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, with the resistance at 1,630/1,635 points and the support at 1,611 (50-week EMA)/1,600 points.</li><li>We recommend trading buy on BANPU, CPALL and SC.</li><li>Today's momentum is slightly negative due to concerns over China's new lockdowns in Beijing to contain COVID-19.</li></ul>

The SET Index is expected to move sideways, with the resistance at 1,630/1,635 points and the support at 1,611 (50-week EMA)/1,600 points.We recommend trading buy on BANPU, CPALL and SC.Today's momentum is slightly negative due to concerns over China's new lockdowns in Beijing to contain COVID-19.

Recommendation: Buy on Weakness, Sell on Strength

Blue Sky Alternative Investments / Equity Bottom-Up

Blue Sky Alternative Investments (BLA AU)

<ul><li>The SET Index is expected to move sideways down, with the resistance at 1,595/1,606 points and the support at 1,580/1,576 points.</li><li>We recommend trading buy on SAPPE, M and TRUE.</li><li>Negative momentum may be generated by the instability in global financial markets, pressured by higher bond yields and the appreciation of the USD in response to US inflation not falling to the Fed's desired level.</li></ul>

The SET Index is expected to move sideways down, with the resistance at 1,595/1,606 points and the support at 1,580/1,576 points.We recommend trading buy on SAPPE, M and TRUE.Negative momentum may be generated by the instability in global financial markets, pressured by higher bond yields and the appreciation of the USD in response to US inflation not falling to the Fed's desired level.

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Interlink Communication / Equity Bottom-Up

<p>For our next Smartkarma Corporate Webinar, we are glad to welcome the General Manager of <a href="https://www.smartkarma.com/entities/interlink-communication-pcl" target="_blank" data-smartkarma-citation="entities:15031:1" rel="noopener">Interlink Communication (ILINK TB)</a>, Khun Varisa (Risa) Anuntarumporn. </p><p>ILINK imports and distributes cabling accessories; acts as a contractor for cabling, networking, and communication systems; and provides solutions for computer, information, and communication systems in Thailand. </p><p>In this Webinar, Risa will share a short company presentation and then engage in a fireside chat with Smartkarma Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener">Angus Mackintosh</a>, followed by a live Q&amp;A session.</p><div><h3>The Corporate Webinar will be hosted on Tuesday, 27 July 2021, 17:00 SGT / 16:00 ICT</h3></div><div><div>
<div class="content-highlight"><h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=87606270735" target="_blank" rel="noopener">Register for the Webinar here</a></h2></div>
<p>Corporate Webinars by <a href="https://www.smartkarma.com/home/corporate-solutions/" target="_blank" rel="noopener">Smartkarma Corporate Solutions</a> feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.</p>
</div></div>

For our next Smartkarma Corporate Webinar, we are glad to welcome the General Manager of Interlink Communication (ILINK TB), Khun Varisa (Risa) Anuntarumporn. ILINK imports and distributes cabling accessories; acts as a contractor for cabling, networking, and communication systems; and provides solutions for computer, information, and communication systems in Thailand. In this Webinar, Risa will share a short company presentation and then engage in a fireside chat with Smartkarma Insight Provider Angus Mackintosh, followed by a live Q&amp;A session.The Corporate Webinar will be hosted on Tuesday, 27 July 2021, 17:00 SGT / 16:00 ICT
Register for the Webinar here
Corporate Webinars by Smartkarma Corporate Solutions feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.


Smartkarma Corporate Webinar | ILINK TB: Three-Pronged Network Provider of Thailand

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Asean (Thailand) Focused Independent Research

M Corp Review

M Corp is led by Athaporn Arayasantiparb who served as Head of Research for UOB and ANZ in Thailand and was an award-winning telecoms analyst at UBS in 2010 (AsiaMoney Thailand category) and Regional Strategist for DMG in Singapore. Prior to that, he also served as Kasikornbank credit analyst and scholar. He has a total work experience of 17 years, of which 14 were in research and 4 in research management roles. He started his career as an engineer for PTT and currently manages family investments. He holds an MBA from Stern (NYU) and CFA Charter since 2006. Apart from IPO Radar, which focuses on future listings, MCorp Review also provides six on-going thematic series ranked by frequency in descending order, namely: 1) Silicon Stories (technology) 2) Sathorn Series (financial services) 3) Thai-Coons (billionaire origin stories) 4) Reality Check (data-driven, investigative) 5) Thai Media Spotlight; and 6) Thai Macro Watch (global market drivers).

