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>MTC has been added to the portfolio in response to the recovery in its asset quality, resulting in a decline in credit costs amid cautious lending.</li><li>In addition, the company's recent credit rating of A-(tha) assigned by Fitch, compared to the BBB+ rating from TRIS, may positively impact its funding costs and profitability.</li></ul>

MTC has been added to the portfolio in response to the recovery in its asset quality, resulting in a decline in credit costs amid cautious lending.In addition, the company's recent credit rating of A-(tha) assigned by Fitch, compared to the BBB+ rating from TRIS, may positively impact its funding costs and profitability.

Sri Trang Gloves (Thailand) / Equity Bottom-Up

<ul><li>MTC has fallen below our ranking threshold, with a holding return of +0.4%.</li><li>The stock has been replaced by STGT thanks to the outlook for a continuous recovery in the 2H24E performance, supported by growing demand and improved profit margins.</li><li>KTX's SET100 Tactical Picks portfolio is constructed within SET100 Index constituents.</li></ul>

MTC has fallen below our ranking threshold, with a holding return of +0.4%.The stock has been replaced by STGT thanks to the outlook for a continuous recovery in the 2H24E performance, supported by growing demand and improved profit margins.KTX's SET100 Tactical Picks portfolio is constructed within SET100 Index constituents.

<ul><li>WHA has fallen below our ranking threshold, with a holding period return of 1.9%.</li><li>We are adding MTC to the portfolio.</li><li>The recovery trend in its asset quality and improved debt collection efficiency will position the company well to aggressively expand its loan portfolio once the economy starts to recover.</li></ul>

WHA has fallen below our ranking threshold, with a holding period return of 1.9%.We are adding MTC to the portfolio.The recovery trend in its asset quality and improved debt collection efficiency will position the company well to aggressively expand its loan portfolio once the economy starts to recover.

<ul><li>Technically, the SET Index is expected to continue moving up (alternating with declines), with the resistance at 1,411/1,418 points and the support at 1,395/1,390 points.</li><li>In the short term, a new buy signal has emerged, targeting the previous resistance levels at 1,411 and 1,438 points, respectively.</li><li>We recommend buying when the index weakens and waiting to sell at the resistance.</li></ul>

Technically, the SET Index is expected to continue moving up (alternating with declines), with the resistance at 1,411/1,418 points and the support at 1,395/1,390 points.In the short term, a new buy signal has emerged, targeting the previous resistance levels at 1,411 and 1,438 points, respectively.We recommend buying when the index weakens and waiting to sell at the resistance.

<ul><li>The finance sector firms under our coverage reported a combined net profit of Bt4.13bn in 2Q24, marking an increase of 2.5% YoY but a decline of 3.1% QoQ.</li><li>Overall, provisioning accelerated across the board due to deteriorated asset quality, with the exception of MTC.</li><li>Hence, we have adjusted our investment rating to Neutral for the auto title loan segment while maintaining a Neutral stance on truck hire purchase loan providers.</li></ul>

The finance sector firms under our coverage reported a combined net profit of Bt4.13bn in 2Q24, marking an increase of 2.5% YoY but a decline of 3.1% QoQ.Overall, provisioning accelerated across the board due to deteriorated asset quality, with the exception of MTC.Hence, we have adjusted our investment rating to Neutral for the auto title loan segment while maintaining a Neutral stance on truck hire purchase loan providers.

China

MMTEC, Inc. provides online trading services. The Company offers Internet-based technology services and solutions in securities market transactions and settlements. MMTEC serves investment advisors, proprietary trading groups, and brokerage firms worldwide.

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MMTEC Inc (MTC US)

SET100 Tactical Picks

MTC has been added to the portfolio in response to the recovery in its asset quality, resulting in a decline in credit costs amid cautious...

Krungthai XSpring

SET100 Tactical Picks

MTC has fallen below our ranking threshold, with a holding return of +0.4%. The stock has been replaced by STGT thanks to the outlook for a...

Krungthai XSpring

SET100 Tactical Picks

WHA has fallen below our ranking threshold, with a holding period return of 1.9%. We are adding MTC to the portfolio. The recovery trend in its...

Krungthai XSpring

Today's Dominant Ideas

Technically, the SET Index is expected to continue moving up (alternating with declines), with the resistance at 1,411/1,418 points and the...

Krungthai XSpring

Recovery Expectations Already Priced In

The finance sector firms under our coverage reported a combined net profit of Bt4.13bn in 2Q24, marking an increase of 2.5% YoY but a decline of...

Krungthai XSpring

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