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>Technically, the SET Index is expected to move sideways, with the support at 1,344/1,338 points and the resistance at 1,364/1,370 points.</li><li>Investment strategy: Sell on rallies and wait to buy back when a new breakout signal occurs.</li><li>Maintain a Buy recommendation for the banking sector, focusing on TTB and KKP, due to their strong potential to outperform in a high bond yield environment.</li></ul>

Technically, the SET Index is expected to move sideways, with the support at 1,344/1,338 points and the resistance at 1,364/1,370 points.Investment strategy: Sell on rallies and wait to buy back when a new breakout signal occurs.Maintain a Buy recommendation for the banking sector, focusing on TTB and KKP, due to their strong potential to outperform in a high bond yield environment.

Krungthai XSpring Zoom Eng. January 27, 2025

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japfa-ltd" target="_blank" data-smartkarma-citation="entities:15597:1" rel="noopener">Japfa Ltd (JAP SP)</a> disclosed privatisation through a scheme of arrangement from the Santosa family at S$0.62 per share, a 34.8% premium, to the undisturbed price of S$0.460.</li>
<li>While the offer is attractive compared to historical share price ranges, it is light compared to peer and historical multiples.</li>
<li>The offer has not been declared final. However, the irrevocable, the lack of a disinterested shareholder holding a blocking stake and moderate retail ownership minimises the vote risk.  </li>
</ul>



Japfa Ltd (JAP SP) disclosed privatisation through a scheme of arrangement from the Santosa family at S$0.62 per share, a 34.8% premium, to the undisturbed price of S$0.460.
While the offer is attractive compared to historical share price ranges, it is light compared to peer and historical multiples.
The offer has not been declared final. However, the irrevocable, the lack of a disinterested shareholder holding a blocking stake and moderate retail ownership minimises the vote risk.  


Japfa (JAP SP): Santosa Family’s S$0.62 Scheme Offer

<ul><li>The peak of profit for this year has passed in 2Q-3Q24. Currently, domestic broiler prices are declining, and the broiler export business is entering its low season in 4Q and 1Q.</li><li>This means there are no catalysts for the next three to six months.</li><li>The valuation metrics show that the stock remains fundamentally attractive, with the stock price down 7% over the past month, providing 18% upside from the fair value of Bt13.25 (based on a required return of 11%). </li></ul>

The peak of profit for this year has passed in 2Q-3Q24. Currently, domestic broiler prices are declining, and the broiler export business is entering its low season in 4Q and 1Q.This means there are no catalysts for the next three to six months.The valuation metrics show that the stock remains fundamentally attractive, with the stock price down 7% over the past month, providing 18% upside from the fair value of Bt13.25 (based on a required return of 11%). 

Gfpt - In-Line 3Q24 Earnings; 4Q24E Profit to Weaken Seasonally

<ul><li>Technically, the SET Index is expected to weaken, with support levels at 1,446/1,440 points (50-day EMA) and the resistance at 1,460/1,465 points (25/10-day EMA).</li><li>We maintain the recommendation to sell on rises and wait for buying opportunities at support levels.</li><li>MOSHI maintains its target of 20% YoY growth in total sales revenue for 2024, expecting 2H24 to outperform 1H24 due to the high season for the business, new branch openings, and the development and launch of new products.</li></ul>

Technically, the SET Index is expected to weaken, with support levels at 1,446/1,440 points (50-day EMA) and the resistance at 1,460/1,465 points (25/10-day EMA).We maintain the recommendation to sell on rises and wait for buying opportunities at support levels.MOSHI maintains its target of 20% YoY growth in total sales revenue for 2024, expecting 2H24 to outperform 1H24 due to the high season for the business, new branch openings, and the development and launch of new products.

<ul><li>Technically, the SET Index is expected to move in a sideways-up trend, with the resistance at 1,476/1,482 points and the support at 1,462/1,455 points (EMA 10/25 days).</li><li>The medium-term outlook remains in a sideways pattern within a broad range of 1,273-1,716 points.</li><li>In the short term, a buy signal has emerged for the first time in nine trading days, indicating the occurrence of a higher high and higher low for the first time, along with a breakout above the 10-day moving average.</li></ul>

Technically, the SET Index is expected to move in a sideways-up trend, with the resistance at 1,476/1,482 points and the support at 1,462/1,455 points (EMA 10/25 days).The medium-term outlook remains in a sideways pattern within a broad range of 1,273-1,716 points.In the short term, a buy signal has emerged for the first time in nine trading days, indicating the occurrence of a higher high and higher low for the first time, along with a breakout above the 10-day moving average.

Krungthai XSpring Zoom Eng. November 1, 2024

Thailand

GFPT Public Company Limited operates a fully integrated poultry business, encompassing feed mills, breeder and broiler farms, hatcheries, chicken evisceration, and processed food production. The company produces and distributes fresh, frozen, and cooked chicken products, as well as land and aquatic animal feed, for both domestic and international markets. GFPT was founded in 1981 and is headquartered in Bangkok, Thailand.

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GFPT (GFPT TB)

Krungthai XSpring Zoom Eng. January 27, 2025

Technically, the SET Index is expected to move sideways, with the support at 1,344/1,338 points and the resistance at 1,364/1,370...

Krungthai XSpring

Japfa (JAP SP): Santosa Family’s S$0.62 Scheme Offer

The offer is arguably light. However, the irrevocable, the lack of a disinterested shareholder holding a blocking stake and moderate retail...

Arun George

Gfpt - In-Line 3Q24 Earnings; 4Q24E Profit to Weaken Seasonally

The peak of profit for this year has passed in 2Q-3Q24. Currently, domestic broiler prices are declining, and the broiler export business is...

Krungthai XSpring

3Q24 Earnings Results

Technically, the SET Index is expected to weaken, with support levels at 1,446/1,440 points (50-day EMA) and the resistance at 1,460/1,465 points...

Krungthai XSpring

Krungthai XSpring Zoom Eng. November 1, 2024

Technically, the SET Index is expected to move in a sideways-up trend, with the resistance at 1,476/1,482 points and the support at 1,462/1,455...

Krungthai XSpring

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