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>We initiate coverage on HTC with an Outperform rating.</li><li>The fair value of HTC is derived from 12-month forward earnings estimates, discounted at a required return of 7.9%.</li><li>HTC is a producer and distributor of soft drinks under license from The Coca-Cola Company (USA) in 14 provinces across Southern Thailand.</li></ul>

We initiate coverage on HTC with an Outperform rating.The fair value of HTC is derived from 12-month forward earnings estimates, discounted at a required return of 7.9%.HTC is a producer and distributor of soft drinks under license from The Coca-Cola Company (USA) in 14 provinces across Southern Thailand.

HAAD THIP Plc. (HTC): Resilient Dividend Play Amid Economic Volatility

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,360/1,350 points (1/2 and 2/3 of the Fibonacci range of 1,320-1,404 points) and the resistance at 1,371/1,375 points (25-day EMA/50-day EMA).</li><li>Consensus expectations for German inflation in May are +0.2% MoM and +2.4% YoY (compared to April's +0.5% MoM and +2.2% YoY).</li><li>We recommend stocks with positive news stories: TTB, HANA and SVI.</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,360/1,350 points (1/2 and 2/3 of the Fibonacci range of 1,320-1,404 points) and the resistance at 1,371/1,375 points (25-day EMA/50-day EMA).Consensus expectations for German inflation in May are +0.2% MoM and +2.4% YoY (compared to April's +0.5% MoM and +2.2% YoY).We recommend stocks with positive news stories: TTB, HANA and SVI.

<ul><li>The 3Q20 earnings came out better than expected, and the 4Q20E earnings should continue gaining momentum YoY.</li><li>We have revised up our 2020-21E core profit forecasts by 12% and 8%, respectively, resulting in a new target price of Bt39/share (8.5x PER).</li><li>The valuation remains undemanding, with a low PER of just 7x in 2021E, and the current share price still implies some upside.</li></ul>

The 3Q20 earnings came out better than expected, and the 4Q20E earnings should continue gaining momentum YoY.We have revised up our 2020-21E core profit forecasts by 12% and 8%, respectively, resulting in a new target price of Bt39/share (8.5x PER).The valuation remains undemanding, with a low PER of just 7x in 2021E, and the current share price still implies some upside.

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

HTC reported 1Q18 net profit of Bt88m (+3%YoY, +56%QoQ). The 1Q18 result was 25% of our full-year forecast and was in line with our forecast.<ul class="">
<li>Sales grew (+6%YoY, +10%QoQ) due to demand growth.</li>
<li>Gross profit margin widened to 32.8% from 31.5% in 1Q17 due to economies of scale.</li>
<li>Rising utilization of the second factory continues to be a major contributor for both sales growth and margin expansion.</li>
</ul>We rate HTC as a BUY with 31% upside to our target price of Bt27.0*Please refer to our previous report: …

HTC reported 1Q18 net profit of Bt88m (+3%YoY, +56%QoQ). The 1Q18 result was 25% of our full-year forecast and was in line with our forecast.
Sales grew (+6%YoY, +10%QoQ) due to demand growth.
Gross profit margin widened to 32.8% from 31.5% in 1Q17 due to economies of scale.
Rising utilization of the second factory continues to be a major contributor for both sales growth and margin expansion.
We rate HTC as a BUY with 31% upside to our target price of Bt27.0*Please refer to our previous report: …

HTC: Second Factory Drove Both Sales Growth and Margin Expansion

HTC had 4Q17 recurring EPS of Bt0.28 (+110%YoY, -24%QoQ). The FY2017 recurring EPS was Bt1.42 (+14%YoY) and was in line of our forecast. <ul>
<li>4Q17 net profit was Bt56m (+4%YoY) in line with our forecast.</li>
<li>Reported FY2017 net profit at 283m (+14%YoY).</li>
<li>Gross margin improve by economies of scale from second factory.</li>
<li>Upside from sugar price floating which do not include in our forecast yet.</li>
</ul>We rate HTC as a BUY with 2% upside to our target price of Bt27.0*<a href="https://www.smartkarma.com/insights/htc-soft-drink-king-rules-in-southern-thailand" target="_blank">HTC: Soft Drink King Rules in Southern Thailand</a>*We…

HTC had 4Q17 recurring EPS of Bt0.28 (+110%YoY, -24%QoQ). The FY2017 recurring EPS was Bt1.42 (+14%YoY) and was in line of our forecast. 
4Q17 net profit was Bt56m (+4%YoY) in line with our forecast.
Reported FY2017 net profit at 283m (+14%YoY).
Gross margin improve by economies of scale from second factory.
Upside from sugar price floating which do not include in our forecast yet.
We rate HTC as a BUY with 2% upside to our target price of Bt27.0*HTC: Soft Drink King Rules in Southern Thailand*We…

HTC: 4Q17 Result Was in Line but Floating Sugar Price Will Be an Upside

Thailand

Haad Thip Public Company Limited is a Thailand-based authorized manufacturer and distributor of Coca-Cola beverages and other related products, including sparkling, still, and energy drinks, primarily serving 14 southern provinces of Thailand. The company also operates in real estate development. It was founded in 1969 and is headquartered in Songkhla, Thailand.

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Haad Thip (HTC TB)

HAAD THIP Plc. (HTC): Resilient Dividend Play Amid Economic Volatility

We initiate coverage on HTC with an Outperform rating. The fair value of HTC is derived from 12-month forward earnings estimates, discounted at a...

Krungthai XSpring

Strategic Daily Picks

Technically, the SET Index is expected to move sideways down, with the support at 1,360/1,350 points (1/2 and 2/3 of the Fibonacci range of...

Krungthai XSpring

Upbeat 3Q20 Earnings; Upward Revisions

The 3Q20 earnings came out better than expected, and the 4Q20E earnings should continue gaining momentum YoY. We have revised up our 2020-21E core...

Krungthai XSpring

HTC: Second Factory Drove Both Sales Growth and Margin Expansion

HTC reported 1Q18 net profit of Bt88m (+3%YoY, +56%QoQ). The 1Q18 result was 25% of our full-year forecast and was in line with our forecast. Sales...

Pi Securities PCL, Thailand

HTC: 4Q17 Result Was in Line but Floating Sugar Price Will Be an Upside

HTC had 4Q17 recurring EPS of Bt0.28 (+110%YoY, -24%QoQ). The FY2017 recurring EPS was Bt1.42 (+14%YoY) and was in line of our forecast. 4Q17 net...

Pi Securities PCL, Thailand

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