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.

Cross Asset Strategy

<ul><li>The SET Index is expected to move sideways, with the resistance at 1,631/1,649 points and the support at 1,620/1,612 points.</li><li>We recommend trading buy on PRM, SCB and AP.</li><li>Today's investment momentum is slightly negative after the Fed signaled higher-than-expected interest rate hikes.</li></ul>

The SET Index is expected to move sideways, with the resistance at 1,631/1,649 points and the support at 1,620/1,612 points.We recommend trading buy on PRM, SCB and AP.Today's investment momentum is slightly negative after the Fed signaled higher-than-expected interest rate hikes.

<ul><li>The SET Index is expected to move sideways down, with the resistance at 1,642/1,650 points and the support at 1,624/1,612 points.</li><li>We recommend trading buy on ASIAN, TTB and COM7.</li><li>Technically, the index may weaken to 1,600 points if it is unable to surpass the previous resistance at 1,642 points within one or two days; the loss-stopping point should be at 1,612 points (200-day EMA).</li></ul>

The SET Index is expected to move sideways down, with the resistance at 1,642/1,650 points and the support at 1,624/1,612 points.We recommend trading buy on ASIAN, TTB and COM7.Technically, the index may weaken to 1,600 points if it is unable to surpass the previous resistance at 1,642 points within one or two days; the loss-stopping point should be at 1,612 points (200-day EMA).

Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,372 points (200-day EMA)/1,380 points and the support at 1,360/1,355 points.</li><li>However, a warning sign of a potential correction has emerged as the index has entered the overbought area according to the stochastic.</li><li>Investors are recommended to wait to take profit at the resistance and then buy back when the index retreats.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,372 points (200-day EMA)/1,380 points and the support at 1,360/1,355 points.However, a warning sign of a potential correction has emerged as the index has entered the overbought area according to the stochastic.Investors are recommended to wait to take profit at the resistance and then buy back when the index retreats.

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,372 points (200-day EMA)/1,380 points and the support at 1,360/1,355 points.</li><li>In the short term, the index is in an uptrend, having posted higher highs and higher lows for eight consecutive days.</li><li>We recommend stocks with positive factors: BJC, TLI (added to the MSCI Small Cap Index, effective this Friday), and SCB.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,372 points (200-day EMA)/1,380 points and the support at 1,360/1,355 points.In the short term, the index is in an uptrend, having posted higher highs and higher lows for eight consecutive days.We recommend stocks with positive factors: BJC, TLI (added to the MSCI Small Cap Index, effective this Friday), and SCB.

<ul><li>We maintain a Neutral rating and the 12M FV at Bt52.85, based on a required return of 3.4%.</li><li>Our valuation metrics suggest that the current valuation is attractive, while the 2024-26E EPS growth prospects are stable (due to the gradual expiries of PPAs at some SPPs for the electricity output sold to EGAT and IPPs in 2025-26E).</li><li>We expect the potential reclaim of EGAT's Ft subsidies to be the next price catalyst for SPP operators.</li></ul>

We maintain a Neutral rating and the 12M FV at Bt52.85, based on a required return of 3.4%.Our valuation metrics suggest that the current valuation is attractive, while the 2024-26E EPS growth prospects are stable (due to the gradual expiries of PPAs at some SPPs for the electricity output sold to EGAT and IPPs in 2025-26E).We expect the potential reclaim of EGAT's Ft subsidies to be the next price catalyst for SPP operators.

Expect Lower 4Q23E NP QoQ; Solid 2024E Earnings

South Korea

NFC Corporation manufactures and sells cosmetics. The Company produces ceramide moisturizer, sun screen, emulsifier, and other products. NFC conducts business in Korea, China, Japan, and other countries.

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NFC (265740 KS)

Market Outlook

The SET Index is expected to move sideways, with the resistance at 1,631/1,649 points and the support at 1,620/1,612 points. We recommend trading...

Krungthai XSpring

Market Outlook

The SET Index is expected to move sideways down, with the resistance at 1,642/1,650 points and the support at 1,624/1,612 points. We recommend...

Krungthai XSpring

Earnings of Nvidia

Technically, the SET Index is expected to move sideways up, with the resistance at 1,372 points (200-day EMA)/1,380 points and the support at...

Krungthai XSpring

Earnings of Nvidia

Technically, the SET Index is expected to move sideways up, with the resistance at 1,372 points (200-day EMA)/1,380 points and the support at...

Krungthai XSpring

Expect Lower 4Q23E NP QoQ; Solid 2024E Earnings

We maintain a Neutral rating and the 12M FV at Bt52.85, based on a required return of 3.4%. Our valuation metrics suggest that the current...

Krungthai XSpring

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