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 while awaiting clarity concerning the US CPI in November and the FOMC meeting, with the support at 1,615/1,610 points and the resistance at 1,630/1,635 points.</li><li>Positive factors include the expected fall in the US CPI in November, with the consensus projection at 7.30% YoY, down from 7.7% YoY in October.</li><li>Negative factors include the possibility that the baht may weaken in the short term, which may prompt foreign investors to take profit, thus limiting the possible gains of the SET Index.</li></ul>

The SET Index is expected to move sideways while awaiting clarity concerning the US CPI in November and the FOMC meeting, with the support at 1,615/1,610 points and the resistance at 1,630/1,635 points.Positive factors include the expected fall in the US CPI in November, with the consensus projection at 7.30% YoY, down from 7.7% YoY in October.Negative factors include the possibility that the baht may weaken in the short term, which may prompt foreign investors to take profit, thus limiting the possible gains of the SET Index.

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

<ul>
<li>Maintain BUY recommendation for ILM and roll over target price to Bt24 (Previous TP: Bt21). ILM’s 3Q22 net profit came in at Bt153m (+173%YoY, -6%QoQ), in-line with our expectation</li>
<li>3Q22 earnings recovered YoY Its net profit came out at Bt153m (+173%YoY, -6%QoQ). The 9M22 result accounted for 74% of full-year net profit in 2022.</li>
<li>The YoY growth in earnings supported in earnings mainly supported by 1)SSSG at 21.4%,2)rental income surged to Bt171m (+77%YoY),an all-time-high,and 3)healthier gross profit margin at 44.8% from 43.8% in 3Q21</li>
</ul>


Maintain BUY recommendation for ILM and roll over target price to Bt24 (Previous TP: Bt21). ILM’s 3Q22 net profit came in at Bt153m (+173%YoY, -6%QoQ), in-line with our expectation
3Q22 earnings recovered YoY Its net profit came out at Bt153m (+173%YoY, -6%QoQ). The 9M22 result accounted for 74% of full-year net profit in 2022.
The YoY growth in earnings supported in earnings mainly supported by 1)SSSG at 21.4%,2)rental income surged to Bt171m (+77%YoY),an all-time-high,and 3)healthier gross profit margin at 44.8% from 43.8% in 3Q21


<ul>
<li>Maintain BUY recommendation for ILM with a target price of Bt21. ILM’s 2Q22 net profit was at Bt162m (+61%YoY,+1%QoQ),the highest level in the past eleven-quarters and better than our expectation.</li>
<li>Healthy margin boost 2Q22 earnings grew YoY ILM reported a net profit of Bt162m in 2Q22(+61%YoY,+1%QoQ),the highest level in the past eleven-quarters.The 1H22 result accounted for 55% of our 2022E.</li>
<li>The YoY and QoQ growth in 2Q22 earnings supported by healthy margin and SSSG of +3.4%YoY.</li>
</ul>


Maintain BUY recommendation for ILM with a target price of Bt21. ILM’s 2Q22 net profit was at Bt162m (+61%YoY,+1%QoQ),the highest level in the past eleven-quarters and better than our expectation.
Healthy margin boost 2Q22 earnings grew YoY ILM reported a net profit of Bt162m in 2Q22(+61%YoY,+1%QoQ),the highest level in the past eleven-quarters.The 1H22 result accounted for 55% of our 2022E.
The YoY and QoQ growth in 2Q22 earnings supported by healthy margin and SSSG of +3.4%YoY.


<ul>
<li>Yesterday analyst meeting came out with a positive tone.We maintain BUY rating with a target price of Bt21.0, derived from 18xPE’22E,+1SD from three years average trading range or 50% discount</li>
<li>We expect earnings to grow to Bt764m in 2024E or +19%CAGR (2022-24E) from -5%CAGR(2019-21), driven by 1) solid SSSG and online sales, 2) solid recovery in rental income</li>
<li>To implement a more aggressive strategy after COVID-19, the management aims to expand 1-2 new stores per year from 2023 onwards.</li>
</ul>


Yesterday analyst meeting came out with a positive tone.We maintain BUY rating with a target price of Bt21.0, derived from 18xPE’22E,+1SD from three years average trading range or 50% discount
We expect earnings to grow to Bt764m in 2024E or +19%CAGR (2022-24E) from -5%CAGR(2019-21), driven by 1) solid SSSG and online sales, 2) solid recovery in rental income
To implement a more aggressive strategy after COVID-19, the management aims to expand 1-2 new stores per year from 2023 onwards.


ILM: Positive Earnings Outlook in 2022-24

<ul>
<li>We maintain BUY rating with a target price of Bt21.0, derived from 18xPE’22E, +1SD from three years average trading range or 50% discount from Home improvement subsector.</li>
<li>We expect ILM to report 4Q21 net profit at Bt135m (-6%YoY, +142%QoQ). QoQ recovery will be supported by an increase in revenue, thanks to stores sales recovery (SSSG at +13%YoY)</li>
<li>We expect 2022E earnings to recover 46%YoY supported by revenue growth at +5.6%YoY to Bt8.5bn from; 1) a new products launch to attract new targeted  customers (low-ended and luxury segments)</li>
</ul>


We maintain BUY rating with a target price of Bt21.0, derived from 18xPE’22E, +1SD from three years average trading range or 50% discount from Home improvement subsector.
We expect ILM to report 4Q21 net profit at Bt135m (-6%YoY, +142%QoQ). QoQ recovery will be supported by an increase in revenue, thanks to stores sales recovery (SSSG at +13%YoY)
We expect 2022E earnings to recover 46%YoY supported by revenue growth at +5.6%YoY to Bt8.5bn from; 1) a new products launch to attract new targeted  customers (low-ended and luxury segments)


Thailand

Index Living Mall operates as a leading furniture and home furnishing retailer in Thailand, offering a comprehensive range of furniture, home decorative items, and related products. The company also manages retail rental spaces through community malls under 'The Walk' and 'Little Walk' brands. It was founded in 1994 and is headquartered in Bangkok, Thailand.

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Index Living Mall (ILM TB)

Market Outlook

The SET Index is expected to move sideways while awaiting clarity concerning the US CPI in November and the FOMC meeting, with the support at...

Krungthai XSpring

ILM : 3Q22 Earnings Remained Solid YoY

Maintain BUY recommendation for ILM and roll over target price to Bt24 (Previous TP: Bt21). ILM’s 3Q22 net profit came in at Bt153m (+173%YoY, ...

Pi Securities PCL, Thailand

ILM : 2Q22 Earnings Hit 11-Quarters High

Maintain BUY recommendation for ILM with a target price of Bt21. ILM’s 2Q22 net profit was at Bt162m (+61%YoY, +1%QoQ), the highest level in the...

Pi Securities PCL, Thailand

ILM: Positive Earnings Outlook in 2022-24

Yesterday analyst meeting came out with a positive tone. We maintain BUY rating with a target price of Bt21.0, derived from 18xPE’22E, +1SD from...

Pi Securities PCL, Thailand

ILM: Expect 4Q21 Earnings Improve QoQ

We maintain BUY rating with a target price of Bt21.0, derived from 18xPE’22E, +1SD from three years average trading range or 50% discount from Home...

Pi Securities PCL, Thailand

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