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>KTX maintains our Outperform rating (FV = Bt33.21 on a required rate of return of 3.0%).</li><li>Our valuation metrics suggest that the share price is undervalued, while the long-term growth prospects are strong, with three-year earnings growth expected at a 15% CAGR.</li><li>The tactical view is neutral.</li></ul>

KTX maintains our Outperform rating (FV = Bt33.21 on a required rate of return of 3.0%).Our valuation metrics suggest that the share price is undervalued, while the long-term growth prospects are strong, with three-year earnings growth expected at a 15% CAGR.The tactical view is neutral.

Cp Axtra - 1Q24E Earnings Expected to Increase 13% YoY but Decrease 26% QoQ

Thematic (Sector/Industry)

<ul><li>The SET fell in line with Asian bourses as a selling force continued to target large cap shares, causing the index to hit a 39-month low.</li><li>However, it subsequently improved slightly after the market shifted its focus to small to medium cap stocks, alongside expectations for an interest rate cut by the MPC due to the continued contraction of Thai inflation.</li><li>Despite the index experiencing a further decline, a doji signal emerged at the support area, mitigating the negative signal from the preceding black candlestick.</li></ul>

The SET fell in line with Asian bourses as a selling force continued to target large cap shares, causing the index to hit a 39-month low.However, it subsequently improved slightly after the market shifted its focus to small to medium cap stocks, alongside expectations for an interest rate cut by the MPC due to the continued contraction of Thai inflation.Despite the index experiencing a further decline, a doji signal emerged at the support area, mitigating the negative signal from the preceding black candlestick.

<ul><li>The 4Q23 and 2023 earnings beat our forecasts by 12% and 4%, respectively. We maintain our bullish view on the firm’s three-year earnings outlook, with an expected 14% CAGR.</li><li>We have a positive view on CPAXT's internal business restructuring aimed at optimizing business synergies, which will strengthen the group's profit margin.</li><li>This will pose upside risk to its profit growth prospects.</li></ul>

The 4Q23 and 2023 earnings beat our forecasts by 12% and 4%, respectively. We maintain our bullish view on the firm’s three-year earnings outlook, with an expected 14% CAGR.We have a positive view on CPAXT's internal business restructuring aimed at optimizing business synergies, which will strengthen the group's profit margin.This will pose upside risk to its profit growth prospects.

Cp Axtra - Upbeat Earnings Results; Bullish View on Earnings Outlook

<ul><li>KTX maintains our Outperform rating (FV = Bt31.03 on a required rate of return of 3.06%).</li><li>Our valuation metrics suggest that the share price is undervalued, while the long-term growth prospects are strong, with three-year earnings growth expected at a 16.7% CAGR.</li><li>The tactical view is neutral.</li></ul>

KTX maintains our Outperform rating (FV = Bt31.03 on a required rate of return of 3.06%).Our valuation metrics suggest that the share price is undervalued, while the long-term growth prospects are strong, with three-year earnings growth expected at a 16.7% CAGR.The tactical view is neutral.

Cp Axtra - 4Q23E Core Profit Growth of 19% YoY and 75% QoQ

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

<ul>
<li>We remain positive on Lotus’s earnings recovery outlook in 4Q22 and ahead in 2023 after the site visit at Lotus’s North Ratchapruek mall, backed by: 1) Stronger SSSG outlook thanks </li>
<li>Positive toward Site visit at Lotus’s North Ratchapruek  We have visited the flagship community center at Lotus’s North Ratchapruek.This community mall is the first store transformation of Lotus’s hypermarket store</li>
<li>Lotus’s invested Bt1.5bn for Lotus’s North Ratchapruek project, comprising of 50% for cost of land (freehold) and 50% construction cost.</li>
</ul>


We remain positive on Lotus’s earnings recovery outlook in 4Q22 and ahead in 2023 after the site visit at Lotus’s North Ratchapruek mall, backed by: 1) Stronger SSSG outlook thanks 
Positive toward Site visit at Lotus’s North Ratchapruek  We have visited the flagship community center at Lotus’s North Ratchapruek.This community mall is the first store transformation of Lotus’s hypermarket store
Lotus’s invested Bt1.5bn for Lotus’s North Ratchapruek project, comprising of 50% for cost of land (freehold) and 50% construction cost.


MAKRO : Lotus’s Malls Transformation to Meet the New Customers’ Lifestyle

Thailand

CP Axtra Public Company Limited operates a retail discount store chain. The Company sells food and consumer products to its registered customers including wholesalers, retailers, small businesses, caterers, and private individuals who hold its member cards. CP Axtra serves customers in Thailand.

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CP Axtra (CPAXT TB)

Cp Axtra - 1Q24E Earnings Expected to Increase 13% YoY but Decrease 26% QoQ

Our valuation metrics suggest that the share price is undervalued, while the long-term growth prospects are strong, with three-year earnings growth...

Krungthai XSpring

Technical Analysis - MARCH 6, 2024

The SET fell in line with Asian bourses as a selling force continued to target large cap shares, causing the index to hit a 39-month low.

Krungthai XSpring

Cp Axtra - Upbeat Earnings Results; Bullish View on Earnings Outlook

The 4Q23 and 2023 earnings beat our forecasts by 12% and 4%, respectively. We maintain our bullish view on the firm’s three-year earnings outlook,...

Krungthai XSpring

Cp Axtra - 4Q23E Core Profit Growth of 19% YoY and 75% QoQ

Our valuation metrics suggest that the share price is undervalued, while the long-term growth prospects are strong, with three-year earnings growth...

Krungthai XSpring

MAKRO : Lotus’s Malls Transformation to Meet the New Customers’ Lifestyle

We remain positive on Lotus’s earnings recovery outlook in 4Q22 and ahead in 2023 after the site visit at Lotus’s North Ratchapruek mall, backed...

Pi Securities PCL, Thailand

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