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

Gulf Energy Development  / Equity Bottom-Up

<ul><li>Over a year of declining interest rates has saved SET-listed companies more than Bt14bn per quarter in interest expenses, as the effective interest rate fell from 4.6% in 3Q24 to 4.2% in 3Q25.</li><li>The policy rate cut from 2.50% in 3Q24 to 1.50% in 3Q25 has filtered through to listed companies, lowering their effective interest rate from its peak of 4.6% in 3Q24 to 4.2% in 3Q25.</li><li>The time-interest-earned (TIE) ratio, calculated as EBIT divided by interest expenses, rose from 2.4x in 4Q24 to 3.4x in 3Q25, while financial leverage declined from 1.7x in 4Q24 to 1.4x in 2Q25.</li></ul>

Over a year of declining interest rates has saved SET-listed companies more than Bt14bn per quarter in interest expenses, as the effective interest rate fell from 4.6% in 3Q24 to 4.2% in 3Q25.The policy rate cut from 2.50% in 3Q24 to 1.50% in 3Q25 has filtered through to listed companies, lowering their effective interest rate from its peak of 4.6% in 3Q24 to 4.2% in 3Q25.The time-interest-earned (TIE) ratio, calculated as EBIT divided by interest expenses, rose from 2.4x in 4Q24 to 3.4x in 3Q25, while financial leverage declined from 1.7x in 4Q24 to 1.4x in 2Q25.

Special Report - Lower Rates Lift SET 20063 EPS; Top Picks: GULF, BCPG, EGCO, LH

Thematic (Sector/Industry)

<ul><li>KTX anticipates that the stock market will likely react positively to the appointment of the new Governor of the Bank of Thailand (BoT).</li><li>This optimism stems either from expectations of policy continuity if Dr. Roong Poshyananda Mallikamas is selected, or from the prospect of greater openness to interest rate cuts if Mr. Vitai Ratanakorn is appointed.</li><li>Amid challenging external factors, the Minister of Finance may place more weight on smooth collaboration and opt to appoint Mr. Vitai as the BoT Governor, which would be positive for interest rate-sensitive stocks. </li></ul>

KTX anticipates that the stock market will likely react positively to the appointment of the new Governor of the Bank of Thailand (BoT).This optimism stems either from expectations of policy continuity if Dr. Roong Poshyananda Mallikamas is selected, or from the prospect of greater openness to interest rate cuts if Mr. Vitai Ratanakorn is appointed.Amid challenging external factors, the Minister of Finance may place more weight on smooth collaboration and opt to appoint Mr. Vitai as the BoT Governor, which would be positive for interest rate-sensitive stocks. 

Special Report: Selecting Stocks to Welcome the New Governor of the Bank of Thailand.

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

<ul>
<li>Maintain our BUY rating with  a  TP of Bt11.20, derived from SOTP method, implying 12.5xPE’23E, its five years trading average. Our rating reflects strong recovery in 2022-23</li>
<li>3Q22 earning grew YoY and QoQ LH reported 3Q22’s net profit of Bt2.25bn (+72%YoY, +5%QoQ),better than our forecast and market expectation.</li>
<li>The YoY enhancing of net profit supported by;(1) Revenue growth to Bt8.8bn(+28%YoY)from increasing real estate transfer to Bt7.5bn(+15%YoY)mainly from higher condominium transfer and higher income from hotel business to Bt937m(+458%YoY) </li>
</ul>


Maintain our BUY rating with  a  TP of Bt11.20, derived from SOTP method, implying 12.5xPE’23E, its five years trading average. Our rating reflects strong recovery in 2022-23
3Q22 earning grew YoY and QoQ LH reported 3Q22’s net profit of Bt2.25bn (+72%YoY, +5%QoQ),better than our forecast and market expectation.
The YoY enhancing of net profit supported by;(1) Revenue growth to Bt8.8bn(+28%YoY)from increasing real estate transfer to Bt7.5bn(+15%YoY)mainly from higher condominium transfer and higher income from hotel business to Bt937m(+458%YoY) 


