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>Technically, the SET Index is expected to move sideways up, with the resistance at 1,445/1,460 points and support at 1,423/1,417 points.</li><li>In the short term, the index continues its upward trend, forming higher highs and higher lows for the third consecutive day.</li><li>A breakout above the 1,438-point resistance could signal a major rally, targeting 1,489 points.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,445/1,460 points and support at 1,423/1,417 points.In the short term, the index continues its upward trend, forming higher highs and higher lows for the third consecutive day.A breakout above the 1,438-point resistance could signal a major rally, targeting 1,489 points.

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>We raise FY25E net profit by 10% to RMB36.2bn by lifting sales volume forecast and cutting R&amp;D expenses.</li><li>We also raise FY25E sales volume forecast to 4.3mn units, as BYD’s new PHEV models are more competitive than we had expected.</li><li>We believe its solid earnings quality could continue in FY25E. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We raise FY25E net profit by 10% to RMB36.2bn by lifting sales volume forecast and cutting R&amp;D expenses.We also raise FY25E sales volume forecast to 4.3mn units, as BYD’s new PHEV models are more competitive than we had expected.We believe its solid earnings quality could continue in FY25E. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BYD (1211 HK) - Solid Sales, Earnings Outlook Despite Mixed 2Q

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,372 points (200-day EMA)/1,380 points and the support at 1,360/1,355 points.</li><li>However, a warning sign of a potential correction has emerged as the index has entered the overbought area according to the stochastic.</li><li>Investors are recommended to wait to take profit at the resistance and then buy back when the index retreats.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,372 points (200-day EMA)/1,380 points and the support at 1,360/1,355 points.However, a warning sign of a potential correction has emerged as the index has entered the overbought area according to the stochastic.Investors are recommended to wait to take profit at the resistance and then buy back when the index retreats.

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,372 points (200-day EMA)/1,380 points and the support at 1,360/1,355 points.</li><li>In the short term, the index is in an uptrend, having posted higher highs and higher lows for eight consecutive days.</li><li>We recommend stocks with positive factors: BJC, TLI (added to the MSCI Small Cap Index, effective this Friday), and SCB.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,372 points (200-day EMA)/1,380 points and the support at 1,360/1,355 points.In the short term, the index is in an uptrend, having posted higher highs and higher lows for eight consecutive days.We recommend stocks with positive factors: BJC, TLI (added to the MSCI Small Cap Index, effective this Friday), and SCB.

<ul><li>Technically, the SET Index is expected to advance in a sideways-up pattern, with the resistance at 1,330/1,333 points and the support at 1,314 points (50-day EMA)/1,310 points.</li><li>The likelihood of the MPC maintaining the policy interest rate at the August 21 meeting has increased following the National Economic and Social Development Council's (NESDC) recent announcement of a slight revision to its 2024E GDP growth estimate, now at 2.3-2.8% (mean of 2.55%), compared to the previous 2-3% (mean of 2.5%).</li><li>We recommend stocks with positive factors: SCB, PTT and GFPT.</li></ul>

Technically, the SET Index is expected to advance in a sideways-up pattern, with the resistance at 1,330/1,333 points and the support at 1,314 points (50-day EMA)/1,310 points.The likelihood of the MPC maintaining the policy interest rate at the August 21 meeting has increased following the National Economic and Social Development Council's (NESDC) recent announcement of a slight revision to its 2024E GDP growth estimate, now at 2.3-2.8% (mean of 2.55%), compared to the previous 2-3% (mean of 2.5%).We recommend stocks with positive factors: SCB, PTT and GFPT.

China

BYD Company Limited manufactures automotive products. The Company produces ordinary passenger cars, commercial vehicles, and other products. BYD also operates battery making, rail transportation construction, and other businesses.

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BYD (002594 CH)

Thai Economic Measures

Technically, the SET Index is expected to move sideways up, with the resistance at 1,445/1,460 points and support at 1,423/1,417 points. In the...

Krungthai XSpring

BYD (1211 HK) - Solid Sales, Earnings Outlook Despite Mixed 2Q

We raise FY25E net profit by 10% to RMB36.2bn by lifting sales volume forecast and cutting R&D expenses. We also raise FY25E sales volume forecast...

CMB International

Earnings of Nvidia

Technically, the SET Index is expected to move sideways up, with the resistance at 1,372 points (200-day EMA)/1,380 points and the support at...

Krungthai XSpring

Earnings of Nvidia

Technically, the SET Index is expected to move sideways up, with the resistance at 1,372 points (200-day EMA)/1,380 points and the support at...

Krungthai XSpring

Daily Market Outlook and Strategic Picks

Technically, the SET Index is expected to advance in a sideways-up pattern, with the resistance at 1,330/1,333 points and the support at 1,314...

Krungthai XSpring

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