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, with the resistance at 1,631/1,649 points and the support at 1,612 points (200-day EMA)/1,607 points (50-day EMA).</li><li>We recommend trading buy on CENTEL, THCOM and AP.</li><li>Today's momentum is slightly positive due to the possibility of a weaker USD if the Democrats lose the midterm election in the US.</li></ul>

The SET Index is expected to move sideways, with the resistance at 1,631/1,649 points and the support at 1,612 points (200-day EMA)/1,607 points (50-day EMA).We recommend trading buy on CENTEL, THCOM and AP.Today's momentum is slightly positive due to the possibility of a weaker USD if the Democrats lose the midterm election in the US.

<ul><li>The SET Index is expected to move sideways, with the resistance at 1,630/1,640 points and the support at 1,611 points (75-day EMA)/1,600 points.</li><li>OPEC+ agreed to cut output by 100kbd in October, surprising the market, which had expected an increase of 100kbd.</li><li>We expect the MPC to raise the policy interest rate further by 0.25% to 1.0% in its meeting late this month after the report of flat inflation in August at +7.86% YoY (vs. +7.61% YoY in July).</li></ul>

The SET Index is expected to move sideways, with the resistance at 1,630/1,640 points and the support at 1,611 points (75-day EMA)/1,600 points.OPEC+ agreed to cut output by 100kbd in October, surprising the market, which had expected an increase of 100kbd.We expect the MPC to raise the policy interest rate further by 0.25% to 1.0% in its meeting late this month after the report of flat inflation in August at +7.86% YoY (vs. +7.61% YoY in July).

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Asean (Thailand) Focused Independent Research

M Corp Review

M Corp is led by Athaporn Arayasantiparb who served as Head of Research for UOB and ANZ in Thailand and was an award-winning telecoms analyst at UBS in 2010 (AsiaMoney Thailand category) and Regional Strategist for DMG in Singapore. Prior to that, he also served as Kasikornbank credit analyst and scholar. He has a total work experience of 17 years, of which 14 were in research and 4 in research management roles. He started his career as an engineer for PTT and currently manages family investments. He holds an MBA from Stern (NYU) and CFA Charter since 2006. Apart from IPO Radar, which focuses on future listings, MCorp Review also provides six on-going thematic series ranked by frequency in descending order, namely: 1) Silicon Stories (technology) 2) Sathorn Series (financial services) 3) Thai-Coons (billionaire origin stories) 4) Reality Check (data-driven, investigative) 5) Thai Media Spotlight; and 6) Thai Macro Watch (global market drivers).

NER (Northeast Rubber) is a Sri Trang look-alike on a much smaller scale that just IPO'd on November 7, but it's already lost a quarter of its market cap and has gotten an earful from retail investors. Having said that, MCorp Review feels that the management hasn't done such a poor job, considering:<ul>
<li>Earnings jumped from Bt8m last year to Bt288m in 9M'18 even as rubber prices tanked 24%.</li>
<li>They achieved this mainly through margin expansion and cost reduction (change of production process) and are in the process of expanding capacity by next year.</li>
<li>Don't forget that if the Dems, whose voter base has always been in the rubber-growing South, gets into this government, they will probably do something about that rubber price.</li>
</ul>We also threw in a little bonus track for the short meeting we had with ASN, an insurance broker, on the same day.

NER (Northeast Rubber) is a Sri Trang look-alike on a much smaller scale that just IPO'd on November 7, but it's already lost a quarter of its market cap and has gotten an earful from retail investors. Having said that, MCorp Review feels that the management hasn't done such a poor job, considering:
Earnings jumped from Bt8m last year to Bt288m in 9M'18 even as rubber prices tanked 24%.
They achieved this mainly through margin expansion and cost reduction (change of production process) and are in the process of expanding capacity by next year.
Don't forget that if the Dems, whose voter base has always been in the rubber-growing South, gets into this government, they will probably do something about that rubber price.
We also threw in a little bonus track for the short meeting we had with ASN, an insurance broker, on the same day.

IPO Stalker: Northeast Rubber Works Hard for A Little Investor Respect

Thailand

North East Rubber Public Company Limited manufactures and sells rubber products, including ribbed smoked sheets, standard Thai rubber, and mixture rubber, primarily for the automotive industry. The company also produces specialty products like Cattleflex livestock rubber mats. It exports its products to various countries, including China, Singapore, Japan, Cambodia, and India. North East Rubber Public Company Limited was established on June 12, 2006, and is headquartered in Prakhon Chai, Thailand.

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North East Rubber (NER TB)

Market Outlook

The SET Index is expected to move sideways, with the resistance at 1,631/1,649 points and the support at 1,612 points (200-day EMA)/1,607 points...

Krungthai XSpring

TFG I Outperform I TP Bt7.90

The SET Index is expected to move sideways, with the resistance at 1,630/1,640 points and the support at 1,611 points (75-day EMA)/1,600...

Krungthai XSpring

IPO Stalker: Northeast Rubber Works Hard for A Little Investor Respect

NER (Northeast Rubber) is a Sri Trang look-alike on a much smaller scale that just IPO'd on November 7, but it's already lost a quarter of its...

Athaporn Arayasantiparb, CFA

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