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>CPW's 2020 results missed our expectation on a weak top line and GPM thanks to the adverse impact of the pandemic.</li><li>We revise down the 2021-2022E earnings to reflect the slow momentum of the economic recovery, despite the strong product lineup.</li><li>The current share price has limited upside to our new TP of Bt2.37, pegged with 2021E PER of 19x, leading us to downgrade our rating to Hold.</li></ul>

CPW's 2020 results missed our expectation on a weak top line and GPM thanks to the adverse impact of the pandemic.We revise down the 2021-2022E earnings to reflect the slow momentum of the economic recovery, despite the strong product lineup.The current share price has limited upside to our new TP of Bt2.37, pegged with 2021E PER of 19x, leading us to downgrade our rating to Hold.

<ul><li>INTUCH's 2020 earnings were in line with the expectations.</li><li>INTUCH reported a net profit of Bt11.0bn in 2020, in line with our forecast and the street.</li><li>INTUCH approved the payment of a DPS of Bt1.35 for the 2H2O operation, representing a yield of 2% for the period.</li></ul>

INTUCH's 2020 earnings were in line with the expectations.INTUCH reported a net profit of Bt11.0bn in 2020, in line with our forecast and the street.INTUCH approved the payment of a DPS of Bt1.35 for the 2H2O operation, representing a yield of 2% for the period.

Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

*Hawaiian Stalwart:  Founded in 1858, First Hawaiian (FHB.US) [FHB] is Hawaiʻi’s oldest and largest financial institution. In 2019, BNP Paribas (BNP.FP) sold its stake in the 62 branch First Hawaiian Bank, which has a presence in Guam and Saipan; and*Stabilization Seen Going Forward: FHB noted a moderate increase in tourist arrivals in recent months with tourist arrivals averaging about four thousand per day. Hawaii auto floor plan loans are exhibiting a modest recovery,77% of loans are now off deferral, margins to remain flat, and costs containment.

*Hawaiian Stalwart:  Founded in 1858, First Hawaiian (FHB.US) [FHB] is Hawaiʻi’s oldest and largest financial institution. In 2019, BNP Paribas (BNP.FP) sold its stake in the 62 branch First Hawaiian Bank, which has a presence in Guam and Saipan; and*Stabilization Seen Going Forward: FHB noted a moderate increase in tourist arrivals in recent months with tourist arrivals averaging about four thousand per day. Hawaii auto floor plan loans are exhibiting a modest recovery,77% of loans are now off deferral, margins to remain flat, and costs containment.      

<ul><li>We revise up the 2020-21E earnings forecasts by 10% and 18% to reflect the better-than-expected gross profit margin (GPM) on the back of new orders from existing clients and the enhancement of the firm's raw material management, which will boost the profit margin in the long term.</li><li>We have a new target price of Bt6.20/share (based on 25x PER).</li><li>We maintain a Hold for long-term investment given expected 2Q20E earnings growth YoY (but falling QoQ) and upside from new clients from the Japanese shareholder, which will enhance future growth.</li></ul>

We revise up the 2020-21E earnings forecasts by 10% and 18% to reflect the better-than-expected gross profit margin (GPM) on the back of new orders from existing clients and the enhancement of the firm's raw material management, which will boost the profit margin in the long term.We have a new target price of Bt6.20/share (based on 25x PER).We maintain a Hold for long-term investment given expected 2Q20E earnings growth YoY (but falling QoQ) and upside from new clients from the Japanese shareholder, which will enhance future growth.

Good Earnings Quality, Strong Financial Status But Fully Valued

Central Pacific Financial Corp / Equity Bottom-Up

<ul><li>We have a positive view on CPF's subsidiary issuing EBs because the interest rate is lower than CPF's current finance cost.</li><li>Meanwhile, the net impact from EPS dilution will be just 1% in the next five years.</li><li>We still have CPF as our top pick in the sector given its undemanding valuation with a 2020E PER of just 12.2x, while its core profit is expected to grow by 33%.</li></ul>

We have a positive view on CPF's subsidiary issuing EBs because the interest rate is lower than CPF's current finance cost.Meanwhile, the net impact from EPS dilution will be just 1% in the next five years.We still have CPF as our top pick in the sector given its undemanding valuation with a 2020E PER of just 12.2x, while its core profit is expected to grow by 33%.

United States

Central Pacific Financial Corp, through its Central Pacific Bank subsidiary, provides a variety of banking services and products.  Services include personal and business deposit instruments, commercial and consumer loans, credit and debit card services, merchant services, traveler's checks, safe deposit boxes, and trust services.   Central Pacific operates in Hawaii.

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Central Pacific Financial Corp (CPF US)

2020 Earnings Below Forecast

CPW's 2020 results missed our expectation on a weak top line and GPM thanks to the adverse impact of the pandemic. We revise down the 2021-2022E...

Krungthai XSpring

Play On Yield

INTUCH's 2020 earnings were in line with the expectations. INTUCH reported a net profit of Bt11.0bn in 2020, in line with our forecast and the...

Krungthai XSpring

First Hawaiian – Over The Rainbow

FIRST HAWAIIAN: FHB Reveals A Bit Of Stability In Business, With Stable NIM, Credit Improvement On Horizon, And Expected Return To Credit In Floor...

Thomas J. Monaco

Good Earnings Quality, Strong Financial Status But Fully Valued

We revise up the 2020-21E earnings forecasts by 10% and 18% to reflect the better-than-expected gross profit margin (GPM) on the back of new...

Krungthai XSpring

Issuing EBs with Low Interest Rate

We have a positive view on CPF's subsidiary issuing EBs because the interest rate is lower than CPF's current finance cost. Meanwhile, the net...

Krungthai XSpring

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