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

Taokaenoi Food & Marketing / Equity Bottom-Up

<ul><li>We expect the SET Index to increase, with the resistance at 1,614/1,620 points and the support at 1,593/1,585 points.</li><li>Issues to be monitored today include the following: i) reports of US 1Q23E corporate earnings, led by Bank of America, Bank of New York, Goldman Sachs and J&J, as well as Thai banks' earnings, led by TISCO (earnings expected at Bt1,921mn, +7% YoY and +6.2% QoQ); ii) the Fed's Beige Book (the Atlanta Fed raised its US 1Q23E GDP forecast to +2.5% QoQ on April 14, much higher than the +1.5% QoQ projection on April 5) and a spate of Chinese economic data.</li><li>As for the investment strategy today, we recommend stocks that will enjoy positive momentum from the strong Chinese economic growth (so-called "China plays"), especially those in the tourism sector.</li></ul>

We expect the SET Index to increase, with the resistance at 1,614/1,620 points and the support at 1,593/1,585 points.Issues to be monitored today include the following: i) reports of US 1Q23E corporate earnings, led by Bank of America, Bank of New York, Goldman Sachs and J&J, as well as Thai banks' earnings, led by TISCO (earnings expected at Bt1,921mn, +7% YoY and +6.2% QoQ); ii) the Fed's Beige Book (the Atlanta Fed raised its US 1Q23E GDP forecast to +2.5% QoQ on April 14, much higher than the +1.5% QoQ projection on April 5) and a spate of Chinese economic data.As for the investment strategy today, we recommend stocks that will enjoy positive momentum from the strong Chinese economic growth (so-called "China plays"), especially those in the tourism sector.

<ul><li>We recommend selling LH (return of -0.5% since we recommended buying it), as the stock has fallen out of our top rankings.</li><li>We recommend buying ORI to replace LH.</li><li>The market expects ORI's 2023E earnings to continue to grow (+9.58% YoY to Bt4,137mn), in line with the firm's target for all-time highs in all aspects, with its transfer target at Bt30bn, up 62.00%.</li></ul>

We recommend selling LH (return of -0.5% since we recommended buying it), as the stock has fallen out of our top rankings.We recommend buying ORI to replace LH.The market expects ORI's 2023E earnings to continue to grow (+9.58% YoY to Bt4,137mn), in line with the firm's target for all-time highs in all aspects, with its transfer target at Bt30bn, up 62.00%.

BIG CAP TACTICAL PICKS (Eng. / April 11, 2023)

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Credit

Laboratory Corporation of America Holdings / Credit

Laboratory Corporation of America Holdings (LH US)

Laboratory Corporation of America Holdings

<ul><li>Laboratory Corporation of America Holdings is a major life sciences major providing vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions.</li><li>The company has decent fundamentals and has seen particularly good revenue growth in diagnostics.</li><li>Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.</li></ul>

Laboratory Corporation of America Holdings is a major life sciences major providing vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions.The company has decent fundamentals and has seen particularly good revenue growth in diagnostics.Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.

Laboratory Corporation of America Holdings: Detailed Credit Analysis & Financial Strength Evaluation Report

Laboratory Corporation of America Holdings / Equity Bottom-Up

<ul><li>This is our first report on a life sciences major, Laboratory Corporation of America Holdings.</li><li>The company had a mixed quarter and failed to meet the revenue expectations of Wall Street despite decent revenue growth in diagnostics.</li><li>We initiate coverage on the stock of Laboratory Corporation of America Holdings with a 'Buy' rating.</li></ul>

This is our first report on a life sciences major, Laboratory Corporation of America Holdings.The company had a mixed quarter and failed to meet the revenue expectations of Wall Street despite decent revenue growth in diagnostics.We initiate coverage on the stock of Laboratory Corporation of America Holdings with a 'Buy' rating.

Laboratory Corporation of America Holdings: Initiation of Coverage – Acquisitions

Equity Capital Markets

Laboratory Corporation of America Holdings / Equity Capital Markets

United States

Laboratory Corporation of America Holdings is a clinical laboratory company that offers clinical laboratory tests used by the medical profession in routine testing, patient diagnosis, and in the monitoring and treatment of disease. The Company develops specialty testing operations, such as oncology testing, HIV genotyping and phenotyping, diagnostic genetics and clinical trials.

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Laboratory Corporation of America Holdings (LH US)

Today's Dominant Ideas

We expect the SET Index to increase, with the resistance at 1,614/1,620 points and the support at 1,593/1,585 points. Issues to be monitored today...

Krungthai XSpring

BIG CAP TACTICAL PICKS (Eng. / April 11, 2023)

We recommend selling LH (return of -0.5% since we recommended buying it), as the stock has fallen out of our top rankings. We recommend buying ORI...

Krungthai XSpring

Laboratory Corporation of America Holdings: Detailed Credit Analysis & Financial Strength Evaluation Report

Laboratory Corporation of America Holdings is a major life sciences major providing vital information to help doctors, hospitals, pharmaceutical...

Baptista Research

Laboratory Corporation of America Holdings: Initiation of Coverage – Acquisitions

This is our first report on a life sciences major, Laboratory Corporation of America Holdings. The company had a mixed quarter and failed to meet...

Baptista Research

Laboratory Corporation of America Holdings: Initiation of Coverage – Acquisitions

This is our first report on a life sciences major, Laboratory Corporation of America Holdings. The company had a mixed quarter and failed to meet...

Baptista Research

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