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 up, with the resistance at 1,636/1,649 points and the support at 1,612 points (200-day EMA)/1,607 points (50-day EMA).</li><li>We recommend trading buy on HMPRO, SPA and CRC.</li><li>Technically, the index is on an uptrend in the form of a rounding bottom (U-shape), moving toward testing the target resistance of 1,649 points.</li></ul>

The SET Index is expected to move sideways up, with the resistance at 1,636/1,649 points and the support at 1,612 points (200-day EMA)/1,607 points (50-day EMA).We recommend trading buy on HMPRO, SPA and CRC.Technically, the index is on an uptrend in the form of a rounding bottom (U-shape), moving toward testing the target resistance of 1,649 points.

<ul><li>The SET Index is expected to move sideways, with the resistance at 1,631/1,649 points and the support at 1,612 points (200-day EMA)/1,607 points (50-day EMA).</li><li>We recommend trading buy on CENTEL, THCOM and AP.</li><li>Today's momentum is slightly positive due to the possibility of a weaker USD if the Democrats lose the midterm election in the US.</li></ul>

The SET Index is expected to move sideways, with the resistance at 1,631/1,649 points and the support at 1,612 points (200-day EMA)/1,607 points (50-day EMA).We recommend trading buy on CENTEL, THCOM and AP.Today's momentum is slightly positive due to the possibility of a weaker USD if the Democrats lose the midterm election in the US.

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>We initiate coverage of IRPC with a HOLD rating and target price of Bt3.30, pegged to 0.7x PBV’23E, a 20% discount to sector peers. Our valuation implies 10.5x PE’23E </li>
<li>Bright refinery outlook will be offset by weak performance of petrochemical business IRPC is a fully integrated refinery and petrochemical player with a 215kbd refining capacity,the 3rd largest in Thailand. </li>
<li>We have a negative view of IRPC’s 2H22-23 outlook, due to: 1) lower sales volume owing to maintenance shutdowns in 4Q22, and 2) a lower gross integrated margin (GIM)</li>
</ul>


We initiate coverage of IRPC with a HOLD rating and target price of Bt3.30, pegged to 0.7x PBV’23E, a 20% discount to sector peers. Our valuation implies 10.5x PE’23E 
Bright refinery outlook will be offset by weak performance of petrochemical business IRPC is a fully integrated refinery and petrochemical player with a 215kbd refining capacity,the 3rd largest in Thailand. 
We have a negative view of IRPC’s 2H22-23 outlook, due to: 1) lower sales volume owing to maintenance shutdowns in 4Q22, and 2) a lower gross integrated margin (GIM)


<ul><li>The base effect was behind the resumption of the company's momentum in 2Q20, but the reversal of stock impact and the crude run will remain the primary challenges to its 2H20E earnings.</li><li>Although the company's market GIM will be cushioned by its diversified product chain, ensuring a limited impact from COVID-19, high unit cost will put its earnings at greater risk than peers.</li><li>And while the negatives are largely factored into its share price, we maintain a Hold rating.</li></ul>

The base effect was behind the resumption of the company's momentum in 2Q20, but the reversal of stock impact and the crude run will remain the primary challenges to its 2H20E earnings.Although the company's market GIM will be cushioned by its diversified product chain, ensuring a limited impact from COVID-19, high unit cost will put its earnings at greater risk than peers.And while the negatives are largely factored into its share price, we maintain a Hold rating.

Resumption in 2Q20; Challenges Remain in 2H20E

<ul><li>We expect the base effect to lead to the resumption of the company's momentum in 2Q20E, while the reversal of stock impact and the crude run will remain the primary challenges to its 2H2OE earnings.</li><li>Although the company's market GIM will be cushioned by its diversified product chain, ensuring a limited impact from COVID-19, high unit cost will put its earnings at greater risk than peers.</li><li>While the negatives are largely factored into its share price, we maintain a Hold rating.</li></ul>

We expect the base effect to lead to the resumption of the company's momentum in 2Q20E, while the reversal of stock impact and the crude run will remain the primary challenges to its 2H2OE earnings.Although the company's market GIM will be cushioned by its diversified product chain, ensuring a limited impact from COVID-19, high unit cost will put its earnings at greater risk than peers.While the negatives are largely factored into its share price, we maintain a Hold rating.

Resumption in 2Q20E; Challenges Remain in 2H20E

Thailand

IRPC is a leading integrated petroleum and petrochemical company, operating the first fully integrated petrochemical complex in Southeast Asia. It refines oil and produces petrochemical products, including various plastic resins, olefins, aromatics, lubricants, and asphalt, serving diverse industries. The company's operations are primarily located in Rayong Province, Thailand, and it was founded in 1978.

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IRPC (IRPC-R TB)

Market Outlook

The SET Index is expected to move sideways up, with the resistance at 1,636/1,649 points and the support at 1,612 points (200-day EMA)/1,607...

Krungthai XSpring

Market Outlook

The SET Index is expected to move sideways, with the resistance at 1,631/1,649 points and the support at 1,612 points (200-day EMA)/1,607 points...

Krungthai XSpring

IRPC : Lacking Competitive Advantage

We initiate coverage of IRPC with a HOLD rating and target price of Bt3.30, pegged to 0.7x PBV’23E, a 20% discount to sector peers. Our valuation...

Pi Securities PCL, Thailand

Resumption in 2Q20; Challenges Remain in 2H20E

The base effect was behind the resumption of the company's momentum in 2Q20, but the reversal of stock impact and the crude run will remain the...

Krungthai XSpring

Resumption in 2Q20E; Challenges Remain in 2H20E

We expect the base effect to lead to the resumption of the company's momentum in 2Q20E, while the reversal of stock impact and the crude run will...

Krungthai XSpring

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