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 maintain a Buy rating and the 12M FV of Bt36.58.</li><li>Our valuation metrics suggest that the stock is fundamentally attractive, while the LT earnings prospects are strong, with EPS growth expected at a CAGR of 11% in 2024-26E.</li><li>The tactical risk is limited.JMT reported a 4Q23 net profit of Bt540mn (+10.3% YoY, +15% QoQ), slightly lower than what we had expected by 3.5%.</li></ul>

We maintain a Buy rating and the 12M FV of Bt36.58.Our valuation metrics suggest that the stock is fundamentally attractive, while the LT earnings prospects are strong, with EPS growth expected at a CAGR of 11% in 2024-26E.The tactical risk is limited.JMT reported a 4Q23 net profit of Bt540mn (+10.3% YoY, +15% QoQ), slightly lower than what we had expected by 3.5%.

Jmt Network Services - In-Line 4Q23 Earnings; Recovering Cash Collection

Thematic (Sector/Industry)

<ul><li>Although Asian bourses were able to rebound on the back of tech stocks, alongside the jump in US markets after bond yields decreased, the SET only managed to edge up due to a lack of new factors to boost it.</li><li>Meanwhile, ADVANC and banking stocks fell, and foreign investors kept selling for a third day amid continued thin volume.</li><li>The index has an unclear direction after continuing to swing sideways in a narrow range, but we expect upward movement because it attempted to rise despite facing selling pressure.</li></ul>

Although Asian bourses were able to rebound on the back of tech stocks, alongside the jump in US markets after bond yields decreased, the SET only managed to edge up due to a lack of new factors to boost it.Meanwhile, ADVANC and banking stocks fell, and foreign investors kept selling for a third day amid continued thin volume.The index has an unclear direction after continuing to swing sideways in a narrow range, but we expect upward movement because it attempted to rise despite facing selling pressure.

Technical Analysis - The Trend - Feb 16, 2024

<ul><li>The SET traded within a narrow range throughout the day, reflecting subdued sentiment attributed to the Chinese New Year festival.</li><li>Furthermore, with most Asian bourses closed, trading activity remained sluggish.</li><li>Large cap stocks experienced limited fluctuations, resulting in an index outlook devoid of clear signals. However, foreign investors turned to buy slightly.</li></ul>

The SET traded within a narrow range throughout the day, reflecting subdued sentiment attributed to the Chinese New Year festival.Furthermore, with most Asian bourses closed, trading activity remained sluggish.Large cap stocks experienced limited fluctuations, resulting in an index outlook devoid of clear signals. However, foreign investors turned to buy slightly.

<ul><li>The SET was volatile in a tight range and faced profit taking after surging quickly.</li><li>However, the MPC meeting results were as expected, while the increase of energy, banking, petrol and commerce stocks provided a boost.</li><li>Consequently, the index was able to close up, even though foreign investors turned to sell.</li></ul>

The SET was volatile in a tight range and faced profit taking after surging quickly.However, the MPC meeting results were as expected, while the increase of energy, banking, petrol and commerce stocks provided a boost.Consequently, the index was able to close up, even though foreign investors turned to sell.

<ul><li>We suggest selling JMART after we recommended buying it yesterday because the stock has fallen out of our top rankings (with the return at +0.51%).</li><li>However, long-term investors may continue holding it, with the loss-stopping point at Bt48.00.</li><li>We add KKP to the portfolio, as the stock is likely to offer a YoY increase in the dividend payment for its1H22performance, which will be made in September, after it reported 1H22 earnings of Bt4,089mn, +45.1% YoY.</li></ul>

We suggest selling JMART after we recommended buying it yesterday because the stock has fallen out of our top rankings (with the return at +0.51%).However, long-term investors may continue holding it, with the loss-stopping point at Bt48.00.We add KKP to the portfolio, as the stock is likely to offer a YoY increase in the dividend payment for its1H22performance, which will be made in September, after it reported 1H22 earnings of Bt4,089mn, +45.1% YoY.

Thailand

JMT Network Services PCL is involved in the debt collection business in Thailand.

JMT Network Services (JMT TB)

Jmt Network Services - In-Line 4Q23 Earnings; Recovering Cash Collection

Our valuation metrics suggest that the stock is fundamentally attractive, while the LT earnings prospects are strong, with EPS growth expected at a...

Krungthai XSpring

Technical Analysis - The Trend - Feb 16, 2024

The index has an unclear direction after continuing to swing sideways in a narrow range, but we expect upward movement because it attempted to rise...

Krungthai XSpring

Technical Analysis - FEBRUARY 13, 2024

The SET traded within a narrow range throughout the day, reflecting subdued sentiment attributed to the Chinese New Year festival.

Krungthai XSpring

Technical Analysis - Feb 8, 2024

The SET was volatile in a tight range and faced profit taking after surging quickly. However, the MPC meeting results were as expected

Krungthai XSpring

Big Cap Tactical Picks - August 9, 2022

We suggest selling JMART after we recommended buying it yesterday because the stock has fallen out of our top rankings (with the return at +0.51%).

Krungthai XSpring