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 2Q22 net profit fell 4% YoY.</li><li>The 2Q22 net profit fell short of our expectation by 10%, as revenue was also below the forecast by 10%.</li><li>We maintain an Underperform rating, as the share price is fully valued.</li></ul>

The 2Q22 net profit fell 4% YoY.The 2Q22 net profit fell short of our expectation by 10%, as revenue was also below the forecast by 10%.We maintain an Underperform rating, as the share price is fully valued.

Earnings Reviews (NETBAY, SIS, TTW, WICE)

<ul><li>TTW is expected to post an outstanding net profit in 3Q20E thanks to a big jump in shared profit from CKP, whose earnings should pick up strongly during the high season.</li><li>The performance of the tap water business should remain resilient, with the secured and stable cash flow to enable TTW to offer an attractive dividend yield of 5%.</li><li>We lift our rating to Buy given the ample upside to our 2021E SOTP-based target price of Bt13.90.</li></ul>

TTW is expected to post an outstanding net profit in 3Q20E thanks to a big jump in shared profit from CKP, whose earnings should pick up strongly during the high season.The performance of the tap water business should remain resilient, with the secured and stable cash flow to enable TTW to offer an attractive dividend yield of 5%.We lift our rating to Buy given the ample upside to our 2021E SOTP-based target price of Bt13.90.

<ul><li>TTW's tap water business has remained resilient during the partial lockdown, as evidenced by the growth of sales volume in 2Q20E.</li><li>However, its bottom line was likely pulled down by a shared loss from CKP owing to the severe drought.</li><li>Given TTW's stable earnings and consistent dividends, with an estimated yield of 4-5% annually, our Hold rating is maintained.</li></ul>

TTW's tap water business has remained resilient during the partial lockdown, as evidenced by the growth of sales volume in 2Q20E.However, its bottom line was likely pulled down by a shared loss from CKP owing to the severe drought.Given TTW's stable earnings and consistent dividends, with an estimated yield of 4-5% annually, our Hold rating is maintained.

2Q20E Earnings to Fall YoY on Shared Loss From CKP

<ul><li>The overall outlook for TTW's tap water business remains resilient, with an immaterial impact from the COVID-19 outbreak.</li><li>Our 2020E-2022E earnings cut by 5-7% was chiefly based on the weaker performance of CKP.</li><li>Given its stable and predictable cashflow, alongside consistent dividends with an estimated yield of 4-5% annually, we rate a Buy for the stock.</li></ul>

The overall outlook for TTW's tap water business remains resilient, with an immaterial impact from the COVID-19 outbreak.Our 2020E-2022E earnings cut by 5-7% was chiefly based on the weaker performance of CKP.Given its stable and predictable cashflow, alongside consistent dividends with an estimated yield of 4-5% annually, we rate a Buy for the stock.

United States

CTW develops games. The Company provides anime IP-based games for mobile devices and personal computers. CTW Cayman serves customers across worldwide.

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CTW (CTW US)

Earnings Reviews (NETBAY, SIS, TTW, WICE)

The 2Q22 net profit fell 4% YoY. The 2Q22 net profit fell short of our expectation by 10%, as revenue was also below the forecast by 10%. We...

Krungthai XSpring

Uplift Rating to Buy

TTW is expected to post an outstanding net profit in 3Q20E thanks to a big jump in shared profit from CKP, whose earnings should pick up strongly...

Krungthai XSpring

2Q20E Earnings to Fall YoY on Shared Loss From CKP

TTW's tap water business has remained resilient during the partial lockdown, as evidenced by the growth of sales volume in 2Q20E. However, its...

Krungthai XSpring

2Q20E Earnings to Fall YoY on Shared Loss From CKP

TTW's tap water business has remained resilient during the partial lockdown, as evidenced by the growth of sales volume in 2Q20E. However, its...

Krungthai XSpring

Bottom Line Challenged by Power Business

The overall outlook for TTW's tap water business remains resilient, with an immaterial impact from the COVID-19 outbreak. Our 2020E-2022E earnings...

Krungthai XSpring

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