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.

Thematic (Sector/Industry)

<ul><li>The SET fell in line with Asian bourses as a selling force continued to target large cap shares, causing the index to hit a 39-month low.</li><li>However, it subsequently improved slightly after the market shifted its focus to small to medium cap stocks, alongside expectations for an interest rate cut by the MPC due to the continued contraction of Thai inflation.</li><li>Despite the index experiencing a further decline, a doji signal emerged at the support area, mitigating the negative signal from the preceding black candlestick.</li></ul>

The SET fell in line with Asian bourses as a selling force continued to target large cap shares, causing the index to hit a 39-month low.However, it subsequently improved slightly after the market shifted its focus to small to medium cap stocks, alongside expectations for an interest rate cut by the MPC due to the continued contraction of Thai inflation.Despite the index experiencing a further decline, a doji signal emerged at the support area, mitigating the negative signal from the preceding black candlestick.

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

Equity Bottom-Up

<ul>
<li>Maintain BUY with a target price of Bt20.20. We maintain our views on KTB’s business outlook after attending the analyst meeting, despite a potential reduction in credit costs ahead.</li>
<li>Analyst meeting Despite a 0.5% decline in 9M22, KTB maintained its loan growth targets of 4-5% with its concentration in retail and commercial loans. While NIM was likely higher </li>
<li>Despite its resilient balance sheet,KTB preferred to keep its coverage ratio to be higher than the guidance of 160%given its lingering concerns about the global economic slowdown and high inflation </li>
</ul>


Maintain BUY with a target price of Bt20.20. We maintain our views on KTB’s business outlook after attending the analyst meeting, despite a potential reduction in credit costs ahead.
Analyst meeting Despite a 0.5% decline in 9M22, KTB maintained its loan growth targets of 4-5% with its concentration in retail and commercial loans. While NIM was likely higher 
Despite its resilient balance sheet,KTB preferred to keep its coverage ratio to be higher than the guidance of 160%given its lingering concerns about the global economic slowdown and high inflation 


<ul>
<li>Upgrade to BUY (from HOLD) with a higher target price of Bt20.20. Our BUY call reflects its resilient balance sheet, higher ROE prospects and more attractive upside gain</li>
<li>Good 3Q22 results Net profit came in at Bt8.4bn in 3Q22, up 67% YoY (+1% QoQ), which was 10% higher than expected due to higher net interest income.</li>
<li>NIM continued to expand both YoY and QoQ at 2.7% due to higher earnings assets. The cost-to-income ratio increased QoQ to 45.3% (2Q22: 42.5%) given higher operating expenses.</li>
</ul>


Upgrade to BUY (from HOLD) with a higher target price of Bt20.20. Our BUY call reflects its resilient balance sheet, higher ROE prospects and more attractive upside gain
Good 3Q22 results Net profit came in at Bt8.4bn in 3Q22, up 67% YoY (+1% QoQ), which was 10% higher than expected due to higher net interest income.
NIM continued to expand both YoY and QoQ at 2.7% due to higher earnings assets. The cost-to-income ratio increased QoQ to 45.3% (2Q22: 42.5%) given higher operating expenses.


<ul>
<li>Maintain HOLD with a new target price of Bt17.30 (from Bt16.70).KTB’s net profit growth potential in 2023 is likely to decelerate ahead.For 2H22,we expect net profit to decline by 21% </li>
<li>Analyst meeting We were neutral about KTB's business outlook after attending the analyst meeting on 22 August.  Management upgraded 2022 loan growth targets to 4-5% YoY (from 3-4% earlier) </li>
<li>The NPL ratio would be below 3.5% by the end of 2022 (2Q22: 3.3%).Credit costs in 2H22 would not likely be similar to those in 1H22.Despite its stable asset quality</li>
</ul>


Maintain HOLD with a new target price of Bt17.30 (from Bt16.70).KTB’s net profit growth potential in 2023 is likely to decelerate ahead.For 2H22,we expect net profit to decline by 21% 
Analyst meeting We were neutral about KTB's business outlook after attending the analyst meeting on 22 August.  Management upgraded 2022 loan growth targets to 4-5% YoY (from 3-4% earlier) 
The NPL ratio would be below 3.5% by the end of 2022 (2Q22: 3.3%).Credit costs in 2H22 would not likely be similar to those in 1H22.Despite its stable asset quality


<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

Krung Thai Bank Public Company Limited is a state-owned commercial bank offering various banking and financial services including commercial, consumer, credit card, and mortgage loans, as well as provident fund management, foreign exchange, and international trade financing services.  The Bank is majority owned by the Financial Institutions Development Fund.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Krung Thai Bank Pub (KTB TB)

Technical Analysis - MARCH 6, 2024

The SET fell in line with Asian bourses as a selling force continued to target large cap shares, causing the index to hit a 39-month low.

Krungthai XSpring

KTB : Normalization Is Underway

Maintain BUY with a target price of Bt20.20. We maintain our views on KTB’s business outlook after attending the analyst meeting, despite a...

Pi Securities PCL, Thailand

KTB : More Moderate Growth Ahead

Upgrade to BUY (from HOLD) with a higher target price of Bt20.20. Our BUY call reflects its resilient balance sheet, higher ROE prospects, and more...

Pi Securities PCL, Thailand

KTB : Slower Growth Ahead

Maintain HOLD with a new target price of Bt17.30 (from Bt16.70). KTB’s net profit growth potential in 2023 is likely to decelerate ahead. For 2H22,...

Pi Securities PCL, Thailand

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)