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 move sideways up, with the resistance at 1,635/1,640 points and the support at 1,620/1,615 points.</li><li>As for short-term speculation, Our recommendation is follow buy and then sell at the next resistance at 1,635/1,640 points, focusing on reopening plays, which are likely to outperform stocks in other sectors in response to the possibility that the Cabinet may consider approving phase 5 of the "We Travel Together" scheme today and the cancellation of the quarantine requirement in China, effective on January 8, which may enable the number of tourist arrivals in 2023E to reach 28mn vs. the existing expectation of 22mn.</li><li>Foreign investors are likely to continue to be net buyers in the Thai equity market for window dressing in the last week of 2022.</li></ul>

The SET Index is expected to move sideways up, with the resistance at 1,635/1,640 points and the support at 1,620/1,615 points.As for short-term speculation, Our recommendation is follow buy and then sell at the next resistance at 1,635/1,640 points, focusing on reopening plays, which are likely to outperform stocks in other sectors in response to the possibility that the Cabinet may consider approving phase 5 of the "We Travel Together" scheme today and the cancellation of the quarantine requirement in China, effective on January 8, which may enable the number of tourist arrivals in 2023E to reach 28mn vs. the existing expectation of 22mn.Foreign investors are likely to continue to be net buyers in the Thai equity market for window dressing in the last week of 2022.

<ul><li>The SET Index is expected to move sideways up, with the resistance at 1,625/1,635 points and the support at 1,610/1,603 points.</li><li>Positive momentum will be generated by i) some good news from the Cabinet meeting concerning measures aimed at boosting the economy, which should be positive to domestic-consumption related stocks and the tourism sector; ii) US housing starts in November, which are expected to continue to slow down, helping to further reduce inflation.</li><li>Meanwhile, the negative momentum may be caused by concerns over a possible US economic recession as a result of the Fed's rate hikes, as well as the increase in the number of COVID-19 infections in China, which has led to school closures in Shanghai.</li></ul>

The SET Index is expected to move sideways up, with the resistance at 1,625/1,635 points and the support at 1,610/1,603 points.Positive momentum will be generated by i) some good news from the Cabinet meeting concerning measures aimed at boosting the economy, which should be positive to domestic-consumption related stocks and the tourism sector; ii) US housing starts in November, which are expected to continue to slow down, helping to further reduce inflation.Meanwhile, the negative momentum may be caused by concerns over a possible US economic recession as a result of the Fed's rate hikes, as well as the increase in the number of COVID-19 infections in China, which has led to school closures in Shanghai.

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Quantitative Analysis

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<p>When Japanese small-cap stocks listed on JASDAQ, MOTHERS, and the Second Section of the Tokyo Stock Exchange aim at the big leagues and apply for reassignment to the First Section of the Tokyo Stock Exchange and are accepted, it causes significant events to occur. This triggers inclusion into the TOPIX Index which means passive funds tracking TOPIX need to buy on an inclusion event. This opens up several interesting trading opportunities for investors. </p>
</div>
<div>
<p>In this insight, I have provided performance updates for 7 "Live" event stocks which are expected to have Inclusion Events at the end of December 2020 or January 2021 and 8 "Post" event stocks that completed their Inclusion Events at the end of October 2020 and November 2020. Furthermore, I have also highlighted some interesting Pre-event situations involving stocks that are likely to become TSE1-promotion candidates in the near future. </p>
</div>


When Japanese small-cap stocks listed on JASDAQ, MOTHERS, and the Second Section of the Tokyo Stock Exchange aim at the big leagues and apply for reassignment to the First Section of the Tokyo Stock Exchange and are accepted, it causes significant events to occur. This triggers inclusion into the TOPIX Index which means passive funds tracking TOPIX need to buy on an inclusion event. This opens up several interesting trading opportunities for investors. 


In this insight, I have provided performance updates for 7 "Live" event stocks which are expected to have Inclusion Events at the end of December 2020 or January 2021 and 8 "Post" event stocks that completed their Inclusion Events at the end of October 2020 and November 2020. Furthermore, I have also highlighted some interesting Pre-event situations involving stocks that are likely to become TSE1-promotion candidates in the near future. 


