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 up, with the resistance at 1,630/1,635 points and the support at 1,611/1,600 points.</li><li>We recommend trading buy on ADVANC, CRC and OSP.</li><li>Technically, the index's direction is expected to become clearer this week, either moving up in a double-bottom pattern to 1,635/1,660 points or retreating to 1,600/1,580 points, depending on whether it surpasses or falls below the support at 1,611 points, respectively.</li></ul>

The SET Index is expected to move up, with the resistance at 1,630/1,635 points and the support at 1,611/1,600 points.We recommend trading buy on ADVANC, CRC and OSP.Technically, the index's direction is expected to become clearer this week, either moving up in a double-bottom pattern to 1,635/1,660 points or retreating to 1,600/1,580 points, depending on whether it surpasses or falls below the support at 1,611 points, respectively.

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 the BUY call with a target price of Bt58.0. We like IVL for its recession proof downstream petrochemical portfolio having 3 to 4% CAGR demand growth outlook for 2022-25.</li>
<li>Margin pressure dragged 3Q22 profit QoQ Excluding one-time items,the recurring profit stood at Bt10.3bn (+74% YoY, -22% QoQ).The YoY earnings growth was supported by strong performance of C-PET from steady</li>
<li>While,a marginal decline of sales and product margin of combined PET segment as a result of lower demand in Europe,and declined operating rates due to lower MEG production under IOD </li>
</ul>


Maintain the BUY call with a target price of Bt58.0. We like IVL for its recession proof downstream petrochemical portfolio having 3 to 4% CAGR demand growth outlook for 2022-25.
Margin pressure dragged 3Q22 profit QoQ Excluding one-time items,the recurring profit stood at Bt10.3bn (+74% YoY, -22% QoQ).The YoY earnings growth was supported by strong performance of C-PET from steady
While,a marginal decline of sales and product margin of combined PET segment as a result of lower demand in Europe,and declined operating rates due to lower MEG production under IOD 


IVL : Positive 2023 Outlook from Softening Energy Cost

<ul>
<li>We maintain the BUY call with a new target price of Bt58.0,(6% up from previous, factoring in the 58%upward 2022E earnings revision).The 2Q22 net profit rose+143% YoY and +44% QoQ</li>
<li>Strong IOD performance drove 2Q22 profit The 2Q22 net profit rose to an all-time high of Bt20.3bn(+143%YoY,+44%QoQ),The result came out better than our expectation and beat the consensus by 83%.</li>
<li>Excluding onetime items, the recurring profit stood at Bt13.2bn (+99% YoY, +25% QoQ).The earnings growth was supported by the solid IOD (Integrated Oxides and Derivates) segment performance from newly contribution </li>
</ul>


We maintain the BUY call with a new target price of Bt58.0,(6% up from previous, factoring in the 58%upward 2022E earnings revision).The 2Q22 net profit rose+143% YoY and +44% QoQ
Strong IOD performance drove 2Q22 profit The 2Q22 net profit rose to an all-time high of Bt20.3bn(+143%YoY,+44%QoQ),The result came out better than our expectation and beat the consensus by 83%.
Excluding onetime items, the recurring profit stood at Bt13.2bn (+99% YoY, +25% QoQ).The earnings growth was supported by the solid IOD (Integrated Oxides and Derivates) segment performance from newly contribution 


IVL : Strong IOD Performance Drove 2Q22 Profit to New High

<ul><li>The SET Index today is expected to move sideways up, with the resistance at 1,630/1,640 points and the support at 1,611/1,600 points.</li><li>Positive momentum is being generated by the continued buying by foreign investors on the expectation for a steady recovery of the Thai economy thanks to the anticipated increase in the number of tourist arrivals to 9-10mn in 2022E.</li><li>The MPC today is expected to hike its policy interest rate by just 0.25%, a less aggressive increase than those of central banks in developed countries, after inflation in July fell from 7.66% YoY to 7.61% YoY.</li></ul>

The SET Index today is expected to move sideways up, with the resistance at 1,630/1,640 points and the support at 1,611/1,600 points.Positive momentum is being generated by the continued buying by foreign investors on the expectation for a steady recovery of the Thai economy thanks to the anticipated increase in the number of tourist arrivals to 9-10mn in 2022E.The MPC today is expected to hike its policy interest rate by just 0.25%, a less aggressive increase than those of central banks in developed countries, after inflation in July fell from 7.66% YoY to 7.61% YoY.

<ul>
<li>IVL reported 1Q22 net profit of Bt14.1bn (+134% YoY, +161% QoQ), The result came out better than our expectation and beat the consensus by 95%.</li>
<li>Excluding onetime items, the recurring profit stood at Bt10.6bn (+175% YoY, +94% QoQ). The earnings growth was supported by record cPET performance, benefiting from tight supply demand environment.</li>
<li>The EBITDA margin also rose to a record high level of 15%, compared to 11% in 1Q21 and 4Q21.</li>
</ul>


IVL reported 1Q22 net profit of Bt14.1bn (+134% YoY, +161% QoQ), The result came out better than our expectation and beat the consensus by 95%.
Excluding onetime items, the recurring profit stood at Bt10.6bn (+175% YoY, +94% QoQ). The earnings growth was supported by record cPET performance, benefiting from tight supply demand environment.
The EBITDA margin also rose to a record high level of 15%, compared to 11% in 1Q21 and 4Q21.


IVL: Solid PET Performance Drove 1Q22 Profit

Thailand

Indorama Ventures is a global petrochemical producer specializing in intermediate petrochemicals and polymers. The company is the world's largest producer of PET resins, and also manufactures polyester fibers and yarns, purified terephthalic acid (PTA), ethylene oxide (EO), and ethylene glycol (EG). Indorama Ventures is headquartered in Bangkok, Thailand, and was founded in 1994.

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Indorama Ventures (IVL TB)

Market Outlook and Technical Analysis

The SET Index is expected to move up, with the resistance at 1,630/1,635 points and the support at 1,611/1,600 points. We recommend trading buy on...

Krungthai XSpring

IVL : Positive 2023 Outlook from Softening Energy Cost

Maintain the BUY call with a target price of Bt58.0. We like IVL for its recession proof downstream petrochemical portfolio having 3 to 4% CAGR...

Pi Securities PCL, Thailand

IVL : Strong IOD Performance Drove 2Q22 Profit to New High

We maintain the BUY call with a new target price of Bt58.0, (6% up from previous, factoring in the 58% upward 2022E earnings revision). The 2Q22...

Pi Securities PCL, Thailand

Market Outlook

The SET Index today is expected to move sideways up, with the resistance at 1,630/1,640 points and the support at 1,611/1,600 points. Positive...

Krungthai XSpring

IVL: Solid PET Performance Drove 1Q22 Profit

IVL reported 1Q22 net profit of Bt14.1bn (+134% YoY, +161% QoQ), The result came out better than our expectation and beat the consensus by 95%.

Pi Securities PCL, Thailand

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