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.

Thematic (Sector/Industry)

<ul><li>Although the SET initially faced pressure from a weakening Hang Seng and Tokyo markets, as well as the XD postings of GULF and INTUCH, the index managed to climb as buying activity surged.</li><li>A total of 392 stocks rose, while only 127 declined. Notably, DELTA halted its downward movement, and sectors such as banking, finance, food, and tourism saw a rebound.</li><li>The index showed signs of recovery within a narrow range, with its price pattern forming a gradual upward slope, suggesting a tendency for further rebound. </li></ul>

Although the SET initially faced pressure from a weakening Hang Seng and Tokyo markets, as well as the XD postings of GULF and INTUCH, the index managed to climb as buying activity surged.A total of 392 stocks rose, while only 127 declined. Notably, DELTA halted its downward movement, and sectors such as banking, finance, food, and tourism saw a rebound.The index showed signs of recovery within a narrow range, with its price pattern forming a gradual upward slope, suggesting a tendency for further rebound. 

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,280/1,273 points and the resistance at 1,295 (10-day EMA)/1,300 points.</li><li>In the medium term, the index remains in a downtrend, forming a rounding-top pattern within the 1,220-1,506-point range.</li><li>In the short term, the index continues its downward trajectory (zig-zag down), with signs of further weakness emerging after a three-day rebound from the new low of 1,252 points on February 7. </li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,280/1,273 points and the resistance at 1,295 (10-day EMA)/1,300 points.In the medium term, the index remains in a downtrend, forming a rounding-top pattern within the 1,220-1,506-point range.In the short term, the index continues its downward trajectory (zig-zag down), with signs of further weakness emerging after a three-day rebound from the new low of 1,252 points on February 7. 

KTX Zoom - US Retail Sales and EU 4Q24 GDP Growth FEBRUARY 14, 2025

<ul><li>Thai inflation continues to recover, keeping real interest rates the lowest in Asia, increasing the chance of maintaining interest rates.</li><li>Thai inflation rate for January (to be announced on February 5) is expected to continue accelerating.</li><li>The consensus forecasts a 1.4% YoY increase (vs. 1.2% YoY in the previous month), remaining within the target range of 1-3%. </li></ul>

Thai inflation continues to recover, keeping real interest rates the lowest in Asia, increasing the chance of maintaining interest rates.Thai inflation rate for January (to be announced on February 5) is expected to continue accelerating.The consensus forecasts a 1.4% YoY increase (vs. 1.2% YoY in the previous month), remaining within the target range of 1-3%. 

Equity Bottom-Up

<ul><li>The Easy E-Receipt 2.0 tax deduction measure, to be implemented from January 16 to February 28, is expected to generate Bt70bn in cash flow and boost the economy by approximately 0.38%.</li><li>This is anticipated to have a positive impact on the five commerce sector stocks under our coverage.</li><li>We assign a Neutral investment weight, as our analysis indicates that this measure could positively impact profits by approximately 0.6% of the combined earnings estimates for the five companies in 2025E. </li></ul>

The Easy E-Receipt 2.0 tax deduction measure, to be implemented from January 16 to February 28, is expected to generate Bt70bn in cash flow and boost the economy by approximately 0.38%.This is anticipated to have a positive impact on the five commerce sector stocks under our coverage.We assign a Neutral investment weight, as our analysis indicates that this measure could positively impact profits by approximately 0.6% of the combined earnings estimates for the five companies in 2025E. 

Commerce: Easy E-Receipt 2.0 to Pose Most Upside to CPALL

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Capital Markets

PT Daya Intiguna Yasa Tbk (Mr DIY Indonesia) / Equity Capital Markets

PT Daya Intiguna Yasa Tbk (Mr DIY Indonesia)

<ul>
<li>Home improvements player <a href="https://www.smartkarma.com/entities/pt-daya-intiguna-yasa-tbk-mr-diy-indonesia" target="_blank" data-smartkarma-citation="entities:44124:1" rel="noopener">PT Daya Intiguna Yasa (Mr DIY Indonesia)</a> completed the book building for its IPO this week for its Jakarta listing where it seeks to raise US$296m. </li>
<li>
<a href="https://www.smartkarma.com/entities/pt-daya-intiguna-yasa-tbk-mr-diy-indonesia" target="_blank" data-smartkarma-citation="entities:44124:1" rel="noopener">Mr DIY</a>  has seen a rapid rollout of outlets with over 900 stores across Indonesia and SSSG over the last two years of 30%-40% and the company is already profitable. </li>
<li>
<a href="https://www.smartkarma.com/entities/pt-daya-intiguna-yasa-tbk-mr-diy-indonesia" target="_blank" data-smartkarma-citation="entities:44124:1" rel="noopener">Mr DIY</a>  has a 25% market share of the home improvements segment focusing on the mass market with affordable products. Prefer <a href="https://www.smartkarma.com/entities/aspirasi-hidup-indonesia-tbk" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Aspirasi Hidup Indonesia</a> as a proxy for this space.</li>
</ul>


Home improvements player PT Daya Intiguna Yasa (Mr DIY Indonesia) completed the book building for its IPO this week for its Jakarta listing where it seeks to raise US$296m. 

Mr DIY  has seen a rapid rollout of outlets with over 900 stores across Indonesia and SSSG over the last two years of 30%-40% and the company is already profitable. 

Mr DIY  has a 25% market share of the home improvements segment focusing on the mass market with affordable products. Prefer Aspirasi Hidup Indonesia as a proxy for this space.


Mr DIY Indonesia IPO - Prefer Aspirasi Hidup Indonesia (ACES IJ)

Thailand

Home Product Center Public Company Limited is a retailer of building materials and home improvement products.

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Home Product Center (HMPRO TB)

Technical Analysis - FEBRUARY 20, 2025

Although the SET initially faced pressure from a weakening Hang Seng and Tokyo markets, as well as the XD postings of GULF and INTUCH, the index...

Krungthai XSpring

KTX Zoom - US Retail Sales and EU 4Q24 GDP Growth FEBRUARY 14, 2025

Technically, the SET Index is expected to move sideways down, with the support at 1,280/1,273 points and the resistance at 1,295 (10-day EMA)/1,300...

Krungthai XSpring

KTX AHEAD - February 3, 2025

Thai inflation continues to recover, keeping real interest rates the lowest in Asia, increasing the chance of maintaining interest rates.

Krungthai XSpring

Commerce: Easy E-Receipt 2.0 to Pose Most Upside to CPALL

The Easy E-Receipt 2.0 tax deduction measure, to be implemented from January 16 to February 28, is expected to generate Bt70bn in cash flow and...

Krungthai XSpring

Mr DIY Indonesia IPO - Prefer Aspirasi Hidup Indonesia (ACES IJ)

Mr DIY has a 25% market share of the home improvements segment focusing on the mass market with affordable products. We prefer ACES IJ as a proxy...

Angus Mackintosh

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