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>We suggest buying CRC to benefit from the year-end festive season as well as the outcome of the E-refund spending stimulus scheme early next year.</li><li>The 4Q23E net profit is expected to grow 203.4% QoQ and 0.54% YoY to Bt3.3bn.</li><li>We recommend selling <strong>INTUCH</strong> and <strong>KBANK</strong>, as they have fallen out of our top rankings (return: -0.34% and -0.38%, respectively).</li></ul>

We suggest buying CRC to benefit from the year-end festive season as well as the outcome of the E-refund spending stimulus scheme early next year.The 4Q23E net profit is expected to grow 203.4% QoQ and 0.54% YoY to Bt3.3bn.We recommend selling INTUCH and KBANK, as they have fallen out of our top rankings (return: -0.34% and -0.38%, respectively).

CPN Retail Growth Leasehold REIT / Equity Bottom-Up

CPN Retail Growth Leasehold REIT (CPNREIT TB)

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,424/1,431 points and the support at 1,404/1,393 points, after the pattern changed to a W-shape uptrend toward 1,460 points.</li><li>There may be a positive effect on markets from the talks between US President Biden and Chinese President Xi at the APEC meeting today.</li><li>Investment strategy: Focus on defensive stocks with good dividend payment records: CPNREIT, TCAP and ADVANC.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,424/1,431 points and the support at 1,404/1,393 points, after the pattern changed to a W-shape uptrend toward 1,460 points.There may be a positive effect on markets from the talks between US President Biden and Chinese President Xi at the APEC meeting today.Investment strategy: Focus on defensive stocks with good dividend payment records: CPNREIT, TCAP and ADVANC.

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There were a bunch of indices where the review period ended last week. The changes will be announced this month and implemented in December.</li>
<li>
<a href="https://www.smartkarma.com/entities/emerald-resources-nl" target="_blank" data-smartkarma-citation="entities:17495:1" rel="noopener">Emerald Resources Nl (EMR AU)</a> replaced <a href="https://www.smartkarma.com/entities/invocare-ltd" target="_blank" data-smartkarma-citation="entities:9044:1" rel="noopener">Invocare Ltd (IVC AU)</a> in the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> at the close on Friday.</li>
<li>There were large outflows from mainland China listed ETFs during the week. Outflows from <a href="https://www.smartkarma.com/entities/ishares-msci-emerging-markets" target="_blank" data-smartkarma-citation="entities:438:1" rel="noopener">iShares Emerging Markets (EEM US)</a> continued for another week.</li>
</ul>


There were a bunch of indices where the review period ended last week. The changes will be announced this month and implemented in December.

Emerald Resources Nl (EMR AU) replaced Invocare Ltd (IVC AU) in the S&amp;P/ASX 200 (AS51 INDEX) at the close on Friday.
There were large outflows from mainland China listed ETFs during the week. Outflows from iShares Emerging Markets (EEM US) continued for another week.


Index Rebalance & ETF Flow Recap: NEXT50, SET50, L&F, Onewo, Celltrion, AMFI

<ul><li>We recommend selling INTUCH, as it has fallen out of our top rankings (return: +0.36%).</li><li>We recommend selling INTUCH, as it has fallen out of our top rankings (return: +0.36%).</li><li>We recommend selling INTUCH, as it has fallen out of our top rankings (return: +0.36%).</li></ul>

We recommend selling INTUCH, as it has fallen out of our top rankings (return: +0.36%).We recommend selling INTUCH, as it has fallen out of our top rankings (return: +0.36%).We recommend selling INTUCH, as it has fallen out of our top rankings (return: +0.36%).

Big Cap Tactical Picks (Eng. / November 3, 2023)

<ul><li>We add INTUCH to our Big Cap portfolio.</li><li>The firm is expected to mark 2023E earnings growth of 11.46% to Bt11.8bn thanks to the earnings recovery of ADVANC.</li><li>We also add MTC, given the likely end of the interest rate uptrend.</li></ul>

We add INTUCH to our Big Cap portfolio.The firm is expected to mark 2023E earnings growth of 11.46% to Bt11.8bn thanks to the earnings recovery of ADVANC.We also add MTC, given the likely end of the interest rate uptrend.

Thailand

Intouch Holdings is a Thai investment holding company that focuses on the telecommunications, media, and technology (TMT) sectors, including digital businesses. It generates revenue primarily through dividends and share of profits from its major stakes in subsidiaries such as Advanced Info Service (AIS), Thailand's largest mobile operator, and Thaicom, Thailand's satellite operator. The company is headquartered in Bangkok, Thailand, and was founded in 1983.

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Intouch Holdings (INTUCH-R TB)

Big Cap Tactical Picks

We suggest buying CRC to benefit from the year-end festive season as well as the outcome of the E-refund spending stimulus scheme early next...

Krungthai XSpring

Today's Dominant Ideas

Technically, the SET Index is expected to move sideways up, with the resistance at 1,424/1,431 points and the support at 1,404/1,393 points, after...

Krungthai XSpring

Index Rebalance & ETF Flow Recap: NEXT50, SET50, L&F, Onewo, Celltrion, AMFI

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Big Cap Tactical Picks (Eng. / November 3, 2023)

We recommend selling INTUCH, as it has fallen out of our top rankings (return: +0.36%). We recommend selling INTUCH, as it has fallen out of our...

Krungthai XSpring

Big Cap Tactical Picks

We add INTUCH to our Big Cap portfolio. The firm is expected to mark 2023E earnings growth of 11.46% to Bt11.8bn thanks to the earnings recovery...

Krungthai XSpring

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