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 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.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a> intends to acquire <a href="https://www.smartkarma.com/entities/jasmine-international-pcl" target="_blank" data-smartkarma-citation="entities:949:1" rel="noopener">Jasmine International PCL (JAS TB)</a> broadband ops (TTTBB) plus a 19% stake in <a href="https://www.smartkarma.com/entities/jasmine-broadband-internet-infrastructure-fund" target="_blank" data-smartkarma-citation="entities:86:1" rel="noopener">Jasmine Broadband Internet Infrastructure Fund (JASIF TB)</a> from JAS.</li>
<li>AIS will pay Bt 19.5bn for TTTBB and Bt 12.9bn for 19% of JASIF, or Bt 32.4bn (US$908mn) all in. The acquisition will be funded by debt.</li>
<li>The transactions, which are subject to NBTC approval, follow the ongoing regulatory process for <a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True (TRUE TB)</a> / <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">Total Access Communication (DTAC TB)</a>'s merger.  True is Thailand's largest broadband player. </li>
</ul>



Advanced Info Service (ADVANC TB) intends to acquire Jasmine International PCL (JAS TB) broadband ops (TTTBB) plus a 19% stake in Jasmine Broadband Internet Infrastructure Fund (JASIF TB) from JAS.
AIS will pay Bt 19.5bn for TTTBB and Bt 12.9bn for 19% of JASIF, or Bt 32.4bn (US$908mn) all in. The acquisition will be funded by debt.
The transactions, which are subject to NBTC approval, follow the ongoing regulatory process for True (TRUE TB) / Total Access Communication (DTAC TB)'s merger.  True is Thailand's largest broadband player. 


Jasmine Acquisition To Expand Advanced's Broadband Footprint

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

We met up with two companies last week. They couldn’t have less in common apart from the lack of revenue growth yo. Having said that, a lot of things could change to make them look more interesting in the future since the valuations are not expensive relative to where the market trades at the moment (roughly 14x). One is an Indian petrochem manufacturer listed in Thailand called Polyplex, while the other is a local network contractor we may have discussed in passing called AIT (Advanced…

We met up with two companies last week. They couldn’t have less in common apart from the lack of revenue growth yo. Having said that, a lot of things could change to make them look more interesting in the future since the valuations are not expensive relative to where the market trades at the moment (roughly 14x). One is an Indian petrochem manufacturer listed in Thailand called Polyplex, while the other is a local network contractor we may have discussed in passing called AIT (Advanced…

When Dr. Adisai Bhodaramik founded Jasmine Group, it was seen as an important competitor of industry giant AIS. The Group's upcountry fixed line carrier TT&amp;T threatened to unlock the potential outside Bangkok, while Jasmine Submarine and ACES would unlock the communication of the seas and skies itself. That all came crashing down in 1997, but his son Pete would make a comeback transforming it into a successful broadband Internet provider. Today, Pete is richer than Mitt Romney, and despite his aversion to the limelight, he can't seem to keep off the news with suspicions around his tender offers in JAS and JTS, the blockbuster IPO of JASIF (one of our new top picks), and the slow but steady rise of MONO, Thailand's Hollywood channel. This is why the Bhodaramik family and Jasmine Group are first of the smaller yet industry-changing tycoons we profile in our new series.

When Dr. Adisai Bhodaramik founded Jasmine Group, it was seen as an important competitor of industry giant AIS. The Group's upcountry fixed line carrier TT&amp;T threatened to unlock the potential outside Bangkok, while Jasmine Submarine and ACES would unlock the communication of the seas and skies itself. That all came crashing down in 1997, but his son Pete would make a comeback transforming it into a successful broadband Internet provider. Today, Pete is richer than Mitt Romney, and despite his aversion to the limelight, he can't seem to keep off the news with suspicions around his tender offers in JAS and JTS, the blockbuster IPO of JASIF (one of our new top picks), and the slow but steady rise of MONO, Thailand's Hollywood channel. This is why the Bhodaramik family and Jasmine Group are first of the smaller yet industry-changing tycoons we profile in our new series.

Rabble Rousers (Season Premiere): Now You See Me, Now You Don't

In this review, we explore existing major deals of 2016 and potential deals in the future as well as highlight the nation-shocking scandal around Nation, one of Thailand's largest English daily. Amongst the major deals of Thailand in 2016, the largest by far was BJC's 3bn euro acquisition of Big C, the second largest hypermarket, while we personally made the most of was the unconfirmed JTS deal.Going forward, we see: 1) the Triple T Banks (TISCO, TCAP, TMB) potentially being involved in some form of international divestment by foreign partners (Deutsche, Nova Scotia, ING); 2) the possibility of CP Group trying to buy Tesco's Thai operations, which were actually founded by CP pre-crisis; and 3) a 50-50 chance on the KKP deal with Temasek. If you are someone who believes in making money from M&amp;A, the mosaic principle, and Thai markets, this is the review for you. And to all investment bankers who have their cups in the Thai punch bowl, all I'm gonna say is....Congrats!

In this review, we explore existing major deals of 2016 and potential deals in the future as well as highlight the nation-shocking scandal around Nation, one of Thailand's largest English daily. Amongst the major deals of Thailand in 2016, the largest by far was BJC's 3bn euro acquisition of Big C, the second largest hypermarket, while we personally made the most of was the unconfirmed JTS deal.Going forward, we see: 1) the Triple T Banks (TISCO, TCAP, TMB) potentially being involved in some form of international divestment by foreign partners (Deutsche, Nova Scotia, ING); 2) the possibility of CP Group trying to buy Tesco's Thai operations, which were actually founded by CP pre-crisis; and 3) a 50-50 chance on the KKP deal with Temasek. If you are someone who believes in making money from M&amp;A, the mosaic principle, and Thai markets, this is the review for you. And to all investment bankers who have their cups in the Thai punch bowl, all I'm gonna say is....Congrats!

November & Beyond (Part 2): Party Time for the Deal Makers

Thailand

Jasmine Technology Solution Public Company Limited is a Thailand-based company specializing in telecommunications, IT systems, and digital infrastructure. It offers a range of services including telecommunication system design and installation, cloud computing, computer system integration, software development, internet services, and Bitcoin mining. The company also provides generative AI solutions, IoT, FinTech, and clean energy systems. Headquartered in Nonthaburi, Thailand, the company was founded in 1995.

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Jasmine Technology Solution (JTS TB)

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

Jasmine Acquisition To Expand Advanced's Broadband Footprint

The spotlight has been on DTAC/True for most of this year. AIS is Thailand's largest mobile phone operator, and is looking to boost its subscriber...

David Blennerhassett

Small Cap Diary: Elusive Revenue Growth

We met up with two companies last week. They couldn’t have less in common apart from the lack of revenue growth yo. Having said that, a lot of...

Athaporn Arayasantiparb, CFA

Rabble Rousers (Season Premiere): Now You See Me, Now You Don't

When Dr. Adisai Bhodaramik founded Jasmine Group, it was seen as an important competitor of industry giant AIS. The Group's upcountry fixed line...

Athaporn Arayasantiparb, CFA

November & Beyond (Part 2): Party Time for the Deal Makers

In this review, we explore existing major deals of 2016 and potential deals in the future as well as highlight the nation-shocking scandal around...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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