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 SET Index is expected to fall further, with the support at 1,560/1,553 points and the resistance at 1,592/1,598 points.</li><li>We see a high probability that non-farm payrolls will fall by a larger extent than expected and that the unemployment rate will increase after JOLTS job openings in February dropped below 10mn for the first time in two years.</li><li>We recommend AOT, CPALL and FORTH (high earnings growth) for investment today under the expectation that high-growth stocks and those in the technology sector will yield good returns if the US reports lower non-farm payrolls in March, which would increase the likelihood of the Fed either maintaining the fed funds rate or raising it just once this year.</li></ul>

The SET Index is expected to fall further, with the support at 1,560/1,553 points and the resistance at 1,592/1,598 points.We see a high probability that non-farm payrolls will fall by a larger extent than expected and that the unemployment rate will increase after JOLTS job openings in February dropped below 10mn for the first time in two years.We recommend AOT, CPALL and FORTH (high earnings growth) for investment today under the expectation that high-growth stocks and those in the technology sector will yield good returns if the US reports lower non-farm payrolls in March, which would increase the likelihood of the Fed either maintaining the fed funds rate or raising it just once this year.

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Asean (Thailand) Focused Independent Research

M Corp Review

M Corp is led by Athaporn Arayasantiparb who served as Head of Research for UOB and ANZ in Thailand and was an award-winning telecoms analyst at UBS in 2010 (AsiaMoney Thailand category) and Regional Strategist for DMG in Singapore. Prior to that, he also served as Kasikornbank credit analyst and scholar. He has a total work experience of 17 years, of which 14 were in research and 4 in research management roles. He started his career as an engineer for PTT and currently manages family investments. He holds an MBA from Stern (NYU) and CFA Charter since 2006. Apart from IPO Radar, which focuses on future listings, MCorp Review also provides six on-going thematic series ranked by frequency in descending order, namely: 1) Silicon Stories (technology) 2) Sathorn Series (financial services) 3) Thai-Coons (billionaire origin stories) 4) Reality Check (data-driven, investigative) 5) Thai Media Spotlight; and 6) Thai Macro Watch (global market drivers).

We recently followed up with three companies we met in the past, and that's what this cryptic title means. Glass = TOG (Thai Optical Glass), Green = GGC (A green energy company), and Kiosk (FSMART). Forth's share price has done poorly despite repeatedly delivering strong results. One of the reason may be that their core operations in kiosks, represented by FSMART, is seen as a competitor of the banks, who are now waiving digital fees ( <a href="https://www.smartkarma.com/insights/snippets-7-the-end-of-digital-banking-fees" target="_blank" data-smartkarma-citation="insights:19266">Snippets #7: The End of Digital Banking Fees</a>). According to…

We recently followed up with three companies we met in the past, and that's what this cryptic title means. Glass = TOG (Thai Optical Glass), Green = GGC (A green energy company), and Kiosk (FSMART). Forth's share price has done poorly despite repeatedly delivering strong results. One of the reason may be that their core operations in kiosks, represented by FSMART, is seen as a competitor of the banks, who are now waiving digital fees ( Snippets #7: The End of Digital Banking Fees). According to…

Three of a Kind: The Glass Is Greener on the Other Kiosk

Interhide had been one of the best performing stocks in our portfolio, but it's also dropped almost 30% from a recent high of Bt12.7/sh, despite posting strong results and still seeing strong demand for its products. So what gives? One of our former analysts who recommended this stock told us there are some big retail investors who hold large chunks of the stocks and have a very low costs, so they keep on selling and depressing the prices. However, as we saw earlier, when the wave of sales ends…

Interhide had been one of the best performing stocks in our portfolio, but it's also dropped almost 30% from a recent high of Bt12.7/sh, despite posting strong results and still seeing strong demand for its products. So what gives? One of our former analysts who recommended this stock told us there are some big retail investors who hold large chunks of the stocks and have a very low costs, so they keep on selling and depressing the prices. However, as we saw earlier, when the wave of sales ends…

PTT Exploration & Production / Equity Bottom-Up

Arguably, no stock comes closer to mimicking oil prices in Thailand than PTTEP and its parent company PTT, aka largest stock in Thailand. Brent oil prices dropped from 2017 year-end levels of US$70/bbl to a low of US$62/bbl this month before rebounding to current level of US$65/bbl. In fact, it seems that apart from oil stocks and CP All, none of the big cap stocks seem to be doing well in Thailand these days. CP All's continued rise seems to be related to news flow in the banking sector <a href="https://www.smartkarma.com/insights/reality-check-xii-how-much-upside-can-cp-all-squeeze-from-a-new-banking-venture" target="_blank" data-smartkarma-citation="insights:17835">Reality</a>…

Arguably, no stock comes closer to mimicking oil prices in Thailand than PTTEP and its parent company PTT, aka largest stock in Thailand. Brent oil prices dropped from 2017 year-end levels of US$70/bbl to a low of US$62/bbl this month before rebounding to current level of US$65/bbl. In fact, it seems that apart from oil stocks and CP All, none of the big cap stocks seem to be doing well in Thailand these days. CP All's continued rise seems to be related to news flow in the banking sector Reality…

We visited almost 30 companies during the past two months, and the five favorite for this quarter would be Forth, Erawan, Ananda, THREL (ThaiRe Life), and AH. Granted, the first three were profiled in earlier selections, but that's the thing with good companies: They stand the test of time yo. We have met Aapico many times earlier, but never really like the company this much. Clearly, it's the Sakthi deal that has brightened things up for them. The strong export outlook also helps. We have been…

We visited almost 30 companies during the past two months, and the five favorite for this quarter would be Forth, Erawan, Ananda, THREL (ThaiRe Life), and AH. Granted, the first three were profiled in earlier selections, but that's the thing with good companies: They stand the test of time yo. We have met Aapico many times earlier, but never really like the company this much. Clearly, it's the Sakthi deal that has brightened things up for them. The strong export outlook also helps. We have been…

The Best of August / September Company Visits

Thailand

Forth Corporation Public Company Limited is a diversified technology company based in Thailand, specializing in information communication technology (ICT) solutions and electronic equipment. The company operates through three segments: Electronics Manufacturing Service, Enterprise Solutions, and Smart Service, offering products like GPS tracking devices, smart meters, and EV charging stations. Forth Corporation is headquartered in Bangkok, Thailand, and was founded in 1989.

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

Forth Corporation (FORTH TB)

Today's Dominant Ideas

The SET Index is expected to fall further, with the support at 1,560/1,553 points and the resistance at 1,592/1,598 points. We see a high...

Krungthai XSpring

Three of a Kind: The Glass Is Greener on the Other Kiosk

We recently followed up with three companies we met in the past, and that's what this cryptic title means. Glass = TOG (Thai Optical Glass), Green...

Athaporn Arayasantiparb, CFA

What's Interhide Really Hiding?

Interhide had been one of the best performing stocks in our portfolio, but it's also dropped almost 30% from a recent high of Bt12.7/sh, despite...

Athaporn Arayasantiparb, CFA

PTTEP: Second Wind For Oil Stocks

Arguably, no stock comes closer to mimicking oil prices in Thailand than PTTEP and its parent company PTT, aka largest stock in Thailand. Brent oil...

Athaporn Arayasantiparb, CFA

The Best of August / September Company Visits

We visited almost 30 companies during the past two months, and the five favorite for this quarter would be Forth, Erawan, Ananda, THREL (ThaiRe...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)