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 down, with the support at 1,398/1,390 points and the resistance at 1,414/1,423 points.</li><li>Prime Minister Srettha is participating in the World Economic Forum from January 15 to 19, where he will engage in discussions with the world's eight leading companies to explore ways to support trade and investment.</li><li>We recommend blue chip stocks with positive factors: SIS, ADVANC and INTUCH.</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,398/1,390 points and the resistance at 1,414/1,423 points.Prime Minister Srettha is participating in the World Economic Forum from January 15 to 19, where he will engage in discussions with the world's eight leading companies to explore ways to support trade and investment.We recommend blue chip stocks with positive factors: SIS, ADVANC and INTUCH.

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,417/1,427 points and the support at 1,405/1,400 points (10-day EMA).</li><li>Window dressing is very likely to occur today, based on the sharp falls in the share prices in several sectors, namely the media and printing sector, the construction services sector, the finance sector, the petrochemical sector, the agricultural sector, and the commerce sector.</li><li>The new SET50/SET100 Indexes will have an effect on closing prices today.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,417/1,427 points and the support at 1,405/1,400 points (10-day EMA).Window dressing is very likely to occur today, based on the sharp falls in the share prices in several sectors, namely the media and printing sector, the construction services sector, the finance sector, the petrochemical sector, the agricultural sector, and the commerce sector.The new SET50/SET100 Indexes will have an effect on closing prices today.

<ul><li>Technically, the SET Index is expected to move sideways, with the support at 1,384/1,380 points and the resistance at 1,398/1,406 points, as a result of a technical correction after it rose sharply from 1,354.73 points to peak at 1,398.65 points.</li><li>We expect to see a total investment of Bt10bn in 22 TESG funds by 16 asset management companies in December, which will provide a lift to large cap stocks with strong ESG ratings.</li><li>The consensus anticipates that the BoJ meeting scheduled for December 18 will maintain the policy interest rate at 0.1% and the 10Y bond yield at 0%, with a movement range of 100 bps.</li></ul>

Technically, the SET Index is expected to move sideways, with the support at 1,384/1,380 points and the resistance at 1,398/1,406 points, as a result of a technical correction after it rose sharply from 1,354.73 points to peak at 1,398.65 points.We expect to see a total investment of Bt10bn in 22 TESG funds by 16 asset management companies in December, which will provide a lift to large cap stocks with strong ESG ratings.The consensus anticipates that the BoJ meeting scheduled for December 18 will maintain the policy interest rate at 0.1% and the 10Y bond yield at 0%, with a movement range of 100 bps.

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>The <a href="https://www.smartkarma.com/entities/costa-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22632:1" rel="noopener">Costa Group Holdings (CGC AU)</a> IE considers Paine Schwartz Partners’ A$3.20 offer fair and reasonable as it is towards the upper end of its A$2.62-3.28 valuation range. </li>
<li>The scheme requires China SAMR and European Commission approvals. SAMR approval poses a timing risk but the scheduling of the scheme meeting reflects PSP's confidence in securing the approvals.</li>
<li>While not a knockout bid, the profit warning should help sway the retail vote in favour of the scheme. At the last close, the gross spread was 8.1%.</li>
</ul>


The Costa Group Holdings (CGC AU) IE considers Paine Schwartz Partners’ A$3.20 offer fair and reasonable as it is towards the upper end of its A$2.62-3.28 valuation range. 
The scheme requires China SAMR and European Commission approvals. SAMR approval poses a timing risk but the scheduling of the scheme meeting reflects PSP's confidence in securing the approvals.
While not a knockout bid, the profit warning should help sway the retail vote in favour of the scheme. At the last close, the gross spread was 8.1%.


Costa Group (CGC AU): Wide Spread Ahead of the 30 January Vote

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,405/1,412 points (10-day and 25-day EMA) and the support at 1,385/1,378 points.</li><li>The consideration of informal debts (formal debts will be considered on December 12).</li><li>Approval of the E-refund scheme, enabling tax deductions of up to Bt50k for goods purchased from tax-registered shops with e-receipts between January 1 and February 15, 2024.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,405/1,412 points (10-day and 25-day EMA) and the support at 1,385/1,378 points.The consideration of informal debts (formal debts will be considered on December 12).Approval of the E-refund scheme, enabling tax deductions of up to Bt50k for goods purchased from tax-registered shops with e-receipts between January 1 and February 15, 2024.

Thailand

Ichitan Group Public Company Limited is a leading Thai beverage manufacturer specializing in ready-to-drink green teas, herbal drinks, fruit juices, and energy drinks. The company produces a diverse portfolio of non-alcoholic beverages, including major brands like Ichitan Green Tea and Yen Yen. Headquartered in Bangkok, Thailand, the company was founded in 2010.

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Ichitan (ICHI TB)

Today's Dominant Ideas

Technically, the SET Index is expected to move sideways down, with the support at 1,398/1,390 points and the resistance at 1,414/1,423...

Krungthai XSpring

Today's Dominant Ideas

Technically, the SET Index is expected to move sideways up, with the resistance at 1,417/1,427 points and the support at 1,405/1,400 points...

Krungthai XSpring

Today's Dominant Ideas

Technically, the SET Index is expected to move sideways, with the support at 1,384/1,380 points and the resistance at 1,398/1,406 points, as a...

Krungthai XSpring

Costa Group (CGC AU): Wide Spread Ahead of the 30 January Vote

While China SAMR approval is an overhang, the scheduling of the vote reflects PSP's confidence in securing the approval. The profit warning should...

Arun George

Today's Dominant Ideas

Technically, the SET Index is expected to move sideways up, with the resistance at 1,405/1,412 points (10-day and 25-day EMA) and the support at...

Krungthai XSpring

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