LH : 3Q22 Results Better than Our Forecast from Forex Gain

<ul>
<li>Maintain our BUY rating with  a  TP of Bt11.20, derived from SOTP method, implying 15.2xPE’23E which is +1.5SD from its five years trading average. Our rating reflects strong recovery </li>
<li>Expect 3Q22 presales to grow YoY and QoQ We expect 3Q22 presales at Bt9.16 bn (+36% YoY, +24% QoQ), representing Bt8.5bn (+34%YoY,+27%QoQ) in low-rise and Bt675m (+147%YoY,-10%QoQ)</li>
<li>Moreover, we expect presales should remain strong in 2022 and inline with management guidance at Bt31bn (+8%YoY), drivened by 4 new projects launch in 4Q22E worth Bt4.4bn</li>
</ul>


Maintain our BUY rating with  a  TP of Bt11.20, derived from SOTP method, implying 15.2xPE’23E which is +1.5SD from its five years trading average. Our rating reflects strong recovery 
Expect 3Q22 presales to grow YoY and QoQ We expect 3Q22 presales at Bt9.16 bn (+36% YoY, +24% QoQ), representing Bt8.5bn (+34%YoY,+27%QoQ) in low-rise and Bt675m (+147%YoY,-10%QoQ)
Moreover, we expect presales should remain strong in 2022 and inline with management guidance at Bt31bn (+8%YoY), drivened by 4 new projects launch in 4Q22E worth Bt4.4bn


<ul>
<li>Maintain our BUY rating with  a  TP of Bt11.20, derived from SOTP method,implying 16xPE’22E which is +1.5SD from its five years trading average.Our rating reflects strong recovery in 2022-23 performance</li>
<li>2Q22 earning grew YoY and QoQ LH reported 2Q22’s net profit of Bt2.1bn (+14%YoY, +11% QoQ),better than our expectation at 7%. The YoY enhancing of net profit supported</li>
<li>Expect 3Q22 results to grow YoY and QoQ We expect 3Q22 earnings of LH to grow YoY and QoQ, supported by (1) 8 new project launch in 3Q22 worth Bt11.2bn.</li>
</ul>


Maintain our BUY rating with  a  TP of Bt11.20, derived from SOTP method,implying 16xPE’22E which is +1.5SD from its five years trading average.Our rating reflects strong recovery in 2022-23 performance
2Q22 earning grew YoY and QoQ LH reported 2Q22’s net profit of Bt2.1bn (+14%YoY, +11% QoQ),better than our expectation at 7%. The YoY enhancing of net profit supported
Expect 3Q22 results to grow YoY and QoQ We expect 3Q22 earnings of LH to grow YoY and QoQ, supported by (1) 8 new project launch in 3Q22 worth Bt11.2bn.


Thailand

Land and Houses Public Company Limited develops real estate projects including single-detached homes, townhouses, and condominiums. The Company builds single and attached homes, primarily on land that it develops and improves. Land and Houses also operates its own architectural, engineering, design and construction teams for customer's specific designs and orders.

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Land & Houses (LH-R TB)

Special Report - Lower Rates Lift SET 20063 EPS; Top Picks: GULF, BCPG, EGCO, LH

Over a year of declining interest rates has saved SET-listed companies more than Bt14bn per quarter in interest expenses, as the effective interest...

Krungthai XSpring

Special Report: Selecting Stocks to Welcome the New Governor of the Bank of Thailand.

KTX anticipates that the stock market will likely react positively to the appointment of the new Governor of the Bank of Thailand (BoT).

Krungthai XSpring

LH : 3Q22 Results Better than Our Forecast from Forex Gain

Maintain our BUY rating with a TP of Bt11.20, derived from SOTP method, implying 12.5xPE’23E, its five years trading average. Our rating reflects...

Pi Securities PCL, Thailand

LH : 3Q22 Result Will Expand YoY

Maintain our BUY rating with a TP of Bt11.20, derived from SOTP method, implying 15.2xPE’23E which is +1.5SD from its five years trading average....

Pi Securities PCL, Thailand

LH : 2Q22 Results Expanded YoY and QoQ

Maintain our BUY rating with a TP of Bt11.20, derived from SOTP method, implying 16xPE’22E which is +1.5SD from its five years trading average....

Pi Securities PCL, Thailand

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