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>KTX expects the MPC to maintain the policy interest rate at 2.5% at the meeting on August 21, 2024, despite inflation expanding for the fourth consecutive month in July.</li><li>The inflation trend in August is expected to mirror that of July, driven by increases in diesel and fruit prices compared to the same period last year.</li><li>However, factors such as the high base price of crude oil from last year and lower electricity prices due to government subsidies are expected to exert a drag on inflation. </li></ul>

KTX expects the MPC to maintain the policy interest rate at 2.5% at the meeting on August 21, 2024, despite inflation expanding for the fourth consecutive month in July.The inflation trend in August is expected to mirror that of July, driven by increases in diesel and fruit prices compared to the same period last year.However, factors such as the high base price of crude oil from last year and lower electricity prices due to government subsidies are expected to exert a drag on inflation. 

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

CPN Retail Growth Leasehold REIT / Equity Bottom-Up

<ul>
<li>We maintain BUY rating with target price of Bt23.30, derived from a DCF methodology (WACC=5.65%, g=2%),implying 1.8xP/B'23E (1-year trading average).Our rating reflects strong earnings growth at a CAGR of 30%</li>
<li>3Q22 core profit remains strong CPNREIT reported net profit of Bt672m in 3Q22 after reporting a loss of Bt846m in 3Q21.</li>
<li>Excluding unrealized gains of Bt285m from asset revaluation, 3Q22 recurring profit recovered YoY and expand 8% QoQ to Bt387m driven</li>
</ul>


We maintain BUY rating with target price of Bt23.30, derived from a DCF methodology (WACC=5.65%, g=2%),implying 1.8xP/B'23E (1-year trading average).Our rating reflects strong earnings growth at a CAGR of 30%
3Q22 core profit remains strong CPNREIT reported net profit of Bt672m in 3Q22 after reporting a loss of Bt846m in 3Q21.
Excluding unrealized gains of Bt285m from asset revaluation, 3Q22 recurring profit recovered YoY and expand 8% QoQ to Bt387m driven


CPNREIT : 3Q22 Core Profit Remains Strong

<ul>
<li>We initiate coverage of CPNREIT with a BUY rating and target price of Bt23.30, derived from a DCF methodology (WACC=5.65%, g=2%), implying 1.8xP/B'23E (1-year trading average).</li>
<li>Positive earnings outlook in 2H22 and beyond Fixed rental payments from tenants (63% of total rental contracts) will improve by 1Q23 due to the cancellation of rental discounts</li>
<li>Variable rental payments, constituting 37% of total rental contracts, will increase from 2H22 onwards due to the continuing recovery of mall traffic owing to an international and domestic tourism recovery</li>
</ul>


We initiate coverage of CPNREIT with a BUY rating and target price of Bt23.30, derived from a DCF methodology (WACC=5.65%, g=2%), implying 1.8xP/B'23E (1-year trading average).
Positive earnings outlook in 2H22 and beyond Fixed rental payments from tenants (63% of total rental contracts) will improve by 1Q23 due to the cancellation of rental discounts
Variable rental payments, constituting 37% of total rental contracts, will increase from 2H22 onwards due to the continuing recovery of mall traffic owing to an international and domestic tourism recovery


CPNREIT : A Reliable REIT with Stable Growth

Thailand

CPN Retail Growth Leasehold REIT is a closed-end fund incorporated in Thailand. The Fund invests in shopping complex projects: Central Plaza Rama II, Central Plaza Ratchada-Rama II, & Central Plaza Pinklao.

CPN Retail Growth Leasehold REIT (CPNREIT TB)

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CPN Retail Growth Leasehold REIT (CPNREIT TB)

Economic Update: Inflation in July 2024

KTX expects the MPC to maintain the policy interest rate at 2.5% at the meeting on August 21, 2024, despite inflation expanding for the fourth...

Krungthai XSpring

CPNREIT : 3Q22 Core Profit Remains Strong

We maintain BUY rating with target price of Bt23.30, derived from a DCF methodology (WACC=5.65%, g=2%), implying 1.8xP/B'23E (1-year trading...

Pi Securities PCL, Thailand

CPNREIT : A Reliable REIT with Stable Growth

We initiate coverage of CPNREIT with a BUY rating and target price of Bt23.30, derived from a DCF methodology (WACC=5.65%, g=2%), implying 1.8xP...

Pi Securities PCL, Thailand

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