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>The valuation metrics indicate that the fundamentals are now attractive for buying (previously neutral), with the share price suggesting potential upside of 13%.</li><li>The tactical downside risk is currently very limited (previously neutral).</li><li>We maintain our long-term bullish outlook, expecting earnings to grow at a 15% CAGR over the next three years. </li></ul>

The valuation metrics indicate that the fundamentals are now attractive for buying (previously neutral), with the share price suggesting potential upside of 13%.The tactical downside risk is currently very limited (previously neutral).We maintain our long-term bullish outlook, expecting earnings to grow at a 15% CAGR over the next three years. 

Cp Axtra - 2Q4E Earnings Growth Expected at 40% YoY but a Drop of 14% QoQ

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>The past week saw insights in <a href="https://www.smartkarma.com/entities/sumber-alfaria-trijaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:15659:1" rel="noopener">Sumber Alfaria Trijaya Tbk Pt (AMRT IJ)</a>, <a href="https://www.smartkarma.com/entities/cp-axtra-pcl" target="_blank" data-smartkarma-citation="entities:5577:1" rel="noopener">CP Axtra (CPAXT TB)</a>, and <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a>.</li>
<li>There were also macro insights on inflation in Thailand and the Philippines, a sector view on EVs in ASEAN and the 14 top picks in ASEAN from <a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr. Andrew Stotz.</a>
</li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.</li>
</ul>


The past week saw insights in Sumber Alfaria Trijaya Tbk Pt (AMRT IJ), CP Axtra (CPAXT TB), and Jardine Matheson Holdings (JM SP).
There were also macro insights on inflation in Thailand and the Philippines, a sector view on EVs in ASEAN and the 14 top picks in ASEAN from Dr. Andrew Stotz.

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - Alfamart Uncut, CP Axtra Revealed, and Jardine Matheson

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cp-axtra-pcl" target="_blank" data-smartkarma-citation="entities:5577:1" rel="noopener">CP Axtra (CPAXT TB)</a> is a merger upon a merger combining the Makro wholesale business and the Lotus hypermarket and supermarket businesses, along with a hybrid mall operation. </li>
<li>The combined entity continues to realise operational synergies in sourcing and logistics, with a strong B2B element. Omnichannel makes up more than 16% of sales and is growing rapidly.</li>
<li>
<a href="https://www.smartkarma.com/entities/cp-axtra-pcl" target="_blank" data-smartkarma-citation="entities:5577:1" rel="noopener">CP Axtra (CPAXT TB)</a> provides an alternative retail exposure to its parent <a href="https://www.smartkarma.com/entities/cp-all-pcl" target="_blank" data-smartkarma-citation="entities:13889:1" rel="noopener">CP ALL (CPALL TB)</a> with ongoing restructuring benefits still to be realised. Valuations look attractive relative to growth.  </li>
</ul>



CP Axtra (CPAXT TB) is a merger upon a merger combining the Makro wholesale business and the Lotus hypermarket and supermarket businesses, along with a hybrid mall operation. 
The combined entity continues to realise operational synergies in sourcing and logistics, with a strong B2B element. Omnichannel makes up more than 16% of sales and is growing rapidly.

CP Axtra (CPAXT TB) provides an alternative retail exposure to its parent CP ALL (CPALL TB) with ongoing restructuring benefits still to be realised. Valuations look attractive relative to growth.  


<ul><li>KTX maintains an Outperform rating, with a fair value of Bt33.21, based on a required rate of return of 3.0%.</li><li>Our valuation metrics suggest that the current share price is undervalued, while the long-term outlook is strong (expect three-year earnings growth at a CAGR of 15%).</li><li>The tactical view is neutral.</li></ul>

KTX maintains an Outperform rating, with a fair value of Bt33.21, based on a required rate of return of 3.0%.Our valuation metrics suggest that the current share price is undervalued, while the long-term outlook is strong (expect three-year earnings growth at a CAGR of 15%).The tactical view is neutral.

Cp Axtra -In-Line 1Q24 Earnings; Positive View on Earnings Outlook

<ul><li>TX has assessed the possible impacts of the Digital Wallet (DW) scheme, taking into account consumer behavior as reflected in the inflation basket of low-income earners and the market shares of operators.</li><li>The assessment is premised on the notion that the networks of convenience stores may not reap immediate benefits from the initial round of spending facilitated by the DW scheme, which is expected to be confined to eligible individuals and specific shops meeting the established criteria.</li><li>It is anticipated that the implementation of the DW scheme will bolster the 2025E profit forecasts for the 11 SET-listed companies under our study by approximately Bt2.1bn. </li></ul>

TX has assessed the possible impacts of the Digital Wallet (DW) scheme, taking into account consumer behavior as reflected in the inflation basket of low-income earners and the market shares of operators.The assessment is premised on the notion that the networks of convenience stores may not reap immediate benefits from the initial round of spending facilitated by the DW scheme, which is expected to be confined to eligible individuals and specific shops meeting the established criteria.It is anticipated that the implementation of the DW scheme will bolster the 2025E profit forecasts for the 11 SET-listed companies under our study by approximately Bt2.1bn. 

Digital Wallet: Indirect Benefits to Large Operators

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 - 2Q4E Earnings Growth Expected at 40% YoY but a Drop of 14% QoQ

The valuation metrics indicate that the fundamentals are now attractive for buying (previously neutral), with the share price suggesting potential...

Krungthai XSpring

The Week That Was in ASEAN@Smartkarma - Alfamart Uncut, CP Axtra Revealed, and Jardine Matheson

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

CP Axtra (CPAXT TB) - Symbiotic Alliance

CP Axtra (CPAXT TB) provides an alternative retail exposure to its parent CP ALL (CPALL TB) with ongoing restructuring benefits still to be...

Angus Mackintosh

Cp Axtra -In-Line 1Q24 Earnings; Positive View on Earnings Outlook

Our valuation metrics suggest that the current share price is undervalued, while the long-term outlook is strong (expect three-year earnings growth...

Krungthai XSpring

Digital Wallet: Indirect Benefits to Large Operators

TX has assessed the possible impacts of the Digital Wallet (DW) scheme, taking into account consumer behavior as reflected in the inflation basket...

Krungthai XSpring

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