<div>
<p>When Japanese small-cap stocks listed on JASDAQ, MOTHERS, and the Second Section of the Tokyo Stock Exchange aim at the big leagues and apply for reassignment to the First Section of the Tokyo Stock Exchange and are accepted, it causes significant events to occur.</p>
<p>This triggers inclusion into the TOPIX Index which means passive funds tracking TOPIX need to buy on an inclusion event. This opens up several interesting trading opportunities for investors. </p>
<p>In this insight, I have provided performance updates for 3 "Live" event stocks which have announced their TSE1 move in  October 2020 and 5 "Post" event stocks that completed their Inclusion Events today and some Pre-event trades involving stocks that are likely to become TSE1-promotion candidates in the near future. </p>
</div>


When Japanese small-cap stocks listed on JASDAQ, MOTHERS, and the Second Section of the Tokyo Stock Exchange aim at the big leagues and apply for reassignment to the First Section of the Tokyo Stock Exchange and are accepted, it causes significant events to occur.
This triggers inclusion into the TOPIX Index which means passive funds tracking TOPIX need to buy on an inclusion event. This opens up several interesting trading opportunities for investors. 
In this insight, I have provided performance updates for 3 "Live" event stocks which have announced their TSE1 move in  October 2020 and 5 "Post" event stocks that completed their Inclusion Events today and some Pre-event trades involving stocks that are likely to become TSE1-promotion candidates in the near future. 


<p>In late July 2020, the Tokyo Stock Exchange issued Revisions to <em>Listing Rules to Enhance Functions for Raising Funds through the Capital Market</em>. These were discussed by <a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> in <a href="https://www.smartkarma.com/insights/the-tse-s-listing-criteria-revisions-part-i" target="_blank" data-smartkarma-citation="insights:43150" rel="noopener">The TSE's Listing Criteria Revisions - Part I</a>.</p><p>These revisions have very important implications to Pre-event trades in the TOPIX Inclusions Universe as fewer candidates will be able to meet these more-stringent new requirements. In this insight, we take a look at how these new requirements will influence our Pre-event trades. </p><p>In addition, I have also provided performance updates for 5 "Live" events which have announced their TSE1 move in September 2020 and 6 "Post" events that involves stocks which have already had their Inclusion events in August 2020. As noted last month, unusually there were no inclusions for September due to section/segment reassignment.</p><p><em>As always, there is more below the fold. </em></p>

In late July 2020, the Tokyo Stock Exchange issued Revisions to Listing Rules to Enhance Functions for Raising Funds through the Capital Market. These were discussed by Travis Lundy in The TSE's Listing Criteria Revisions - Part I.These revisions have very important implications to Pre-event trades in the TOPIX Inclusions Universe as fewer candidates will be able to meet these more-stringent new requirements. In this insight, we take a look at how these new requirements will influence our Pre-event trades. In addition, I have also provided performance updates for 5 "Live" events which have announced their TSE1 move in September 2020 and 6 "Post" events that involves stocks which have already had their Inclusion events in August 2020. As noted last month, unusually there were no inclusions for September due to section/segment reassignment.As always, there is more below the fold. 

Japan

Gift Inc. operates noodles restaurants. The Company offers noodles materials, noodles shop design, employee training, customer service consulting, and other related services. Gift also opens noodles restaurants overseas.

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Gift Inc (9279 JP)

Market Outlook

The SET Index is expected to move sideways up, with the resistance at 1,635/1,640 points and the support at 1,620/1,615 points. As for short-term...

Krungthai XSpring

Market Outlook

The SET Index is expected to move sideways up, with the resistance at 1,625/1,635 points and the support at 1,610/1,603 points. Positive momentum...

Krungthai XSpring

TOPIX Inclusion Trade Summary: Nov 2020

November review of pre-events, live events, and post-events in the TOPIX Inclusion trade universe. There are a dozen pre-event recommendations...

Janaghan Jeyakumar, CFA

TOPIX Inclusion Trade Summary: Oct 2020

TOPIX Inclusion Trade summary for October 2020. "Live" events, "Completed" events, and the unwind of the Post-IPO Basket Trade Strategy due to TSE...

Janaghan Jeyakumar, CFA

TOPIX Inclusion Trade Summary: Sep 2020

The Tokyo Stock Exchange will be introducing new requirement

Janaghan Jeyakumar, CFA

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