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.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to move sideways, with the resistance at 1,468/1,477 points and the support at 1,456 points (25-day EMA) and 1,447 points.</li><li>This suggests that the SET is at a relatively attractive valuation level; hence, we switch our recommendation to Trading Buy if the index moves within the range of 1,401-1461 points.</li><li>We recommend divesting laggard stocks with high equity risk premiums (ERP) in favor of selectively buying stocks with strong WoW EPS recovery momentum, causing their ERPs to accelerate above the average.</li></ul>

Technically, the SET Index is expected to move sideways, with the resistance at 1,468/1,477 points and the support at 1,456 points (25-day EMA) and 1,447 points.This suggests that the SET is at a relatively attractive valuation level; hence, we switch our recommendation to Trading Buy if the index moves within the range of 1,401-1461 points.We recommend divesting laggard stocks with high equity risk premiums (ERP) in favor of selectively buying stocks with strong WoW EPS recovery momentum, causing their ERPs to accelerate above the average.

<ul><li>Technically, the SET Index is expected to move sideways, with the support at 1,386 points (10-day EMA)/1,379 points and the resistance at 1,396 points (50-day EMA)/1,400 points.</li><li>Most Asian stock markets remain closed today for the Chinese New Year holiday.</li><li>US inflation is a key variable used to determine the direction of the Fed's policy interest rate, which is at risk of not being cut as soon as the market expects.</li></ul>

Technically, the SET Index is expected to move sideways, with the support at 1,386 points (10-day EMA)/1,379 points and the resistance at 1,396 points (50-day EMA)/1,400 points.Most Asian stock markets remain closed today for the Chinese New Year holiday.US inflation is a key variable used to determine the direction of the Fed's policy interest rate, which is at risk of not being cut as soon as the market expects.

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li>Ascott acquires 2 properties in Ningbo and Amsterdam for S$190m via its PE fund ASRGF</li><li><a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952" rel="noopener">Singapore Press Holdings (SPH SP) </a>shareholders vote overwhelmingly for Cuscaden offer; Potential chain offer for SPHREIT</li><li><a href="https://www.smartkarma.com/entities/tuan-sing-holdings-ltd" target="_blank" data-smartkarma-citation="entities:17234" rel="noopener">Tuan Sing Holdings (TSH SP)</a> and Mitsubishi Estate to jointly develop phase 1 of Karawang mall</li></ul>

Ascott acquires 2 properties in Ningbo and Amsterdam for S$190m via its PE fund ASRGFSingapore Press Holdings (SPH SP) shareholders vote overwhelmingly for Cuscaden offer; Potential chain offer for SPHREITTuan Sing Holdings (TSH SP) and Mitsubishi Estate to jointly develop phase 1 of Karawang mall

ASEAN Builder's Scoop (23Mar22) - Ascott Buys Ningbo/Ams Props Via ASRGF PE Fund

Equity Bottom-Up

<ul><li>4Q22E earnings momentum QoQ to be hit by clients' high inventory levels, while it should get back on the growth track in 1Q23E</li><li>Upward earnings adjustment for 2022E to reflect stronger-than-expected 2H22E performance and FX gains</li><li>Maintain a Buy rating on ITC, with a fair price of Bt36.70</li></ul>

4Q22E earnings momentum QoQ to be hit by clients' high inventory levels, while it should get back on the growth track in 1Q23EUpward earnings adjustment for 2022E to reflect stronger-than-expected 2H22E performance and FX gainsMaintain a Buy rating on ITC, with a fair price of Bt36.70

I-TAIL CORPORATION (ITC): Short-Term Quarterly Slowdown in 4Q22E – Buy (12M Fair Value Bt36.70)

United States

Marriott International Inc. is a worldwide operator and franchisor of hotels. The Company franchises lodging facilities and vacation timesharing resorts under various brand names. Marriott also provides services to home and condominium owner associations for projects associated with several of its brands.

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Marriott International (MAR US)

EU Mfg. PMI & Weekly Strategy

Technically, the SET Index is expected to move sideways, with the resistance at 1,468/1,477 points and the support at 1,456 points (25-day EMA)...

Krungthai XSpring

Wait for US Inflation Figure

Technically, the SET Index is expected to move sideways, with the support at 1,386 points (10-day EMA)/1,379 points and the resistance at 1,396...

Krungthai XSpring

ASEAN Builder's Scoop (23Mar22) - Ascott Buys Ningbo/Ams Props Via ASRGF PE Fund

SPHREIT potential chain offer; Rising mortgage rates inevitable; NWP/CRE Indo logistics platform; MAR opening 7-8 hotels in Thai in 2022

SCCM Asia Research

I-TAIL CORPORATION (ITC): Short-Term Quarterly Slowdown in 4Q22E – Buy (12M Fair Value Bt36.70)

4Q22E earnings momentum QoQ to be hit by clients' high inventory levels, while it should get back on the growth track in 1Q23E Upward earnings...

Krungthai XSpring

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