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 is expected to gain, with the resistance at 1,630/1,649 points and the support at 1,612 points (200-day EMA)/1,607 points (50-day EMA).</li><li>Today's momentum is positive after the US reported October's CPI at +7.7% YoY, below the consensus estimate of 7.9% YoY, while the Republican Party is likely to gain a majority of seats in the House of Representatives.</li><li>The latest Fed Watch Tool shows an 80.6% probability of the Fed hiking interest rates by just 50 bps in the upcoming meeting in December.</li></ul>

The SET Index is expected to gain, with the resistance at 1,630/1,649 points and the support at 1,612 points (200-day EMA)/1,607 points (50-day EMA).Today's momentum is positive after the US reported October's CPI at +7.7% YoY, below the consensus estimate of 7.9% YoY, while the Republican Party is likely to gain a majority of seats in the House of Representatives.The latest Fed Watch Tool shows an 80.6% probability of the Fed hiking interest rates by just 50 bps in the upcoming meeting in December.

Recommendation: Buy on Weakness, Sell on Strength

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 BUY rating for MAJOR but cut target price to Bt21.40 (Previous TP:Bt23.70) after cut 2023E earnings by 20% as we factor in revenue sharing model and higher-than-expected operating cost. </li>
<li>3Q22 core earnings is expected to drop 7%QoQ Expect the company to report 3Q22 net profit at Bt81m. (-38%QoQ -96%YoY) Stripping out extra items from; 1.) divestment of Thai Ticket </li>
<li>Revenue is expected to hit 11-quarter high at Bt1.7bn (+3%QoQ +935%YoY) QoQ increase should be driven by high-margin advertising segment (+23%QoQ to Bt173m), bowling (+35%QoQ to Bt99m)</li>
</ul>


Maintain BUY rating for MAJOR but cut target price to Bt21.40 (Previous TP:Bt23.70) after cut 2023E earnings by 20% as we factor in revenue sharing model and higher-than-expected operating cost. 
3Q22 core earnings is expected to drop 7%QoQ Expect the company to report 3Q22 net profit at Bt81m. (-38%QoQ -96%YoY) Stripping out extra items from; 1.) divestment of Thai Ticket 
Revenue is expected to hit 11-quarter high at Bt1.7bn (+3%QoQ +935%YoY) QoQ increase should be driven by high-margin advertising segment (+23%QoQ to Bt173m), bowling (+35%QoQ to Bt99m)


PTT Exploration & Production / Equity Bottom-Up

<ul><li>The SET Index is expected to move sideways up, with the resistance at 1,597/1,605 points and the support at 1,580/1,573 points.</li><li>Positive momentum will be generated by the recovery of global equity markets late last week, but the rebound is likely to be limited due to concerns over the Fed meeting next week, with signals for further rate hikes to curb inflation if US 3Q22 GDP turns from negative to positive at +2-2.9% QoQ.</li><li>We recommend buying on weakness, selling on strength until the index can stand above the resistance at 1,597 points, with the market expected to focus on mid to large cap stocks.</li></ul>

The SET Index is expected to move sideways up, with the resistance at 1,597/1,605 points and the support at 1,580/1,573 points.Positive momentum will be generated by the recovery of global equity markets late last week, but the rebound is likely to be limited due to concerns over the Fed meeting next week, with signals for further rate hikes to curb inflation if US 3Q22 GDP turns from negative to positive at +2-2.9% QoQ.We recommend buying on weakness, selling on strength until the index can stand above the resistance at 1,597 points, with the market expected to focus on mid to large cap stocks.

<ul><li>We recommend selling MAJOR (return: +2.46%), as the stock has fallen out of our top rankings.</li><li>We have added MINT to the portfolio, as its earnings are expected to accelerate in 2H22E on the back of both the hotel and restaurant businesses, enabling it to turn around from the loss of Bt13.2bn in 2021 to a profit of Bt1,187mn in 2022E (consensus estimate).</li><li>Meanwhile, risks regarding its business in Europe have been priced in to a certain degree.</li></ul>

We recommend selling MAJOR (return: +2.46%), as the stock has fallen out of our top rankings.We have added MINT to the portfolio, as its earnings are expected to accelerate in 2H22E on the back of both the hotel and restaurant businesses, enabling it to turn around from the loss of Bt13.2bn in 2021 to a profit of Bt1,187mn in 2022E (consensus estimate).Meanwhile, risks regarding its business in Europe have been priced in to a certain degree.

Big Cap Tactical Picks (October 20, 2022)

<ul><li>The SET Index is expected to move sideways down, with the resistance at 1,597/1,604 points and the support at 1,573/1,566 points.</li><li>Negative momentum will be generated by the Global Fund Manager Survey in October showing that investors have continued to reduce their holdings of equities and are focusing on defensives.</li><li>We recommend buying on weakness, selling on strength, but we will reassess the index's trend if it can surpass the resistance at 1,597 points.</li></ul>

The SET Index is expected to move sideways down, with the resistance at 1,597/1,604 points and the support at 1,573/1,566 points.Negative momentum will be generated by the Global Fund Manager Survey in October showing that investors have continued to reduce their holdings of equities and are focusing on defensives.We recommend buying on weakness, selling on strength, but we will reassess the index's trend if it can surpass the resistance at 1,597 points.

Thailand

Major Cineplex Group Public Company Limited is Thailand's largest operator of movie theaters, providing cinema operations and a wide range of entertainment services. Beyond movie showings, the company offers bowling alleys, karaoke rooms, ice skating rinks, advertising services, and rental spaces. Major Cineplex Group was founded in 1995 and is headquartered in Bangkok, Thailand.

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Major Cineplex Group (MAJOR TB)

Recommendation: Buy on Weakness, Sell on Strength

The SET Index is expected to gain, with the resistance at 1,630/1,649 points and the support at 1,612 points (200-day EMA)/1,607 points (50-day...

Krungthai XSpring

MAJOR : Accumulate on Weakening Earnings

Maintain BUY rating for MAJOR but cut target price to Bt21.40 (Previous TP: Bt23.70) after cut 2023E earnings by 20% as we factor in revenue...

Pi Securities PCL, Thailand

Market Outlook and Recommendations

The SET Index is expected to move sideways up, with the resistance at 1,597/1,605 points and the support at 1,580/1,573 points. Positive momentum...

Krungthai XSpring

Big Cap Tactical Picks (October 20, 2022)

We recommend selling MAJOR (return: +2.46%), as the stock has fallen out of our top rankings. We have added MINT to the portfolio, as its earnings...

Krungthai XSpring

Market Outlook

The SET Index is expected to move sideways down, with the resistance at 1,597/1,604 points and the support at 1,573/1,566 points. Negative...

Krungthai XSpring

Price Gauge

52-week Range

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