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 3Q20 results recovered slightly slower than our expectation.</li><li>We, however, anticipate a big rebound in 4Q20E thanks to the solid lineup of new products, both from Apple and digital lifestyle products.</li><li>The stock is currently trading at 2020 PER of 18x, far below the 37x of COM7.</li></ul>

CPW's 3Q20 results recovered slightly slower than our expectation.We, however, anticipate a big rebound in 4Q20E thanks to the solid lineup of new products, both from Apple and digital lifestyle products.The stock is currently trading at 2020 PER of 18x, far below the 37x of COM7.

Slow 3Q20 Recovery; High Expectations for 4Q20E

<ul><li>We retain our Buy rating on CPW on the expectation of a strong rebound for the 2H2OE earnings thanks to the solid lineup of new products, both from Apple and digital lifestyle products.</li><li>CPW updated that foot traffic after the easing of the lockdown has resumed to the pre-COVID-19 level since June.</li><li>CPW has opened four new shops YTD, bringing the total to 46 shops.</li></ul>

We retain our Buy rating on CPW on the expectation of a strong rebound for the 2H2OE earnings thanks to the solid lineup of new products, both from Apple and digital lifestyle products.CPW updated that foot traffic after the easing of the lockdown has resumed to the pre-COVID-19 level since June.CPW has opened four new shops YTD, bringing the total to 46 shops.

<ul><li>CPW's 2Q20 results remained in the black despite the closure of retail shops, but we cut its full-year forecast to reflect the anemic 1H20 results.</li><li>Our Buy rating, with the new TP of Bt2.46, is backed by the expected strong rebound in 2H2OE thanks to pent-up demand alongside its lineup of new products.</li><li>CPW announced a NP of merely Bt1.2mn in 2Q20, dropping 92% YoY.</li></ul>

CPW's 2Q20 results remained in the black despite the closure of retail shops, but we cut its full-year forecast to reflect the anemic 1H20 results.Our Buy rating, with the new TP of Bt2.46, is backed by the expected strong rebound in 2H2OE thanks to pent-up demand alongside its lineup of new products.CPW announced a NP of merely Bt1.2mn in 2Q20, dropping 92% YoY.

<ul><li>CPW's 1Q20 earnings retreated in the wake of COVID-19, which led to temporary shop closures at the end of March.</li><li>With the business resuming normal operations, we leave our earnings forecast unchanged.</li><li>Its comparably cheap valuation (2020E PER of 7.9x vs. 29x of COM7) and attractive dividend yield cause us to maintain a Buy call.</li></ul>

CPW's 1Q20 earnings retreated in the wake of COVID-19, which led to temporary shop closures at the end of March.With the business resuming normal operations, we leave our earnings forecast unchanged.Its comparably cheap valuation (2020E PER of 7.9x vs. 29x of COM7) and attractive dividend yield cause us to maintain a Buy call.

Earnings Review Copperwired Plc. (CPW) Commerce

Thailand

Com7 Public Company Limited is a Thai retailer primarily engaged in selling IT products, mobile phones, and accessories, including desktop computers, laptops, and various lifestyle devices. The company also offers repair services for IT gadgets and financial services for mobiles. Founded in 2004, its headquarters are in Bangkok, Thailand.

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Com7 (COM7-R TB)

Slow 3Q20 Recovery; High Expectations for 4Q20E

CPW's 3Q20 results recovered slightly slower than our expectation. We, however, anticipate a big rebound in 4Q20E thanks to the solid lineup of...

Krungthai XSpring

Entering Seasonal Peak

We retain our Buy rating on CPW on the expectation of a strong rebound for the 2H2OE earnings thanks to the solid lineup of new products, both...

Krungthai XSpring

A Dull Quarter Amid the Lockdown

CPW's 2Q20 results remained in the black despite the closure of retail shops, but we cut its full-year forecast to reflect the anemic 1H20...

Krungthai XSpring

Earnings Review Copperwired Plc. (CPW) Commerce

CPW's 1Q20 earnings retreated in the wake of COVID-19, which led to temporary shop closures at the end of March. With the business resuming normal...

Krungthai XSpring

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