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>Technically, the SET Index is expected to test the resistance at 1,366/1,374 points (10-day EMA/25-day EMA), with the support at 1,350/1,340 points.</li><li>Overall, the index has been moving in the downchannel range of 1,320-1,410 points. In the short term, the index is rebounding after a sharp four-day decline of over 80 points last week.</li><li>A sell signal could emerge if the index fails to break through the resistance at 1,366/1,374 points. </li></ul>

Technically, the SET Index is expected to test the resistance at 1,366/1,374 points (10-day EMA/25-day EMA), with the support at 1,350/1,340 points.Overall, the index has been moving in the downchannel range of 1,320-1,410 points. In the short term, the index is rebounding after a sharp four-day decline of over 80 points last week.A sell signal could emerge if the index fails to break through the resistance at 1,366/1,374 points. 

<ul><li>In April, BoFA's Global Fund Manager Survey revealed a significant decline in the weighting on monthly bond investments, marking the largest decrease since July 2003 (shifting to 7% UW from 14% OW).</li><li>This was driven by expectations of declining bond yields amid accelerating inflation.</li><li>Concurrently, the investment weight on equities rose to its highest level in over 27 months, reaching 34% OW (compared to March's 28% OW, February's 21% OW and January's 9% OW), reflecting a stronger global economic growth trend. </li></ul>

In April, BoFA's Global Fund Manager Survey revealed a significant decline in the weighting on monthly bond investments, marking the largest decrease since July 2003 (shifting to 7% UW from 14% OW).This was driven by expectations of declining bond yields amid accelerating inflation.Concurrently, the investment weight on equities rose to its highest level in over 27 months, reaching 34% OW (compared to March's 28% OW, February's 21% OW and January's 9% OW), reflecting a stronger global economic growth trend. 

Special Report: FMS Most Bullish on Equities Since Jan. 2022

<ul><li>Bank of America’s Global Fund Manager Survey for March maintained a bullish stance on equity investment, with a consistent increase in the weighting for the fifth consecutive month, now standing at 28% overweight (OW), compared to 21% OW in February and 9% OW in January.</li><li>There has been a notable shift toward allocating more investment to equities in the EU, global emerging markets (GEM) and Japan, leading to a reduction in the weighting on US equities to 8% OW from 21% OW.</li><li>This shift is underpinned by the belief that the global economy is poised to surpass projections. </li></ul>

Bank of America’s Global Fund Manager Survey for March maintained a bullish stance on equity investment, with a consistent increase in the weighting for the fifth consecutive month, now standing at 28% overweight (OW), compared to 21% OW in February and 9% OW in January.There has been a notable shift toward allocating more investment to equities in the EU, global emerging markets (GEM) and Japan, leading to a reduction in the weighting on US equities to 8% OW from 21% OW.This shift is underpinned by the belief that the global economy is poised to surpass projections. 

Special Report: FMS Still Favors Equities but More Diversified

<ul><li>KTX expects the SET Index to rise, with the resistance at 1,405/1,416 points and the support at 1,352/1,335 points.</li><li>Positive factors include the continued buying of equities by foreign investors given that the SET remains a laggard and a good safe haven after most global equity markets hit all-time highs.</li><li>Meanwhile, the downside risks to the economic slowdown may increase again after the world's major central banks continued to send signals about maintaining policy interest rates at a high level. </li></ul>

KTX expects the SET Index to rise, with the resistance at 1,405/1,416 points and the support at 1,352/1,335 points.Positive factors include the continued buying of equities by foreign investors given that the SET remains a laggard and a good safe haven after most global equity markets hit all-time highs.Meanwhile, the downside risks to the economic slowdown may increase again after the world's major central banks continued to send signals about maintaining policy interest rates at a high level. 

Monthly Report: March 2024 - Recommended Stocks in March

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

Equity Bottom-Up

<ul>
<li>Maintain BUY recommendation with a target price of Bt12.50 MC’s FY1Q23 (July-Sep 2022) net profit came in at Bt116m (+392%YoY, -5%QoQ), in-line with our expectation and BB consensus estimated.</li>
<li>Strong profit recovery in FY1Q23 Its net profit came out at Bt116m (+392%YoY, -5%QoQ). The 9M22 result accounted for 20% of full-year net profit in FY2023 (July’22-June’23).</li>
<li>Revenue was at Bt759m (+73%YoY, +1%QoQ), driven by sales from free-standing shop channel (+91%YoY) and sales of department stores channel (+115%YoY) which offset the soften online sales (-19%YoY).</li>
</ul>


Maintain BUY recommendation with a target price of Bt12.50 MC’s FY1Q23 (July-Sep 2022) net profit came in at Bt116m (+392%YoY, -5%QoQ), in-line with our expectation and BB consensus estimated.
Strong profit recovery in FY1Q23 Its net profit came out at Bt116m (+392%YoY, -5%QoQ). The 9M22 result accounted for 20% of full-year net profit in FY2023 (July’22-June’23).
Revenue was at Bt759m (+73%YoY, +1%QoQ), driven by sales from free-standing shop channel (+91%YoY) and sales of department stores channel (+115%YoY) which offset the soften online sales (-19%YoY).


Thailand

MC Group Public Company Limited manages sales and distribution, mainly, of products under trademarks and brands owned by the group of companies.

MC Group Pcl (MC TB)

KTX Zoom - APRIL 24, 2024

Technically, the SET Index is expected to test the resistance at 1,366/1,374 points (10-day EMA/25-day EMA), with the support at 1,350/1,340 points.

Krungthai XSpring

Special Report: FMS Most Bullish on Equities Since Jan. 2022

In April, BoFA's Global Fund Manager Survey revealed a significant decline in the weighting on monthly bond investments, marking the largest...

Krungthai XSpring

Special Report: FMS Still Favors Equities but More Diversified

Bank of America’s Global Fund Manager Survey for March maintained a bullish stance on equity investment, with a consistent increase in the...

Krungthai XSpring

Monthly Report: March 2024 - Recommended Stocks in March

Positive factors include the continued buying of equities by foreign investors given that the SET remains a laggard and a good safe haven after...

Krungthai XSpring

MC : Strong Profit Recover YoY in FY1Q23

Maintain BUY recommendation with a target price of Bt12.50 MC’s FY1Q23 (July-Sep 2022) net profit came in at Bt116m (+392%YoY, -5%QoQ), in-line...

Pi Securities PCL, Thailand