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>The bank runs in the global banking system will continue to pose downside risk to global banking stocks, including Thai banks, until the Fed and the ECB can come up with systematic solutions, and a worsening of the situation would lead to huge unrealized losses from investment in government bonds.</li><li>A temporary full-deposit guarantee is another potential way to address the banking crisis; note that the US guarantees around USD10trn out of total deposits of USD18trn, and the FDIC incurs costs of just USD100bn.</li><li>The longer the banking crisis is drawn-out, the greater the risks related to a credit crunch and the higher the chance of a global economic recession.</li></ul>

The bank runs in the global banking system will continue to pose downside risk to global banking stocks, including Thai banks, until the Fed and the ECB can come up with systematic solutions, and a worsening of the situation would lead to huge unrealized losses from investment in government bonds.A temporary full-deposit guarantee is another potential way to address the banking crisis; note that the US guarantees around USD10trn out of total deposits of USD18trn, and the FDIC incurs costs of just USD100bn.The longer the banking crisis is drawn-out, the greater the risks related to a credit crunch and the higher the chance of a global economic recession.

Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,350/1,345 points and the resistance at 1,365/1,371 points (10-day EMA/25-day EMA).</li><li>However, despite this positive movement, the SET still faces potential external risk factors this week.</li><li>Investors are advised to be more cautious about investment in the Thai equity market amid risks of foreign fund outflows in case the Fed signals the tightening of monetary policies this week.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,350/1,345 points and the resistance at 1,365/1,371 points (10-day EMA/25-day EMA).However, despite this positive movement, the SET still faces potential external risk factors this week.Investors are advised to be more cautious about investment in the Thai equity market amid risks of foreign fund outflows in case the Fed signals the tightening of monetary policies this week.

<ul><li>KTX maintains an Outperform rating.</li><li>We project earnings growth at a 16% CAGR over the next three years.</li><li>The company targets 2024E sales growth in the range of 10-15%, projecting domestic sales growth of 5-10% and overseas sales growth of over 10%.</li></ul>

KTX maintains an Outperform rating.We project earnings growth at a 16% CAGR over the next three years.The company targets 2024E sales growth in the range of 10-15%, projecting domestic sales growth of 5-10% and overseas sales growth of over 10%.

R&B FOOD SUPPLY: Upbeat 2H23E Earnings; Forecasts Revised Up

United Kingdom

NatWest Group plc operates as a banking and financial services company. The Bank provides personal and business banking, consumer loans, asset and invoice finances, commercial and residential mortgages, credit cards, and financial planning services, as well as life, personal, and income protection insurance. NatWest Group serves clients worldwide.

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NatWest Group (RBS NA)

Special Report: Bank Runs

The longer the banking crisis is drawn-out, the greater the risks related to a credit crunch and the higher the chance of a global economic recession.

Krungthai XSpring

Weekly View & Earnings Results

Technically, the SET Index is expected to weaken, with the support at 1,350/1,345 points and the resistance at 1,365/1,371 points (10-day...

Krungthai XSpring

R&B FOOD SUPPLY: Upbeat 2H23E Earnings; Forecasts Revised Up

KTX maintains an Outperform rating. We project earnings growth at a 16% CAGR over the next three years. The company targets 2024E sales growth in...

Krungthai XSpring

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