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 recommend selling to take profit on EA (with the return since it was first added at +2.07%) and cutting losses on MAJOR, as the return has fallen to our stop-loss threshold.</li><li>Yesterday, our Big Cap portfolio generated a return of +0.13%, underperforming the SET Index's return of +0.18% due to the sharp fall in the share price of MAJOR (-4.00%) after it reported 2Q22 earnings at Bt131mn, in line with the consensus estimate.</li><li>In addition, a selling force pushed down the share prices of stocks in the health care sector, namely BDMS (-1.77%) and BH (-0.79%).</li></ul>

We recommend selling to take profit on EA (with the return since it was first added at +2.07%) and cutting losses on MAJOR, as the return has fallen to our stop-loss threshold.Yesterday, our Big Cap portfolio generated a return of +0.13%, underperforming the SET Index's return of +0.18% due to the sharp fall in the share price of MAJOR (-4.00%) after it reported 2Q22 earnings at Bt131mn, in line with the consensus estimate.In addition, a selling force pushed down the share prices of stocks in the health care sector, namely BDMS (-1.77%) and BH (-0.79%).

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 with target price of Bt23.70. The company report 2Q22 net profit at Bt131m. Stripping out extra items on fair value adjustment and fire insurance claim</li>
<li>Impressive recovery in profit in 2Q22 Revenue reached 10-quarter high at Bt1.6bn following an increase in traffic at theatres(estimated at around 5.5 million vs.2.8 million in 1Q22and 0.9million in 2Q21)</li>
<li>Well-Managed cost from operation to be remained, resulted in improvement in gross profit margin to 26.8% compared with 11.1% in 1Q22 and -30.7% in 2Q21.</li>
</ul>


Maintain BUY rating for MAJOR with target price of Bt23.70. The company report 2Q22 net profit at Bt131m. Stripping out extra items on fair value adjustment and fire insurance claim
Impressive recovery in profit in 2Q22 Revenue reached 10-quarter high at Bt1.6bn following an increase in traffic at theatres(estimated at around 5.5 million vs.2.8 million in 1Q22and 0.9million in 2Q21)
Well-Managed cost from operation to be remained, resulted in improvement in gross profit margin to 26.8% compared with 11.1% in 1Q22 and -30.7% in 2Q21.


MAJOR : Entering Low Season in 3Q22 Before Hitting High in 4Q22

<ul><li>The SET Index is expected to gain, with the resistance at 1,630/1,640 points and the support at 1,611/1,605 points.</li><li>We recommend trading buy on KBANK, MINT and ERW.</li><li>Technically, the index remains in an uptrend, with the key resistance at 1,650 points and 1,680 points, respectively.</li></ul>

The SET Index is expected to gain, with the resistance at 1,630/1,640 points and the support at 1,611/1,605 points.We recommend trading buy on KBANK, MINT and ERW.Technically, the index remains in an uptrend, with the key resistance at 1,650 points and 1,680 points, respectively.

<ul><li>The SET Index today is expected to move sideways up, with the resistance at 1,630/1,640 points and the support at 1,611/1,600 points.</li><li>Positive momentum is being generated by the continued buying by foreign investors on the expectation for a steady recovery of the Thai economy thanks to the anticipated increase in the number of tourist arrivals to 9-10mn in 2022E.</li><li>The MPC today is expected to hike its policy interest rate by just 0.25%, a less aggressive increase than those of central banks in developed countries, after inflation in July fell from 7.66% YoY to 7.61% YoY.</li></ul>

The SET Index today is expected to move sideways up, with the resistance at 1,630/1,640 points and the support at 1,611/1,600 points.Positive momentum is being generated by the continued buying by foreign investors on the expectation for a steady recovery of the Thai economy thanks to the anticipated increase in the number of tourist arrivals to 9-10mn in 2022E.The MPC today is expected to hike its policy interest rate by just 0.25%, a less aggressive increase than those of central banks in developed countries, after inflation in July fell from 7.66% YoY to 7.61% YoY.

<ul>
<li>Maintain BUY rating for MAJOR with target price of Bt23.70. We expect the company to post Bt95m core profit in 2Q22,(vs. losses of Bt83m in 1Q22 and Bt240m in 2Q21)</li>
<li>Impressive recovery in profit in 2Q22 Expect the company to report2Q22net profit at Bt165m,four-quarter high.Stripping out extra gain from fire insurance claim recognized in 2Q22,core profit should be at Bt95m   </li>
<li>Revenue is expected to hit 10-quarter high at Bt1.6bn following an increase in traffic at theatres(estimated at around 5.5 million vs. 2.8 million in 1Q22 and 0.9 million in 2Q21)</li>
</ul>


Maintain BUY rating for MAJOR with target price of Bt23.70. We expect the company to post Bt95m core profit in 2Q22,(vs. losses of Bt83m in 1Q22 and Bt240m in 2Q21)
Impressive recovery in profit in 2Q22 Expect the company to report2Q22net profit at Bt165m,four-quarter high.Stripping out extra gain from fire insurance claim recognized in 2Q22,core profit should be at Bt95m   
Revenue is expected to hit 10-quarter high at Bt1.6bn following an increase in traffic at theatres(estimated at around 5.5 million vs. 2.8 million in 1Q22 and 0.9 million in 2Q21)


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)

Big Cap Tactical Picks (August 16, 2022)

We recommend selling to take profit on EA (with the return since it was first added at +2.07%) and cutting losses on MAJOR, as the return has...

Krungthai XSpring

MAJOR : Entering Low Season in 3Q22 Before Hitting High in 4Q22

Maintain BUY rating for MAJOR with target price of Bt23.70. The company report 2Q22 net profit at Bt131m. Stripping out extra items on fair value...

Pi Securities PCL, Thailand

Market Outlook

The SET Index is expected to gain, with the resistance at 1,630/1,640 points and the support at 1,611/1,605 points. We recommend trading buy on...

Krungthai XSpring

Market Outlook

The SET Index today is expected to move sideways up, with the resistance at 1,630/1,640 points and the support at 1,611/1,600 points. Positive...

Krungthai XSpring

MAJOR : Still in Recovery Path

Maintain BUY rating for MAJOR with target price of Bt23.70. We expect the company to post Bt95m core profit in 2Q22, (vs. losses of Bt83m in 1Q22...

Pi Securities PCL, Thailand

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