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.

Technical Analysis

<ul><li>Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,425/1,411 points (50-week EMA) and the resistance at 1,442/1,445 points (50-day and 10-day EMA).</li><li>In the short term, a technical sell signal was triggered yesterday (falling below 1,432 points for the first time), reflecting a downward trend toward the key support levels at 1,411/1,405 points, respectively.</li><li>We maintain the recommendation to sell on rallies until a new technical buy signal emerges.</li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,425/1,411 points (50-week EMA) and the resistance at 1,442/1,445 points (50-day and 10-day EMA).In the short term, a technical sell signal was triggered yesterday (falling below 1,432 points for the first time), reflecting a downward trend toward the key support levels at 1,411/1,405 points, respectively.We maintain the recommendation to sell on rallies until a new technical buy signal emerges.

Krungthai XSpring Zoom Eng. November 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.

Thematic (Sector/Industry)

<ul><li>China’s passenger-vehicle (PV) retail sales volume fell 0.4% YoY and 10% MoM in Jul 2023 amid high base, 2% higher than our prior forecast.</li><li>YTD retail sales volume rose 4% YoY. Wholesale volume fell 3% YoY and 7% MoM to 2.10mn units in Jul 2023, the second highest Jul in history, and 2% higher than our prior forecast.</li><li>Wholesale volume rose 7% YoY (or +0.84mn units YoY) YTD, aided by 78% YoY growth (or +0.92mn units YoY) of exports. </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.

China’s passenger-vehicle (PV) retail sales volume fell 0.4% YoY and 10% MoM in Jul 2023 amid high base, 2% higher than our prior forecast.YTD retail sales volume rose 4% YoY. Wholesale volume fell 3% YoY and 7% MoM to 2.10mn units in Jul 2023, the second highest Jul in history, and 2% higher than our prior forecast.Wholesale volume rose 7% YoY (or +0.84mn units YoY) YTD, aided by 78% YoY growth (or +0.92mn units YoY) of exports. 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.

China Auto Sector – 2H23 Auto Sales Could Beat Amid Resilient Jul, Aug

<ul><li>China’s passenger-vehicle (PV) retail sales volume fell 3% YoY in 2022 with weaker-than-expected sales in Nov and Dec.</li><li>Wholesale volume rose 10% YoY in 2022, aided by exports and inventory restocking.</li><li>Automakers cut about 0.49mn units of inventories in their dealers’ showrooms in Dec 2022, lower than our expectation, as new-energy vehicle (NEV) makers only cut their inventories by 17,000 units in Dec. </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.

China’s passenger-vehicle (PV) retail sales volume fell 3% YoY in 2022 with weaker-than-expected sales in Nov and Dec.Wholesale volume rose 10% YoY in 2022, aided by exports and inventory restocking.Automakers cut about 0.49mn units of inventories in their dealers’ showrooms in Dec 2022, lower than our expectation, as new-energy vehicle (NEV) makers only cut their inventories by 17,000 units in Dec. 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.

China Auto Sector – Weak ending of 2022 provides a glimpse of hope

Equity Bottom-Up

<ul><li>We maintain our Buy rating as KTX's valuation metrics suggest that AH is attractive in terms of the current valuation, with strong long-term earnings growth prospects, while the tactical view is neutral.</li><li>The 12M fair value, based on the earnings yield, has been raised to Bt43.22 (vs. Bt39.13 previously), with a required return of 13.0%, down from 14.1% previously.</li><li>AH reported progress on the divestment of all shares in Sakthi Auto Component (SACL), a manufacturer and distributor of automotive parts in India, to ABT Transport Private Limited.</li></ul>

We maintain our Buy rating as KTX's valuation metrics suggest that AH is attractive in terms of the current valuation, with strong long-term earnings growth prospects, while the tactical view is neutral.The 12M fair value, based on the earnings yield, has been raised to Bt43.22 (vs. Bt39.13 previously), with a required return of 13.0%, down from 14.1% previously.AH reported progress on the divestment of all shares in Sakthi Auto Component (SACL), a manufacturer and distributor of automotive parts in India, to ABT Transport Private Limited.

AAPICO HITECH AH: Disposition of Asset in India; Core Profit Growth Intact

China

Chongqing Changan Automobile Company Limited develops, manufactures, and markets mini cars, mini sedans, full size sedans, and engines.

Chongqing Changan Automobile Company (200625 CH)

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Chongqing Changan Automobile Company (200625 CH)

Krungthai XSpring Zoom Eng. November 28, 2024

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,425/1,411 points (50-week EMA) and the resistance...

Krungthai XSpring

China Auto Sector – 2H23 Auto Sales Could Beat Amid Resilient Jul, Aug

China’s passenger-vehicle (PV) retail sales volume fell 0.4% YoY and 10% MoM in Jul 2023 amid high base, 2% higher than our prior forecast.

CMB International

China Auto Sector – Weak ending of 2022 provides a glimpse of hope

China’s passenger-vehicle (PV) retail sales volume fell 3% YoY in 2022 with weaker-than-expected sales in Nov and Dec. Wholesale volume rose 10%...

CMB International

AAPICO HITECH AH: Disposition of Asset in India; Core Profit Growth Intact

We maintain our Buy rating as KTX's valuation metrics suggest that AH is attractive in terms of the current valuation, with strong long-term...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)