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>We maintain our Outperform rating, based on the earnings yield and a required rate of return of 6.8%.</li><li>The valuation metrics suggest that the share price is fundamentally undervalued, while the 2024-26E earnings growth prospects are strong, and the tactical view is neutral.</li><li>The 1Q24E net profit is expected at Bt1,010mn (+5.8% YoY, +12.1% QoQ), while EPS is forecast to decrease 6.0% YoY due to an increase in the number of shares (given the stock dividend in May 2023).</li></ul>

We maintain our Outperform rating, based on the earnings yield and a required rate of return of 6.8%.The valuation metrics suggest that the share price is fundamentally undervalued, while the 2024-26E earnings growth prospects are strong, and the tactical view is neutral.The 1Q24E net profit is expected at Bt1,010mn (+5.8% YoY, +12.1% QoQ), while EPS is forecast to decrease 6.0% YoY due to an increase in the number of shares (given the stock dividend in May 2023).

Ngern Tid Lor -1Q24E Net Profit Expected to Grow Both YoY and QoQ

<ul><li>We maintain our Outperform rating, based on the earnings yield and a required rate of return at 6.8%.</li><li>The valuation metrics suggest that the stock is undervalued in terms of the fundamentals, while the long-term growth prospects remain strong, and the tactical view is neutral in 2024-26E.</li><li>TIDLOR reported a 4Q23 net profit of Bt901mn (+10% YoY, -10% QoQ), in line with our projection.</li></ul>

We maintain our Outperform rating, based on the earnings yield and a required rate of return at 6.8%.The valuation metrics suggest that the stock is undervalued in terms of the fundamentals, while the long-term growth prospects remain strong, and the tactical view is neutral in 2024-26E.TIDLOR reported a 4Q23 net profit of Bt901mn (+10% YoY, -10% QoQ), in line with our projection.

Ngern Tid Lor - 4Q23 Earnings in Line; Higher Provision but Lower NPLs

Thematic (Sector/Industry)

<ul><li>The SET traded within a narrow range throughout the day, reflecting subdued sentiment attributed to the Chinese New Year festival.</li><li>Furthermore, with most Asian bourses closed, trading activity remained sluggish.</li><li>Large cap stocks experienced limited fluctuations, resulting in an index outlook devoid of clear signals. However, foreign investors turned to buy slightly.</li></ul>

The SET traded within a narrow range throughout the day, reflecting subdued sentiment attributed to the Chinese New Year festival.Furthermore, with most Asian bourses closed, trading activity remained sluggish.Large cap stocks experienced limited fluctuations, resulting in an index outlook devoid of clear signals. However, foreign investors turned to buy slightly.

<ul><li>The SET was volatile in a tight range and faced profit taking after surging quickly.</li><li>However, the MPC meeting results were as expected, while the increase of energy, banking, petrol and commerce stocks provided a boost.</li><li>Consequently, the index was able to close up, even though foreign investors turned to sell.</li></ul>

The SET was volatile in a tight range and faced profit taking after surging quickly.However, the MPC meeting results were as expected, while the increase of energy, banking, petrol and commerce stocks provided a boost.Consequently, the index was able to close up, even though foreign investors turned to sell.

Thailand

Ngern Tid Lor Public Company Limited operates as a microfinance company. The Company offers auto finance and insurance products and services. Ngern Tid Lor serves customers in Thailand.

Ngern Tid Lor (TIDLOR TB)

Ngern Tid Lor -1Q24E Net Profit Expected to Grow Both YoY and QoQ

The valuation metrics suggest that the share price is fundamentally undervalued, while the 2024-26E earnings growth prospects are strong, and the...

Krungthai XSpring

Ngern Tid Lor - 4Q23 Earnings in Line; Higher Provision but Lower NPLs

The valuation metrics suggest that the stock is undervalued in terms of the fundamentals, while the long-term growth prospects remain strong, and...

Krungthai XSpring

Technical Analysis - FEBRUARY 13, 2024

The SET traded within a narrow range throughout the day, reflecting subdued sentiment attributed to the Chinese New Year festival.

Krungthai XSpring

Technical Analysis - Feb 8, 2024

The SET was volatile in a tight range and faced profit taking after surging quickly. However, the MPC meeting results were as expected

Krungthai XSpring