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 1,301/1,306 points (25-day EMA) and the support at 1,287/1,281 points.</li><li>In the short term, however, the index is in an uptrend, continuing to rise from the year's low of 1,273.17 points on August 5.</li><li>We recommend buying stocks in the food, tourism, agriculture, energy, retail, and healthcare sectors, as their 1H24 earnings performances appear strong, with 12M net profit forecasts being revised upward.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,301/1,306 points (25-day EMA) and the support at 1,287/1,281 points.In the short term, however, the index is in an uptrend, continuing to rise from the year's low of 1,273.17 points on August 5.We recommend buying stocks in the food, tourism, agriculture, energy, retail, and healthcare sectors, as their 1H24 earnings performances appear strong, with 12M net profit forecasts being revised upward.

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,292/1,286 points and the resistance at 1,309/1,317 points.</li><li>In the short term, the index has shown a downtrend signal after it fell below the key support of 1,317 points yesterday for the first time in nine trading days.</li><li>We maintain our Buy recommendation; investors are suggested to speculate when a new buying signal occurs.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,292/1,286 points and the resistance at 1,309/1,317 points.In the short term, the index has shown a downtrend signal after it fell below the key support of 1,317 points yesterday for the first time in nine trading days.We maintain our Buy recommendation; investors are suggested to speculate when a new buying signal occurs.

Keep a Close Watch on Flash Manufacturing and Services PMIs in July for the US and EU

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,325 points/1,332 points (50-day EMA) and the support at 1,316 points (25-day EMA)/1,311 points.</li><li>As for the short-term picture, the index rising and sustaining higher than the lowest point this year (1,286 points) for four consecutive trading days reflects that it may continue advancing to the neckline at 1,325 points today before determining whether it will: i) increase further in a double-bottom upward pattern, with the target of 1,370 points; or ii) return to a double-top downward pattern to 1,286 points.</li><li>We recommend speculating and considering gradually taking profit at 1,325 points.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,325 points/1,332 points (50-day EMA) and the support at 1,316 points (25-day EMA)/1,311 points.As for the short-term picture, the index rising and sustaining higher than the lowest point this year (1,286 points) for four consecutive trading days reflects that it may continue advancing to the neckline at 1,325 points today before determining whether it will: i) increase further in a double-bottom upward pattern, with the target of 1,370 points; or ii) return to a double-top downward pattern to 1,286 points.We recommend speculating and considering gradually taking profit at 1,325 points.

Keep a Close Watch on Testimonies of Fed Chair and Secretary of the Treasury

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,305/1,297 points and the resistance at 1,316/1,325 points.</li><li>The inclusion and exclusion of stocks in the SET50/SET100 indices for 2H24 will begin to affect closing prices from today onward.</li><li>We recommend stocks with positive news stories: TIDLOR, ITC and TIPH (newly added to the SET50/SET100 indices, affecting closing prices today).</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,305/1,297 points and the resistance at 1,316/1,325 points.The inclusion and exclusion of stocks in the SET50/SET100 indices for 2H24 will begin to affect closing prices from today onward.We recommend stocks with positive news stories: TIDLOR, ITC and TIPH (newly added to the SET50/SET100 indices, affecting closing prices today).

Krungthai XSpring Zoom Eng. June 28, 2024

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>Maintain BUY. Although BYD’s 1Q24 net profit of RMB 4.6bn missed our prior forecast on a massive R&amp;D spending of RMB10.6bn, we believe the automaker is still on track to achieve our FY24E net profit forecast of RMB33bn.</li><li>BYD’s 1Q24 GPM also underscored our prior argument that its price cuts in Feb 2024 could be largely absorbed by cost reduction from suppliers.</li><li>Nevertheless, we expect BYD to be more self-disciplined in SG&amp;A and R&amp;D expenses in the following quarters, should it put earnings at a higher priority.</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>

Maintain BUY. Although BYD’s 1Q24 net profit of RMB 4.6bn missed our prior forecast on a massive R&amp;D spending of RMB10.6bn, we believe the automaker is still on track to achieve our FY24E net profit forecast of RMB33bn.BYD’s 1Q24 GPM also underscored our prior argument that its price cuts in Feb 2024 could be largely absorbed by cost reduction from suppliers.Nevertheless, we expect BYD to be more self-disciplined in SG&amp;A and R&amp;D expenses in the following quarters, should it put earnings at a higher priority.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) - Our FY24 Forecasts Still on Track Post 1Q24

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)

Today's Dominant Ideas

Technically, the SET Index is expected to move sideways up, with the resistance at 1,301/1,306 points (25-day EMA) and the support at 1,287/1,281...

Krungthai XSpring

Keep a Close Watch on Flash Manufacturing and Services PMIs in July for the US and EU

Technically, the SET Index is expected to weaken, with the support at 1,292/1,286 points and the resistance at 1,309/1,317 points. In the short...

Krungthai XSpring

Keep a Close Watch on Testimonies of Fed Chair and Secretary of the Treasury

Technically, the SET Index is expected to move sideways up, with the resistance at 1,325 points/1,332 points (50-day EMA) and the support at 1,316...

Krungthai XSpring

Krungthai XSpring Zoom Eng. June 28, 2024

Technically, the SET Index is expected to move sideways down, with the support at 1,305/1,297 points and the resistance at 1,316/1,325 points. The...

Krungthai XSpring

BYD (1211 HK) - Our FY24 Forecasts Still on Track Post 1Q24

BYD’s 1Q24 GPM also underscored our prior argument that its price cuts in Feb 2024 could be largely absorbed by cost reduction from suppliers.

CMB International

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