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

Somboon Advance Technology / Equity Bottom-Up

<ul><li>We downgrade our rating to Neutral from Outperform.</li><li>While the valuation matrix suggests that the current valuation is undervalued, we have a neutral view on both the tactical and long-term growth outlooks.</li><li>We have derived a fair value of Bt21.60, based on a required rate of return of 10.8% and the equity risk premium (ERP) assessed through the multiple regression model, in which the economic parameters and the specific factors of the stock (auto output) were used.</li></ul>

We downgrade our rating to Neutral from Outperform.While the valuation matrix suggests that the current valuation is undervalued, we have a neutral view on both the tactical and long-term growth outlooks.We have derived a fair value of Bt21.60, based on a required rate of return of 10.8% and the equity risk premium (ERP) assessed through the multiple regression model, in which the economic parameters and the specific factors of the stock (auto output) were used.

SOMBOON ADVANCE TECHNOLOGY SAT: Solid Fundamentals but No Excitement

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

<ul>
<li>Sales declines, margin compression, cuts in SG&amp;A and cuts in guidance and estimates feature in our Declining Businesses model.  </li>
<li>Declining business shorts tend to be lower beta, have longer time horizons, and tend to produce steadier (although slower) short returns. </li>
<li>Today we are flagging :  Itron, Xerox, Wayfair, and Overstock</li>
</ul>


Sales declines, margin compression, cuts in SG&amp;A and cuts in guidance and estimates feature in our Declining Businesses model.  
Declining business shorts tend to be lower beta, have longer time horizons, and tend to produce steadier (although slower) short returns. 
Today we are flagging :  Itron, Xerox, Wayfair, and Overstock


Declining Business Short Candidates:  Itron, Xerox, Wayfair, Overstock

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

Event-Driven

<ul>
<li>S&amp;P DJI commenced a market consultation for the S&amp;P Global Water Index on 29 July and that could lead to quite a few changes to the index in October.</li>
<li>We currently see 14 deletions and 10 inclusions for the index in October. Most of the changes will have a high impact from passive fund trading.</li>
<li>There could be more changes in April 2023 once stocks listed in Emerging Markets are included in the index.</li>
</ul>


S&amp;P DJI commenced a market consultation for the S&amp;P Global Water Index on 29 July and that could lead to quite a few changes to the index in October.
We currently see 14 deletions and 10 inclusions for the index in October. Most of the changes will have a high impact from passive fund trading.
There could be more changes in April 2023 once stocks listed in Emerging Markets are included in the index.


S&P Global Water Index: Market Consultation Driven Potential Changes

Sprouts Farmers Market / Equity Bottom-Up

<p>Sales declines, margin compression, cuts in SG&amp;A and cuts in guidance and estimates feature in our Declining Businesses model. </p><p>Declining business shorts tend to be lower beta, have longer time horizons, and tend to produce steadier (although slower) short returns.</p>

Sales declines, margin compression, cuts in SG&amp;A and cuts in guidance and estimates feature in our Declining Businesses model. Declining business shorts tend to be lower beta, have longer time horizons, and tend to produce steadier (although slower) short returns.

Declining Business Short Candidates: Sprouts, Plexus, Ormat, Itron

United States

Itron, Inc. provides solutions for collecting, communicating, and analyzing electric, gas, and water usage data.  The Company sells its products to the utility industry.  Itron designs, manufactures, markets, sells, installs, and services hardware, software, and integrated systems for handheld computer-based electronic meter reading and automatic meter reading systems.

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Itron Inc (ITRI US)

SOMBOON ADVANCE TECHNOLOGY SAT: Solid Fundamentals but No Excitement

We downgrade our rating to Neutral from Outperform. While the valuation matrix suggests that the current valuation is undervalued, we have a...

Krungthai XSpring

Declining Business Short Candidates: Itron, Xerox, Wayfair, Overstock

Declining business shorts earn profits by following negative business momentum. Today we are flagging: Itron, Xerox, Wayfair, Overstock.

Eric Fernandez, CFA

S&P Global Water Index: Market Consultation Driven Potential Changes

S&P DJI's market consultation for the S&P Global Water Index could lead to quite a few changes to the index in October. There are a few potential...

Brian Freitas

Declining Business Short Candidates: Sprouts, Plexus, Ormat, Itron

Declining Business Short Candidates... Our model list of secular decliners, "melting ice cubes", flawed business model candidates featuring...

Eric Fernandez, CFA

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