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>From a technical perspective, the SET Index is expected to move sideways up, with the resistance levels at 1,460 and 1,464 points and the support at 1,448 and 1,440 points.</li><li>We recommend waiting to buy when the index weakens to below 1,434 points.</li><li>The Consumer Confidence Index for September, as projected by the consensus, is expected to improve to 62 (up from 56.5 in August), supported by the rollout of a Bt10,000 cash handout to 14.5mn welfare cardholders and people with disabilities.</li></ul>

From a technical perspective, the SET Index is expected to move sideways up, with the resistance levels at 1,460 and 1,464 points and the support at 1,448 and 1,440 points.We recommend waiting to buy when the index weakens to below 1,434 points.The Consumer Confidence Index for September, as projected by the consensus, is expected to improve to 62 (up from 56.5 in August), supported by the rollout of a Bt10,000 cash handout to 14.5mn welfare cardholders and people with disabilities.

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Meta announced 2Q24 results: total revenue increased by 22% YoY to US$39.1bn, 2% ahead of Bloomberg consensus estimate; net income grew by 73% YoY to US$13.5bn, beating consensus estimate by 10%, primarily due to effective control in headcount-related expenses.</li><li>For 3Q24E, management expects total revenue to grow by 13-20% YoY to US$38.5-41.0bn, which is largely in line with consensus estimate (US$39.2bn) and remains resilient despite the high-base effect.</li><li>Despite stepped-up Capex investment, management maintains its FY24 full-year total expenses guidance unchanged at US$96-99bn, which should ease investor concern on its margin expansion trajectory in FY24. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Meta announced 2Q24 results: total revenue increased by 22% YoY to US$39.1bn, 2% ahead of Bloomberg consensus estimate; net income grew by 73% YoY to US$13.5bn, beating consensus estimate by 10%, primarily due to effective control in headcount-related expenses.For 3Q24E, management expects total revenue to grow by 13-20% YoY to US$38.5-41.0bn, which is largely in line with consensus estimate (US$39.2bn) and remains resilient despite the high-base effect.Despite stepped-up Capex investment, management maintains its FY24 full-year total expenses guidance unchanged at US$96-99bn, which should ease investor concern on its margin expansion trajectory in FY24. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Meta (META US) - 2Q24 Earnings Beat; Intact FY24 Earnings Growth Outlook Despite AI Investment

<ul><li>Meta reported 1Q24 results: total revenue grew by 27% YoY to US$36.5bn, in line with consensus estimate of US$36.2bn; net income was up 117% YoY to US$12.4bn, also in line with consensus estimate (US$12.2bn).</li><li>For 2Q24, management guides total revenue to increase by 14-22% YoY to US$36.5- 39.0bn (vs. consensus estimate of US$38.3bn), with growth rate normalizing as the base effect wanes.</li><li>Looking ahead, Meta expects to start a multi-year investment cycle to build full-scale AI capabilities and enhance monetization. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Meta reported 1Q24 results: total revenue grew by 27% YoY to US$36.5bn, in line with consensus estimate of US$36.2bn; net income was up 117% YoY to US$12.4bn, also in line with consensus estimate (US$12.2bn).For 2Q24, management guides total revenue to increase by 14-22% YoY to US$36.5- 39.0bn (vs. consensus estimate of US$38.3bn), with growth rate normalizing as the base effect wanes.Looking ahead, Meta expects to start a multi-year investment cycle to build full-scale AI capabilities and enhance monetization. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Meta (META US) - Launch of the AI investment cycle

<ul><li>Technically, the SET Index is expected to move sideways, with the support at 1,382/1,375 points and the resistance at 1,395/1,400 points, as investors are awaiting clarity concerning the results of the Fed meeting, which will be known Wednesday night.</li><li>However, the primary risks are associated with major central bank meetings, including the FOMC, BOE and BoJ, which may adopt more hawkish stances following signs of economic recovery and rising inflation.</li><li>Our recommendation is to reduce the weighting on buying and consider partial trading buys.</li></ul>

Technically, the SET Index is expected to move sideways, with the support at 1,382/1,375 points and the resistance at 1,395/1,400 points, as investors are awaiting clarity concerning the results of the Fed meeting, which will be known Wednesday night.However, the primary risks are associated with major central bank meetings, including the FOMC, BOE and BoJ, which may adopt more hawkish stances following signs of economic recovery and rising inflation.Our recommendation is to reduce the weighting on buying and consider partial trading buys.

Keep a Close Watch on Chinese Economic Figures

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,377 points (10-day EMA)/1,365 points and the resistance at 1,388 points (50-day EMA)/1,392 points.</li><li>However, if the index falls below the major support at 1,377 points (10-day EMA) after yesterday failing to surpass the major resistance at 1,388 points (50-day EMA), a sell signal will be triggered.</li><li>Consequently, during the FOMC meeting in March 2024, it is conceivable that the Fed may revise down its interest rate outlook through its dot plot, potentially signaling just one rate cut in 2024E, contrary to the current forecast calling for three rate cuts.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,377 points (10-day EMA)/1,365 points and the resistance at 1,388 points (50-day EMA)/1,392 points.However, if the index falls below the major support at 1,377 points (10-day EMA) after yesterday failing to surpass the major resistance at 1,388 points (50-day EMA), a sell signal will be triggered.Consequently, during the FOMC meeting in March 2024, it is conceivable that the Fed may revise down its interest rate outlook through its dot plot, potentially signaling just one rate cut in 2024E, contrary to the current forecast calling for three rate cuts.

United States

Meta Platforms Inc. operates as a social technology company. The Company builds applications and technologies that help people connect, find communities, and grow businesses. meta Platform is also involved in advertisements, augmented and virtual reality.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Meta (META US)

US FOMC Minutes

From a technical perspective, the SET Index is expected to move sideways up, with the resistance levels at 1,460 and 1,464 points and the support...

Krungthai XSpring

Meta (META US) - 2Q24 Earnings Beat; Intact FY24 Earnings Growth Outlook Despite AI Investment

Overall, we raise FY24-26E total revenue forecast by 1-2% in view of the solid ad demand across verticals. We lift our TP by 5% to US$565.0 on 27x...

CMB International

Meta (META US) - Launch of the AI investment cycle

Looking ahead, Meta expects to start a multi-year investment cycle to build full-scale AI capabilities and enhance monetization.

CMB International

Keep a Close Watch on Chinese Economic Figures

Technically, the SET Index is expected to move sideways, with the support at 1,382/1,375 points and the resistance at 1,395/1,400 points, as...

Krungthai XSpring

Today's Dominant Ideas

Technically, the SET Index is expected to weaken, with the support at 1,377 points (10-day EMA)/1,365 points and the resistance at 1,388 points...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)