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>Technically, we expect the SET Index to move sideways up, with the resistance at 1,409 points (75-day EMA)/1,416 points and the support at 1,390 points/1,386 points (25-day EMA).</li><li>KTX anticipates that the MPC will maintain the policy interest rate while awaiting clarity on the Digital Wallet scheme.</li><li>We recommend stocks that will benefit from the depreciation of the baht or the reduction of interest rates: ICHI, SAPPE and TIDLOR.</li></ul>

Technically, we expect the SET Index to move sideways up, with the resistance at 1,409 points (75-day EMA)/1,416 points and the support at 1,390 points/1,386 points (25-day EMA).KTX anticipates that the MPC will maintain the policy interest rate while awaiting clarity on the Digital Wallet scheme.We recommend stocks that will benefit from the depreciation of the baht or the reduction of interest rates: ICHI, SAPPE and TIDLOR.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>ConocoPhillips delivered a mixed set of results in its most recent results, with revenues falling short of Wall Street expectations but above-par earnings.</li><li>In the recent quarter, ConocoPhillips witnessed robust performance, marked by significant achievements across its international portfolio.</li><li>Financially, the company demonstrated significant global and Lower 48 production in Q3, prompting an upward revision of full-year production guidance.</li></ul>

ConocoPhillips delivered a mixed set of results in its most recent results, with revenues falling short of Wall Street expectations but above-par earnings.In the recent quarter, ConocoPhillips witnessed robust performance, marked by significant achievements across its international portfolio.Financially, the company demonstrated significant global and Lower 48 production in Q3, prompting an upward revision of full-year production guidance.

ConocoPhillips: A Deep Dive into the Oil Giant's Strategic Successes and Global Footprint! - Major Drivers

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a> scheme vote is on 23 November. Brookfield/EIG’s best and final offer is A$6.59 and US$1.86 per share, currently worth A$9.45.</li>
<li>With AusSuper reportedly increasing its stake past 17% on Friday, the scheme vote remains too close to call. Brookfield/EIG will need a large YES vote turnout for a successful vote.</li>
<li>If the scheme is voted down, there are mainly three Plan Bs – Brookfield/EIG’s alternate transaction structure, Board-initiated strategic review or maintaining the status quo.</li>
</ul>


The Origin Energy (ORG AU) scheme vote is on 23 November. Brookfield/EIG’s best and final offer is A$6.59 and US$1.86 per share, currently worth A$9.45.
With AusSuper reportedly increasing its stake past 17% on Friday, the scheme vote remains too close to call. Brookfield/EIG will need a large YES vote turnout for a successful vote.
If the scheme is voted down, there are mainly three Plan Bs – Brookfield/EIG’s alternate transaction structure, Board-initiated strategic review or maintaining the status quo.


<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,370/1,366 points (the year's low) and the resistance at 1,390/1,398 points (10-day EMA), under the influence of the rounding top pattern in the range of 1,187-1,716 points, which has been observed since February 2020.</li><li>As US equity markets already reflect high expectations for EPS growth (10% higher than analysts' projections), better-than-expected earnings may not lead to any positive surprises to markets; on the contrary, if results are disappointing, there may be severe negative surprises.</li><li>The manufacturing PMI is forecast to continue decreasing for a third month and hit a three-month low at 43 in October (vs. 43.4 in September), standing in the contraction zone (below 50 points) for the seventh straight month.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,370/1,366 points (the year's low) and the resistance at 1,390/1,398 points (10-day EMA), under the influence of the rounding top pattern in the range of 1,187-1,716 points, which has been observed since February 2020.As US equity markets already reflect high expectations for EPS growth (10% higher than analysts' projections), better-than-expected earnings may not lead to any positive surprises to markets; on the contrary, if results are disappointing, there may be severe negative surprises.The manufacturing PMI is forecast to continue decreasing for a third month and hit a three-month low at 43 in October (vs. 43.4 in September), standing in the contraction zone (below 50 points) for the seventh straight month.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On the 31st October, AustralianSuper (with 13.67% of shares out and <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a>'s largest shareholder) <a href="https://www.australiansuper.com/-/media/australian-super/files/about-us/media-releases/australiansuper-rejects-brookfield-bid-for-origin-energy.pdf" target="_blank" rel="noopener">argued</a> the Brookfield/EIG-backed Consortium Offer remained substantially below its estimate of fair value.</li>
<li>Brookfield/EIG have now increased their Offer by 8% to $9.53/share from $8.81/share, which now comprises cash components of A$6.59/share and US$1.86/share. A consideration-reducing fully-franked dividend of A$0.39/share is expected.</li>
<li>
The Offer is declared "best and final." It is above the top-end of the IE's valuation range. AustralianSuper should accept the revised terms. But they say no.</li>
</ul>


On the 31st October, AustralianSuper (with 13.67% of shares out and Origin Energy (ORG AU)'s largest shareholder) argued the Brookfield/EIG-backed Consortium Offer remained substantially below its estimate of fair value.
Brookfield/EIG have now increased their Offer by 8% to $9.53/share from $8.81/share, which now comprises cash components of A$6.59/share and US$1.86/share. A consideration-reducing fully-franked dividend of A$0.39/share is expected.

The Offer is declared "best and final." It is above the top-end of the IE's valuation range. AustralianSuper should accept the revised terms. But they say no.


Origin: Brookfield Bumps. AustralianSuper Say Meh.

United States

ConocoPhillips explores for, produces, transports and markets crude oil, natural gas, natural gas liquids, liquefied natural gas and bitumen on a worldwide basis.

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Conocophillips (COP US)

Keep A Close Watch On The MPC Meeting

Technically, we expect the SET Index to move sideways up, with the resistance at 1,409 points (75-day EMA)/1,416 points and the support at 1,390...

Krungthai XSpring

ConocoPhillips: A Deep Dive into the Oil Giant's Strategic Successes and Global Footprint! - Major Drivers

ConocoPhillips delivered a mixed set of results in its most recent results, with revenues falling short of Wall Street expectations but above-par...

Baptista Research

Origin Energy (ORG AU): State of Play

With AusSuper increasing its stake on Friday, the scheme vote remains too close to call. If the scheme fails, there are mainly three Plan Bs, which...

Arun George

Today's Dominant Ideas

Technically, the SET Index is expected to weaken, with the support at 1,370/1,366 points (the year's low) and the resistance at 1,390/1,398 points...

Krungthai XSpring

Origin: Brookfield Bumps. AustralianSuper Say Meh.

Trading down 5.3% to A$8.59/share as I type. Not a great outcome for minorities. Massive uncertainty. Alongside significant downside potential. ...

David Blennerhassett

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