendation for investors is to wait before increasing the investment weighting of the Thai stock market until the index weakens below 1,353 points.</li><li>This cautious stance is influenced by ongoing foreign fund outflows, with the net selling topping USD487.9mn in the first three weeks of January 2024.</li></ul>

Although global stock markets are showing signs of improvement, driven by expectations of a soft landing in the world economy and potential interest rate cuts by the Fed in May, KTX maintains the view that the SET Index will underperform compared to global and regional markets (excluding China).The recommendation for investors is to wait before increasing the investment weighting of the Thai stock market until the index weakens below 1,353 points.This cautious stance is influenced by ongoing foreign fund outflows, with the net selling topping USD487.9mn in the first three weeks of January 2024.

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,370/1,366 points and the resistance at 1,388/1,392 points, as it is still moving in a downward direction in accordance with the rounding-top pattern.</li><li>The Thai stock market has undergone a correction, prompting a 9 bps increase in the MRP to 4.4% due to external pressures.</li><li>As a result, the 12M SET Index movement is now anticipated in a lower range of 1,353-1,484 points (compared to the previous range of 1,378-1,504 points).</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,370/1,366 points and the resistance at 1,388/1,392 points, as it is still moving in a downward direction in accordance with the rounding-top pattern.The Thai stock market has undergone a correction, prompting a 9 bps increase in the MRP to 4.4% due to external pressures.As a result, the 12M SET Index movement is now anticipated in a lower range of 1,353-1,484 points (compared to the previous range of 1,378-1,504 points).

Krungthai XSpring Zoom Eng. January 22, 2024

Cross-Asset Strategist & Quantitative Analyst, Pennock Idea Hub

Cam Hui

Cross-Asset Strategist & Quantitative Analyst

Pennock Idea Hub

We are creators of independent equity research. The Pennock Idea Hub team are veterans of the investment industry. Much of our team has spent their careers at Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wood Gundy. We have taken every aspect of research back to the studs and returned to first principles. The Pennock Idea Hub marries the interests of the sell and buy side. 

We offer the best research for institutional investors by:

-Only publishing research from veteran analysts
-Eliminate the inherent conflicts of the traditional sell and buy side relationship
-Ensure our team is always accessible; collaboration with clients nurtures our collective success

Cross-Asset & Quantitative Research

<ul>
<li>A bottom-up driven scan of stock charts shows over 29 stocks with bullish technical patterns consisting of uptrends or breakouts from multi-month bases with strong potential upsides.</li>
<li>Bullish patterns are broadly based, primarily concentrated in technology and cyclicals, which argue for a continuation of the AI-related bull and an economic rebound.</li>
<li>This bottom-up analysis also pointed to bullish macro conclusions about the economy.</li>
</ul>


A bottom-up driven scan of stock charts shows over 29 stocks with bullish technical patterns consisting of uptrends or breakouts from multi-month bases with strong potential upsides.
Bullish patterns are broadly based, primarily concentrated in technology and cyclicals, which argue for a continuation of the AI-related bull and an economic rebound.
This bottom-up analysis also pointed to bullish macro conclusions about the economy.


Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)</a> enjoys a near-monopoly status in the N2 and N3 advanced foundry nodes. </li>
<li>Investors should not expect the management to actively buy back its shares; instead, they should expect high growth numbers from TSMC.</li>
<li>Despite the relatively high PER and PBR, its PEG ratio is 0.6x, thanks to the high growth numbers that make its valuation level still compelling. </li>
</ul>



TSMC (Taiwan Semiconductor Manufacturing) (2330 TT) enjoys a near-monopoly status in the N2 and N3 advanced foundry nodes. 
Investors should not expect the management to actively buy back its shares; instead, they should expect high growth numbers from TSMC.
Despite the relatively high PER and PBR, its PEG ratio is 0.6x, thanks to the high growth numbers that make its valuation level still compelling. 


Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>Our WEEKLY tactical global macro recap/analysis for several markets and stocks we track, grouped by sector.</li>
<li>We apply our quantitative models to each instrument's trend, to determine which stocks/markets are just starting a trend, are in the middle of it, or are about to end it.</li>
<li>
<strong>Most overbought</strong>: Samsung Electronics, SK Hynix, Gold and Oil. <strong>Most oversold</strong>: NetEase Cloud M,Nikkei 225,Hitachi, Broadcom</li>
</ul>


Our WEEKLY tactical global macro recap/analysis for several markets and stocks we track, grouped by sector.
We apply our quantitative models to each instrument's trend, to determine which stocks/markets are just starting a trend, are in the middle of it, or are about to end it.

Most overbought: Samsung Electronics, SK Hynix, Gold and Oil. Most oversold: NetEase Cloud M,Nikkei 225,Hitachi, Broadcom


WEEKLY Tactical Recap: Samsung Electronics, SK Hynix, Nikkei 225, CATL, Tokyo Electron, Gold, Oil

United States

Broadcom Inc. designs, develops, and supplies semiconductor and infrastructure software solutions. The Company offers storage adapters, controllers, networking processors, motion control encoders, and optical sensors, as well as infrastructure and security software to modernize, optimize, and secure the most complex hybrid environments. Broadcom serves customers worldwide.

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

Broadcom (AVGO US)

No Buybacks From Foreign Investors

Although global stock markets are showing signs of improvement, driven by expectations of a soft landing in the world economy and potential...

Krungthai XSpring

Krungthai XSpring Zoom Eng. January 22, 2024

Technically, the SET Index is expected to move sideways down, with the support at 1,370/1,366 points and the resistance at 1,388/1,392 points, as...

Krungthai XSpring

29 Reasons to Be Bullish

A bottom-up scan of stock charts shows over 29 stocks with bullish technical patterns consisting of uptrends or breakouts from multi-month bases...

Cam Hui

TSMC (2330): 0.6x PEG and near Monopoly

High growth, near monopoly, hence 0.6 PEG, what's not to like about owning TSMC 2330 TW? Their products are badly needed by the other tech companies.

Henry Soediarko

WEEKLY Tactical Recap: Samsung Electronics, SK Hynix, Nikkei 225, CATL, Tokyo Electron, Gold, Oil

Weekly Global Macro Tactical Recap: our models tracks trends across asset classes to highlight overbought/oversold market conditions across Asian...

Nico Rosti

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)