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.

Thematic (Sector/Industry)

<ul><li>Although Asian bourses were able to rebound on the back of tech stocks, alongside the jump in US markets after bond yields decreased, the SET only managed to edge up due to a lack of new factors to boost it.</li><li>Meanwhile, ADVANC and banking stocks fell, and foreign investors kept selling for a third day amid continued thin volume.</li><li>The index has an unclear direction after continuing to swing sideways in a narrow range, but we expect upward movement because it attempted to rise despite facing selling pressure.</li></ul>

Although Asian bourses were able to rebound on the back of tech stocks, alongside the jump in US markets after bond yields decreased, the SET only managed to edge up due to a lack of new factors to boost it.Meanwhile, ADVANC and banking stocks fell, and foreign investors kept selling for a third day amid continued thin volume.The index has an unclear direction after continuing to swing sideways in a narrow range, but we expect upward movement because it attempted to rise despite facing selling pressure.

Technical Analysis - The Trend - Feb 16, 2024

Pan-Asia Equity Bottom-up, Wickhams Hill

Lloyd Moffatt

Pan-Asia Equity Bottom-up

Equity Bottom-Up

<ul>
<li>Philippine airport service provider MacroAsia (MAC PM) is added to our list of Fallen Angels as the associated LT Group (LTG PM) company Philippine Airlines (PAL PM) declares ch.11 bankruptcy</li>
<li>Depressed valuations and strong balance sheets have led the Philippines to become an epicentre for buybacks</li>
<li>PlanB (PLANB TB) announced an acquisition of Master Ad’s (MACO TB) Thai billboard assets for Bt 639.5mn and includes a Bt1.5bn rights-issue and restructuring of the Bt700mn minimum revenue guarantee</li>
</ul>


Philippine airport service provider MacroAsia (MAC PM) is added to our list of Fallen Angels as the associated LT Group (LTG PM) company Philippine Airlines (PAL PM) declares ch.11 bankruptcy
Depressed valuations and strong balance sheets have led the Philippines to become an epicentre for buybacks
PlanB (PLANB TB) announced an acquisition of Master Ad’s (MACO TB) Thai billboard assets for Bt 639.5mn and includes a Bt1.5bn rights-issue and restructuring of the Bt700mn minimum revenue guarantee


Wickhams Hill Research | Under-The-Radar Issue 8

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<p>We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai market to try to find interesting ideas base upon Fundamentals or Valuation or Momentum or Risk or some combination thereof.</p>

We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai market to try to find interesting ideas base upon Fundamentals or Valuation or Momentum or Risk or some combination thereof.

Interesting Stocks to Consider in Thailand

<ul>
<li>Sales on an upcycle trend, good gross margin, and share price is less volatile relative to its sector</li>
<li>The company has about 35% of all outdoor advertising market share in Thailand; this is a high growth area due to consumers spending long hours commuting, and generally out of the home</li>
<li>MACO is starting to switch from static billboards to offering digital billboards, and this business has higher profit margins due to higher prices</li>
<li>Solid earnings recovery and margin improvement should continue in 2018 and MACO has a solid balance sheet</li>
<li>Risks: A slowdown in overall economic growth</li>
</ul>


Sales on an upcycle trend, good gross margin, and share price is less volatile relative to its sector
The company has about 35% of all outdoor advertising market share in Thailand; this is a high growth area due to consumers spending long hours commuting, and generally out of the home
MACO is starting to switch from static billboards to offering digital billboards, and this business has higher profit margins due to higher prices
Solid earnings recovery and margin improvement should continue in 2018 and MACO has a solid balance sheet
Risks: A slowdown in overall economic growth


MACO (MACO TB): Outdoor Media Going Strong

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Asean (Thailand) Focused Independent Research

M Corp Review

M Corp is led by Athaporn Arayasantiparb who served as Head of Research for UOB and ANZ in Thailand and was an award-winning telecoms analyst at UBS in 2010 (AsiaMoney Thailand category) and Regional Strategist for DMG in Singapore. Prior to that, he also served as Kasikornbank credit analyst and scholar. He has a total work experience of 17 years, of which 14 were in research and 4 in research management roles. He started his career as an engineer for PTT and currently manages family investments. He holds an MBA from Stern (NYU) and CFA Charter since 2006. Apart from IPO Radar, which focuses on future listings, MCorp Review also provides six on-going thematic series ranked by frequency in descending order, namely: 1) Silicon Stories (technology) 2) Sathorn Series (financial services) 3) Thai-Coons (billionaire origin stories) 4) Reality Check (data-driven, investigative) 5) Thai Media Spotlight; and 6) Thai Macro Watch (global market drivers).

Event-Driven

<p>Though the M&amp;A landscape in 2018 is certainly not as impressive as things were back in 2013, when we had: 1) the biggest deal by a Thai company (Thai Beverage's acquisition of Singapore's F&amp;N); 2) the biggest deal in Thailand (CP All acquisition of Makro); and 3) the largest ever deal in Thai banking (Tokyo-Mitsubishi acquisition of <a href="https://www.smartkarma.com/entities/136" target="_blank" data-smartkarma-citation="entities:136:1">Bank Of Ayudhya Pcl (BAY TB)</a>, it is certainly more exciting than we initially thought it would be. In addition, the landscape is no longer dominated by the…</p>

Though the M&amp;A landscape in 2018 is certainly not as impressive as things were back in 2013, when we had: 1) the biggest deal by a Thai company (Thai Beverage's acquisition of Singapore's F&amp;N); 2) the biggest deal in Thailand (CP All acquisition of Makro); and 3) the largest ever deal in Thai banking (Tokyo-Mitsubishi acquisition of Bank Of Ayudhya Pcl (BAY TB), it is certainly more exciting than we initially thought it would be. In addition, the landscape is no longer dominated by the…

Thailand

Master Ad Public Company Limited provides advertising services.  The Company specializes in outdoor advertising through billboards, signs and displays.

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Master Ad PCL (MACO TB)

Technical Analysis - The Trend - Feb 16, 2024

The index has an unclear direction after continuing to swing sideways in a narrow range, but we expect upward movement because it attempted to rise...

Krungthai XSpring

Wickhams Hill Research | Under-The-Radar Issue 8

Philippine airport service provider MacroAsia (MAC PM) is added to our list of Fallen Angels as the associated LT Group (LTG PM)...

Lloyd Moffatt

Interesting Stocks to Consider in Thailand

We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai...

A. Stotz Investment Research

MACO (MACO TB): Outdoor Media Going Strong

Sales on an upcycle trend, good gross margin, and share price is less volatile relative to its sector The company has about 35% of all outdoor...

A. Stotz Investment Research

Thai M&A: Boldest Deals of 2018

Though the M&A landscape in 2018 is certainly not as impressive as things were back in 2013, when we had: 1) the biggest deal by a Thai company...

Athaporn Arayasantiparb, CFA

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