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 move sideways down in the long term, with the support at 1,530/1,517 points and the resistance at 1,540/1,550 points.</li><li>Looking ahead, the consensus expects the growth to continue contracting, with the 2Q-4Q23E US GDP forecast at +0.5%, -0.5% and -0.5%, respectively; at the same time, the unemployment rate is anticipated to accelerate in 2Q-4Q23E to 3.6%, 3.9% and 4.3%, respectively, implying higher economic risks.</li><li>We recommend MINT, TIDLOR and SCB.</li></ul>

The SET Index is expected to move sideways down in the long term, with the support at 1,530/1,517 points and the resistance at 1,540/1,550 points.Looking ahead, the consensus expects the growth to continue contracting, with the 2Q-4Q23E US GDP forecast at +0.5%, -0.5% and -0.5%, respectively; at the same time, the unemployment rate is anticipated to accelerate in 2Q-4Q23E to 3.6%, 3.9% and 4.3%, respectively, implying higher economic risks.We recommend MINT, TIDLOR and SCB.

<ul><li>The SET Index is expected to move sideways up, with the resistance at 1,620/1,626 points and the support at 1,600/1,590 points.</li><li>The MPC voted unanimously to raise the policy interest rate by 0.25% to 1.75% in its meeting yesterday.</li><li>The decision reaffirms our view expressed previously that the policy interest rate is likely to peak at 2.00%, in line with inflation (which is expected to ease to near 2.00% at the end of 2023E), in order to make the real interest rate 0.00%; this is the appropriate rate for Thai economic growth, as it would not trigger additional demand-pull inflation.</li></ul>

The SET Index is expected to move sideways up, with the resistance at 1,620/1,626 points and the support at 1,600/1,590 points.The MPC voted unanimously to raise the policy interest rate by 0.25% to 1.75% in its meeting yesterday.The decision reaffirms our view expressed previously that the policy interest rate is likely to peak at 2.00%, in line with inflation (which is expected to ease to near 2.00% at the end of 2023E), in order to make the real interest rate 0.00%; this is the appropriate rate for Thai economic growth, as it would not trigger additional demand-pull inflation.

<ul><li>The SET Index is expected to move sideways down, with the support at 1,660/1,650 points and the resistance at 1,675/1,680 points.</li><li>Overall, earnings performances have been disappointing due to lower sales as a result of the global economic slowdown against higher costs, including energy and foreign exchange costs.</li><li>Hence, we recommend buying at the support at 1,650 points, where a technical rebound is expected.</li></ul>

The SET Index is expected to move sideways down, with the support at 1,660/1,650 points and the resistance at 1,675/1,680 points.Overall, earnings performances have been disappointing due to lower sales as a result of the global economic slowdown against higher costs, including energy and foreign exchange costs.Hence, we recommend buying at the support at 1,650 points, where a technical rebound is expected.

<ul><li>The SET Index is expected to move sideways up, with the support at 1,612/1,600 points and the resistance at 1,630/1,640 points.</li><li>The primary positive factor is the lower-than-expected Thai inflation in November, which may lessen the pressure on the MPC to aggressively hike interest rates while also aiding the recovery of domestic consumption.</li><li>We suggest trading buy on domestic plays.</li></ul>

The SET Index is expected to move sideways up, with the support at 1,612/1,600 points and the resistance at 1,630/1,640 points.The primary positive factor is the lower-than-expected Thai inflation in November, which may lessen the pressure on the MPC to aggressively hike interest rates while also aiding the recovery of domestic consumption.We suggest trading buy on domestic plays.

Krungthai XSpring Zoom Eng. December 8, 2022

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>MINT report all-time high level of net profit at 4.6bn. However, stripping out extra items, core profit would be at Bt2.0bn (+66%QoQ vs. Bt2.4bn loss in 3Q21) </li>
<li>Two consecutive quarters of strong net profit   The company booked core profit at Bt2.0bn (+66%QoQ,turnaround from Bt2.4bn loss in 3Q21)supported by all-time high level of hotel revenue at Bt26bn</li>
<li>Food revenue climbed to all-time high level at Bt7.0bn (+16%QoQ +48%YoY) following strong SSSG at 16.6% compared with -7.2% and 7.8% in 3Q21 and 2Q22 respectively</li>
</ul>


MINT report all-time high level of net profit at 4.6bn. However, stripping out extra items, core profit would be at Bt2.0bn (+66%QoQ vs. Bt2.4bn loss in 3Q21) 
Two consecutive quarters of strong net profit   The company booked core profit at Bt2.0bn (+66%QoQ,turnaround from Bt2.4bn loss in 3Q21)supported by all-time high level of hotel revenue at Bt26bn
Food revenue climbed to all-time high level at Bt7.0bn (+16%QoQ +48%YoY) following strong SSSG at 16.6% compared with -7.2% and 7.8% in 3Q21 and 2Q22 respectively


MINT : 3Q22 Earnings Beat Our and Consensus Estimates

Thailand

Minor International Public Company Limited is a prominent hospitality, restaurant, and lifestyle company that operates hotels, resorts, and serviced suites under various brands, including Anantara, Avani, Oaks, and NH Hotels. The company also owns and operates numerous restaurant brands such as The Pizza Company, The Coffee Club, and Burger King, alongside distributing international lifestyle brands. Minor International was founded in 1978 and is headquartered in Bangkok, Thailand.

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Minor International (MINT TB)

External Risks from US Economic Slowdown

The SET Index is expected to move sideways down in the long term, with the support at 1,530/1,517 points and the resistance at 1,540/1,550...

Krungthai XSpring

Today's Dominant Ideas

The SET Index is expected to move sideways up, with the resistance at 1,620/1,626 points and the support at 1,600/1,590 points. The MPC voted...

Krungthai XSpring

Today's Dominant Ideas

The SET Index is expected to move sideways down, with the support at 1,660/1,650 points and the resistance at 1,675/1,680 points. Overall,...

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 8, 2022

The SET Index is expected to move sideways up, with the support at 1,612/1,600 points and the resistance at 1,630/1,640 points. The primary...

Krungthai XSpring

MINT : 3Q22 Earnings Beat Our and Consensus Estimates

MINT report all-time high level of net profit at 4.6bn. However, stripping out extra items, core profit would be at Bt2.0bn (+66%QoQ vs. Bt2.4bn...

Pi Securities PCL, Thailand

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