Equity Capital Markets

Asset World Corporation / Equity Capital Markets

<p><strong>Chareon's TCC Group </strong>is planning to launch the IPO of AWC or <strong>Asset World Corporation </strong>sometime later this year. Unless CDS (Central Department Stores) gets listed this year too, AWC is likely to be the year's top IPO ahead of PTTOR, which includes Amazon Coffee. In the first part of this series, we'll talk about the component businesses and leave the valuations and risk for later, since it's a pretty complex mix of business we got here:</p><ul>
<li>
<strong>Hotel. </strong>The biggest part of the group currently includes 12 properties. Trademark names include Plaza Athenee and Okura Prestige both on Wireless Road and the Banyan Tree on Sathorn Road. On top  of this, there are plans to expand into 13 other properties (5 owned, 8 leased).</li>
<li>
<strong>Commercial property</strong> includes Panthip Plaza, famed for pirated software. The AEC Trade Center, which should add another 145,219 of retail space, is the main expansion plan.</li>
<li>
<strong>Offices</strong> includes the remainder. Granted, there is less plan for expansion here, but they have pricing power and have been able to raise rates by 5% annually. Also, the buildings in this part of the biz is very prestigious. Think Athenee Tower (which houses both ANZ and Deutsche), the humongous Empire Tower on Sathorn Road, and the Interlink Tower, which recently went through refurbishment.</li>
</ul>

Chareon's TCC Group is planning to launch the IPO of AWC or Asset World Corporation sometime later this year. Unless CDS (Central Department Stores) gets listed this year too, AWC is likely to be the year's top IPO ahead of PTTOR, which includes Amazon Coffee. In the first part of this series, we'll talk about the component businesses and leave the valuations and risk for later, since it's a pretty complex mix of business we got here:

Hotel. The biggest part of the group currently includes 12 properties. Trademark names include Plaza Athenee and Okura Prestige both on Wireless Road and the Banyan Tree on Sathorn Road. On top  of this, there are plans to expand into 13 other properties (5 owned, 8 leased).

Commercial property includes Panthip Plaza, famed for pirated software. The AEC Trade Center, which should add another 145,219 of retail space, is the main expansion plan.

Offices includes the remainder. Granted, there is less plan for expansion here, but they have pricing power and have been able to raise rates by 5% annually. Also, the buildings in this part of the biz is very prestigious. Think Athenee Tower (which houses both ANZ and Deutsche), the humongous Empire Tower on Sathorn Road, and the Interlink Tower, which recently went through refurbishment.


IPO Radar: AWC (Part I), Possibly the Biggest IPO in 2019

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

<p><strong>ILINK reported 4Q17 recurring EPS of Bt0.12, which was (+0.1% YoY, -32.6% QoQ). The company produced a 2017 recurring EPS of Bt0.42, which was -32.2% YoY and 37.4% under our estimate.</strong></p><ul>
<li>ILINK reported 4Q17 net losses of Bt107m, swung from net profit of Bt47m in 4Q16 and Bt67m in 3Q17. The pressures came from i) a narrower gross margin of engineering business, and, ii) a Bt152m booking of estimate cost increase of a construction projec.</li>
<li>ILINK reported FY2017 net profit drop to Bt28m (-87% YoY) mainly…</li>
</ul>

ILINK reported 4Q17 recurring EPS of Bt0.12, which was (+0.1% YoY, -32.6% QoQ). The company produced a 2017 recurring EPS of Bt0.42, which was -32.2% YoY and 37.4% under our estimate.
ILINK reported 4Q17 net losses of Bt107m, swung from net profit of Bt47m in 4Q16 and Bt67m in 3Q17. The pressures came from i) a narrower gross margin of engineering business, and, ii) a Bt152m booking of estimate cost increase of a construction projec.
ILINK reported FY2017 net profit drop to Bt28m (-87% YoY) mainly…


ILINK: 4Q17 Earnings Fell on Extra Expenses and Tighten Margin

Thailand

Interlink Communication Public Co., Ltd. is a major importer and distributor of information technology network cabling system products, including UTP, fiber optic, and solar cables, and networking equipment in Thailand and ASEAN. The company also offers engineering services for network and cabling system design and installation, telecommunication services for data connectivity, and medical equipment services. It was founded 39 years ago and is headquartered in Bangkok, Thailand.

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Interlink Communication (ILINK TB)

Recommendation: Buy on Weakness, Sell on Strength

The SET Index is expected to move sideways, with the resistance at 1,630/1,635 points and the support at 1,611 (50-week EMA)/1,600 points. We...

Krungthai XSpring

Market Outlook

The SET Index is expected to move sideways down, with the resistance at 1,595/1,606 points and the support at 1,580/1,576 points. We recommend...

Krungthai XSpring

Smartkarma Corporate Webinar | ILINK TB: Three-Pronged Network Provider of Thailand

On 27 July, 5PM SGT, join our Corporate Webinar featuring Interlink Communication General Manager Varisa (Risa) Anuntarumporn. Risa will share a...

Smartkarma Research

IPO Radar: AWC (Part I), Possibly the Biggest IPO in 2019

Chareon's TCC Group is planning to launch the IPO of AWC or Asset World Corporation sometime later this year. Unless CDS (Central Department...

Athaporn Arayasantiparb, CFA

ILINK: 4Q17 Earnings Fell on Extra Expenses and Tighten Margin

ILINK reported 4Q17 recurring EPS of Bt0.12, which was (+0.1% YoY, -32.6% QoQ). The company produced a 2017 recurring EPS of Bt0.42, which was...

Pi Securities PCL, Thailand

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