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>Technically, the SET Index is expected to move sideways down, with the support at 1,319 points (10-day EMA)/1,310 points, and the resistance at 1,331 points (50-day EMA) /1,340 points.</li><li>Therefore, we maintain our recommendation that investors gradually sell and take profit, waiting to buy back when there is a new uptrend signal.</li><li>Investment strategy: We recommend stocks with positive issues: TTB, KBANK and AAI.</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,319 points (10-day EMA)/1,310 points, and the resistance at 1,331 points (50-day EMA) /1,340 points.Therefore, we maintain our recommendation that investors gradually sell and take profit, waiting to buy back when there is a new uptrend signal.Investment strategy: We recommend stocks with positive issues: TTB, KBANK and AAI.

Keep a Close Watch on US Retail Sales and Corporate Earnings

Technical Analysis

<ul><li>The SET weakened as soon as trading opened, remaining in negative territory throughout the day.</li><li>The index managed to stay above the 1,325-point level, and a bounce from the 1,320-point area created a white candlestick, indicating a positive price pattern and the potential for upward movement.</li><li>We recommend selective speculation, and investors should sell some shares to lock in profit when the index approaches the resistance.</li></ul>

The SET weakened as soon as trading opened, remaining in negative territory throughout the day.The index managed to stay above the 1,325-point level, and a bounce from the 1,320-point area created a white candlestick, indicating a positive price pattern and the potential for upward movement.We recommend selective speculation, and investors should sell some shares to lock in profit when the index approaches the resistance.

Krungthai XSpring Technical Eng. July 16, 2024

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,325/1,330 points (50-day EMA) and the support at 1,316/1,312 points (25-day EMA and 10-day EMA).</li><li>US: Companies will gradually announce their 2Q24 earnings, led by Pepsi (EPS expected at USD2.17 vs. USD2.09 in the previous quarter); Progressive (EPS expected at USD2.10 vs. USD0.40 in the previous quarter); and Delta Airlines (EPS expected at USD2.36 vs. USD2.68 in the previous quarter).</li><li>US - Inflation in June: The consensus expects June's inflation at +0.1% MoM and +3.1% YoY (vs. May at +0% MoM and +3.3% YoY), and core inflation is forecast to remain unchanged at +0.2% MoM and +3.4% YoY (vs. May at +0.2% MoM and +3.4% YoY); if inflation continues to show signs of moderating, the likelihood that the Fed would cut the fed funds rate this year will increase.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,325/1,330 points (50-day EMA) and the support at 1,316/1,312 points (25-day EMA and 10-day EMA).US: Companies will gradually announce their 2Q24 earnings, led by Pepsi (EPS expected at USD2.17 vs. USD2.09 in the previous quarter); Progressive (EPS expected at USD2.10 vs. USD0.40 in the previous quarter); and Delta Airlines (EPS expected at USD2.36 vs. USD2.68 in the previous quarter).US - Inflation in June: The consensus expects June's inflation at +0.1% MoM and +3.1% YoY (vs. May at +0% MoM and +3.3% YoY), and core inflation is forecast to remain unchanged at +0.2% MoM and +3.4% YoY (vs. May at +0.2% MoM and +3.4% YoY); if inflation continues to show signs of moderating, the likelihood that the Fed would cut the fed funds rate this year will increase.

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.

Thematic (Sector/Industry)

<ul><li>We summarize the Jun 2024 price discounts at dealers for major automakers in this report.</li><li>Note that such discounts for each automaker are calculated based on the weighted average of May 2024 retail sales volume for each model, as Jun 2024 retail sales volume data have not been released yet.</li><li>The industrywide average discounts widened by 0.6ppts MoM in Jun based on our calculations, similar to the pace in May, again driven by German and Japanese brands.</li></ul>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.

We summarize the Jun 2024 price discounts at dealers for major automakers in this report.Note that such discounts for each automaker are calculated based on the weighted average of May 2024 retail sales volume for each model, as Jun 2024 retail sales volume data have not been released yet.The industrywide average discounts widened by 0.6ppts MoM in Jun based on our calculations, similar to the pace in May, again driven by German and Japanese brands.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.

Auto - Chinese brands’ 2Q earnings could be resilient

<ul><li>We summarize the Jun 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li Auto, Xpeng, BYD and Aion.</li><li>Note that such data are based on a sample size of 96 stores (15- 18 stores for each brand) in 15 cities in China.</li><li>The following data reflect samestore metrics, and the metrics on a company level could be better than these figures, as most players are still expanding their sales network.</li></ul>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.

We summarize the Jun 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li Auto, Xpeng, BYD and Aion.Note that such data are based on a sample size of 96 stores (15- 18 stores for each brand) in 15 cities in China.The following data reflect samestore metrics, and the metrics on a company level could be better than these figures, as most players are still expanding their sales network.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.

Auto - Jun Indicators Mixed as BYD, NIO Outperformed

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)

Keep a Close Watch on US Retail Sales and Corporate Earnings

Technically, the SET Index is expected to move sideways down, with the support at 1,319 points (10-day EMA)/1,310 points, and the resistance at...

Krungthai XSpring

Krungthai XSpring Technical Eng. July 16, 2024

The SET weakened as soon as trading opened, remaining in negative territory throughout the day. The index managed to stay above the 1,325-point...

Krungthai XSpring

US Inflation

Technically, the SET Index is expected to move sideways up, with the resistance at 1,325/1,330 points (50-day EMA) and the support at 1,316/1,312...

Krungthai XSpring

Auto - Chinese brands’ 2Q earnings could be resilient

The industrywide average discounts widened by 0.6ppts MoM in Jun based on our calculations, similar to the pace in May, again driven by German and...

CMB International

Auto - Jun Indicators Mixed as BYD, NIO Outperformed

We summarize the Jun 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)