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 while awaiting clarity concerning the US CPI in November and the FOMC meeting, with the support at 1,615/1,610 points and the resistance at 1,630/1,635 points.</li><li>Positive factors include the expected fall in the US CPI in November, with the consensus projection at 7.30% YoY, down from 7.7% YoY in October.</li><li>Negative factors include the possibility that the baht may weaken in the short term, which may prompt foreign investors to take profit, thus limiting the possible gains of the SET Index.</li></ul>

The SET Index is expected to move sideways while awaiting clarity concerning the US CPI in November and the FOMC meeting, with the support at 1,615/1,610 points and the resistance at 1,630/1,635 points.Positive factors include the expected fall in the US CPI in November, with the consensus projection at 7.30% YoY, down from 7.7% YoY in October.Negative factors include the possibility that the baht may weaken in the short term, which may prompt foreign investors to take profit, thus limiting the possible gains of the SET Index.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Capital Markets

<ul><li>Pinterest’s performance as a stock has been fairly decent in what can be termed as a tumultuous environment for the technology industry.</li><li>The company’s global MAUs of 445 million were higher than in Q3 2021 because it largely overcame the pandemic’s difficulties and increased user engagement.</li><li>During the quarter, they collaborated with Merlin, BMG, Warner Music Group, and Warner Chappell Music to enhance the music experience on Pinterest.</li></ul>

Pinterest’s performance as a stock has been fairly decent in what can be termed as a tumultuous environment for the technology industry.The company’s global MAUs of 445 million were higher than in Q3 2021 because it largely overcame the pandemic’s difficulties and increased user engagement.During the quarter, they collaborated with Merlin, BMG, Warner Music Group, and Warner Chappell Music to enhance the music experience on Pinterest.

Pinterest Inc: New Marketing Campaign & Other Developments

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

<ul>
<li>How long until SNAP gets back to Zuck's original $3B buyout offer?!</li>
<li>Key negative point: US engagement dropped 5% despite user growth +4%...we think its BeReal as much as TikTok.</li>
<li>Uninvestable or Long Time Horizon? Least visibility of any major public company we've ever followed. Don't know the answer!</li>
</ul>


How long until SNAP gets back to Zuck's original $3B buyout offer?!
Key negative point: US engagement dropped 5% despite user growth +4%...we think its BeReal as much as TikTok.
Uninvestable or Long Time Horizon? Least visibility of any major public company we've ever followed. Don't know the answer!


<ul><li>Pinterest gave disappointing financial results this quarter, missing out on revenues and earnings largely due to the weak advertising market.</li><li>While its overall revenues grew despite the macro conditions, the company viewed resilience from its large advertising partners.</li><li>Also, Pinterest saw an opportunity to augment its R&D team with the recruiting market becoming more favorable and an improvement in recruiting execution.</li></ul>

Pinterest gave disappointing financial results this quarter, missing out on revenues and earnings largely due to the weak advertising market.While its overall revenues grew despite the macro conditions, the company viewed resilience from its large advertising partners.Also, Pinterest saw an opportunity to augment its R&D team with the recruiting market becoming more favorable and an improvement in recruiting execution.

Pinterest Inc: Improved User Experience & Other Drivers

<ul><li>The SET Index is expected to weaken, with the resistance at 1,650/1,666 points and the support at 1,630/1,613 points (10-day and 200-day EMA).</li><li>We recommend trading buy on BDMS, AOT and ADVANC.</li><li>Negative momentum will be generated by the sharp falls of greater than 3% in US markets after the Fed chairman signaled further rate hikes to bring down inflation at the Jackson Hole Economic Policy Symposium, increasing the risk of an economic slowdown.</li></ul>

The SET Index is expected to weaken, with the resistance at 1,650/1,666 points and the support at 1,630/1,613 points (10-day and 200-day EMA).We recommend trading buy on BDMS, AOT and ADVANC.Negative momentum will be generated by the sharp falls of greater than 3% in US markets after the Fed chairman signaled further rate hikes to bring down inflation at the Jackson Hole Economic Policy Symposium, increasing the risk of an economic slowdown.

United States

Pinterest, Inc. operates and maintains social networking site. The Company provides online venue for personal photos, ideas, oddities, decorations, places to visit, recipes, and other items. Pinterest serves customers worldwide.

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Pinterest (PINS US)

Market Outlook

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Snap 3Q22: Tik Tik Tik (Tok) …BOOM

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Pinterest gave disappointing financial results this quarter, missing out on revenues and earnings largely due to the weak advertising...

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DOHOME I Outperform I TP Bt18.25

The SET Index is expected to weaken, with the resistance at 1,650/1,666 points and the support at 1,630/1,613 points (10-day and 200-day EMA). We...

Krungthai XSpring

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