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.

Thematic (Sector/Industry)

<ul><li>Technically, the SET Index is expected to trend higher, with resistance at 1,219 (75-day EMA) and 1,235 points and the support at 1,205 and 1,200 points.</li><li>The index is buoyed by progress in US-China trade talks over the past weekend, where both sides agreed to lower tariffs for 90 days — US tariffs on Chinese imports will drop to 30% (from 145%), while China will impose 10% tariffs on US goods (down from 125%).</li><li>In the short term, the market is still waiting for confirmation of where the peak of Wave 1 (out of 5 in the Elliott Wave uptrend) will occur, before entering a Wave 2 correction phase, typically retracing 50–61.8% of Wave 1. </li></ul>

Technically, the SET Index is expected to trend higher, with resistance at 1,219 (75-day EMA) and 1,235 points and the support at 1,205 and 1,200 points.The index is buoyed by progress in US-China trade talks over the past weekend, where both sides agreed to lower tariffs for 90 days — US tariffs on Chinese imports will drop to 30% (from 145%), while China will impose 10% tariffs on US goods (down from 125%).In the short term, the market is still waiting for confirmation of where the peak of Wave 1 (out of 5 in the Elliott Wave uptrend) will occur, before entering a Wave 2 correction phase, typically retracing 50–61.8% of Wave 1. 

KTX Zoom: US-China Trade War -  MAY 13, 2025

<ul><li>Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,200/1,192 points and the resistance at 1,215/1,219 points (75-day EMA).</li><li>In the short term, the market is still waiting for confirmation of where the peak of Wave 1 (of the 5-wave upward structure in the Elliott Wave theory) will form before entering a correction phase.</li><li>Wave 2 is expected to retrace around 50–61.8% of Wave 1’s length. </li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,200/1,192 points and the resistance at 1,215/1,219 points (75-day EMA).In the short term, the market is still waiting for confirmation of where the peak of Wave 1 (of the 5-wave upward structure in the Elliott Wave theory) will form before entering a correction phase.Wave 2 is expected to retrace around 50–61.8% of Wave 1’s length. 

KTX Zoom: China’s Trade Balance - MAY 9, 2025

<ul><li>We expect certain healthcare service stocks and healthcare-related stocks to rebound and outperform the market, driven by the rapid spread of influenza.</li><li>This is likely to boost health awareness and increase demand for healthcare services. At the same time, the previous decline in these stocks has made their valuations more attractive.</li><li>For healthcare stocks, we recommend BDMS, PR9, CHG, and BCH. Meanwhile, healthcare-related stocks that could benefit from positive sentiment include STGT, MEGA, and OKJ.</li></ul>

We expect certain healthcare service stocks and healthcare-related stocks to rebound and outperform the market, driven by the rapid spread of influenza.This is likely to boost health awareness and increase demand for healthcare services. At the same time, the previous decline in these stocks has made their valuations more attractive.For healthcare stocks, we recommend BDMS, PR9, CHG, and BCH. Meanwhile, healthcare-related stocks that could benefit from positive sentiment include STGT, MEGA, and OKJ.

Influenza Outbreak Supporting Recovery of Healthcare Stocks - FEBRUARY 20, 2025

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

<ul>
<li>We reiterate our HOLD rating with a new target price of Bt3.50 (down 5% from the prior TP), reflecting earnings downgrade. We stay neutral based on the following</li>
<li>4Q22 outlook and beyond CHG's 4Q22 earnings are expected to decline YoY off last year's high base, and QoQ from a sharp drop in pandemic-related contributions.</li>
<li>Organic growth will rise due to a pent-up demand despite COVID receding with lower number of infection cases.As a result,the management expects double-digit revenue growth for A-class units from 4Q22 </li>
</ul>


We reiterate our HOLD rating with a new target price of Bt3.50 (down 5% from the prior TP), reflecting earnings downgrade. We stay neutral based on the following
4Q22 outlook and beyond CHG's 4Q22 earnings are expected to decline YoY off last year's high base, and QoQ from a sharp drop in pandemic-related contributions.
Organic growth will rise due to a pent-up demand despite COVID receding with lower number of infection cases.As a result,the management expects double-digit revenue growth for A-class units from 4Q22 


CHG : As COVID Recedes, Core Operation Continues Improving

<ul>
<li>We maintain our HOLD rating with a target price of Bt3.70. Despite heading into 4Q22 with a fewer number of infected cases will continue to pressure margins, we remain neutral </li>
<li>Weak across all verticals in 3Q22 CHG posted 3Q22 earnings of Bt258m (-84% YoY, -71% QoQ). The result was 48% and 46% below our estimate and the market consensus, respectively.</li>
<li>Gross margin declined to 26.9% (-24ppts YoY, -19ppts QoQ), weaker than our forecast of 35%, The disappointing margin was attribute to a sharp fall in pandemic related contribution.</li>
</ul>


We maintain our HOLD rating with a target price of Bt3.70. Despite heading into 4Q22 with a fewer number of infected cases will continue to pressure margins, we remain neutral 
Weak across all verticals in 3Q22 CHG posted 3Q22 earnings of Bt258m (-84% YoY, -71% QoQ). The result was 48% and 46% below our estimate and the market consensus, respectively.
Gross margin declined to 26.9% (-24ppts YoY, -19ppts QoQ), weaker than our forecast of 35%, The disappointing margin was attribute to a sharp fall in pandemic related contribution.


Thailand

Chularat Hospital PCL owns medical centers and hospitals. The Company operates a variety of centers specializing in treatments such as hand surgery, open heart surgery, and strokes as well as providing emergency services and patient care. Chularat Hospital serves the medial industry throughout Thailand.

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Chularat Hospital (CHG TB)

KTX Zoom: US-China Trade War - MAY 13, 2025

Technically, the SET Index is expected to trend higher, with resistance at 1,219 (75-day EMA) and 1,235 points and the support at 1,205 and 1,200...

Krungthai XSpring

KTX Zoom: China’s Trade Balance - MAY 9, 2025

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,200/1,192 points and the resistance at 1,215/1,219...

Krungthai XSpring

Influenza Outbreak Supporting Recovery of Healthcare Stocks - FEBRUARY 20, 2025

We expect certain healthcare service stocks and healthcare-related stocks to rebound and outperform the market, driven by the rapid spread of...

Krungthai XSpring

CHG : As COVID Recedes, Core Operation Continues Improving

We reiterate our HOLD rating with a new target price of Bt3.50 (down 5% from the prior TP), reflecting earnings downgrade. We stay neutral based on...

Pi Securities PCL, Thailand

CHG : Weak 3Q22 Results

We maintain our HOLD rating with a target price of Bt3.70. Despite heading into 4Q22 with a fewer number of infected cases will continue to...

Pi Securities PCL, Thailand

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