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>Technically, the SET Index is expected to move sideways up, with the resistance at 1,395 points (50-day EMA)/1,400 points and the support at 1,380/1,372 points.</li><li>The index may rebound to 1,416/1,438 points again after it was able to reverse and breach the resistance at 1,390 points, forming a higher high and higher low pattern.</li><li>There is risk of the index returning to a downward direction again if it closes below the key support at 1,380 points.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,395 points (50-day EMA)/1,400 points and the support at 1,380/1,372 points.The index may rebound to 1,416/1,438 points again after it was able to reverse and breach the resistance at 1,390 points, forming a higher high and higher low pattern.There is risk of the index returning to a downward direction again if it closes below the key support at 1,380 points.

Wait for Thailand’s 4Q23 GDP (Monday Morning) And U. Of Michigan Survey in US Tonight

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

<ul>
<li>The company report 3Q22 net profit at Bt184m. (+6%QoQ, turnaround from loss of Bt54m in 3Q21).Stripping out extra items, profit would be at Bt174m (-1%QoQ), which is 18% above market </li>
<li>Earnings dips QoQ as expected before hit 2022 high in 4Q22 PLANB reports 3Q22 net profit at Bt184m. (+6%QoQ, turnaround from loss of Bt54m in 3Q21). Excluding extra items</li>
<li>Media revenue touched all-time high at Bt1.4bn(+118%YoY +7%QoQ) in 3Q22 supported by utilization rate that expanded to eleven-quarter high at 62.1% compared with 57.3% in 2Q22 and 34.9% in 3Q21</li>
</ul>


The company report 3Q22 net profit at Bt184m. (+6%QoQ, turnaround from loss of Bt54m in 3Q21).Stripping out extra items, profit would be at Bt174m (-1%QoQ), which is 18% above market 
Earnings dips QoQ as expected before hit 2022 high in 4Q22 PLANB reports 3Q22 net profit at Bt184m. (+6%QoQ, turnaround from loss of Bt54m in 3Q21). Excluding extra items
Media revenue touched all-time high at Bt1.4bn(+118%YoY +7%QoQ) in 3Q22 supported by utilization rate that expanded to eleven-quarter high at 62.1% compared with 57.3% in 2Q22 and 34.9% in 3Q21


PLANB : “Expect Solid Earnings Growth to Remain Throughout 2023’’

<ul>
<li>Maintain BUY recommendation for PLANB, and target price of Bt7.80. Out-of-home media (80% of the company’s revenue) has been outperforming the media industry in terms of budget spending</li>
<li>Expect earnings to drop QoQ before hit 2022 high in 4Q22 Media revenue is expected to touch all-time high at Bt1.3bn(+101%YoY +1%QoQ) in 3Q22 supported by utilization rate that expected</li>
<li>YoY improvement in net profit will be due to solid revenue recovery in media business.  QoQ contraction should be pressured by heavy expenses incurred from major maintenance and aforementioned factors</li>
</ul>


Maintain BUY recommendation for PLANB, and target price of Bt7.80. Out-of-home media (80% of the company’s revenue) has been outperforming the media industry in terms of budget spending
Expect earnings to drop QoQ before hit 2022 high in 4Q22 Media revenue is expected to touch all-time high at Bt1.3bn(+101%YoY +1%QoQ) in 3Q22 supported by utilization rate that expected
YoY improvement in net profit will be due to solid revenue recovery in media business.  QoQ contraction should be pressured by heavy expenses incurred from major maintenance and aforementioned factors


PLANB : Expect Solid Earnings to Persist Throughout 2023’’

<ul>
<li>Maintain BUY recommendation for PLANB, and target price of Bt7.80.  The company report 2Q22 net profit at Bt174m, the highest level in the past ten quarter.</li>
<li>Solid earnings from 2Q22 and onwards until year ended Media revenue hit all-time high at Bt1.3bn (+67%YoY +30%QoQ) supported by media capacity that expands 18%QoQ to Bt2.3bn</li>
<li>Engagement Marketing business post revenue at Bt284m. +3%YoY +56%QoQ) while contributed 20% of total revenue. YoY and QoQ increase were due to an increase in revenue from BNK48</li>
</ul>


Maintain BUY recommendation for PLANB, and target price of Bt7.80.  The company report 2Q22 net profit at Bt174m, the highest level in the past ten quarter.
Solid earnings from 2Q22 and onwards until year ended Media revenue hit all-time high at Bt1.3bn (+67%YoY +30%QoQ) supported by media capacity that expands 18%QoQ to Bt2.3bn
Engagement Marketing business post revenue at Bt284m. +3%YoY +56%QoQ) while contributed 20% of total revenue. YoY and QoQ increase were due to an increase in revenue from BNK48


PLANB : Earnings Hit 10-Quarter High in 2Q22, Above Market and Our

<ul>
<li>Investment in troubling crypto exchange‘Zipmex Asia’ might create short-term negative sentiment for the company given its own minor investment exposure worth US$2m and concern over advertising budget cut by several </li>
<li>Solid earnings from 2Q22 and onwards. Media revenue is expected to hit all-time high at Bt1.25bn (+59%YoY +25%QoQ) supported by media capacity that expands 18%QoQ to Bt2.3bn mainly from Aqua </li>
<li>Engagement Marketing (20% of total revenue) is expected to be at Bt284m. (-9%YoY +37%QoQ) YoY drop was due to high base as there were revenue from marketing rights management </li>
</ul>


Investment in troubling crypto exchange‘Zipmex Asia’ might create short-term negative sentiment for the company given its own minor investment exposure worth US$2m and concern over advertising budget cut by several 
Solid earnings from 2Q22 and onwards. Media revenue is expected to hit all-time high at Bt1.25bn (+59%YoY +25%QoQ) supported by media capacity that expands 18%QoQ to Bt2.3bn mainly from Aqua 
Engagement Marketing (20% of total revenue) is expected to be at Bt284m. (-9%YoY +37%QoQ) YoY drop was due to high base as there were revenue from marketing rights management 


PLANB : Expect Earnings to Hit 10-Quarter High in 2Q22

Thailand

Plan B Media Public Company Limited is an advertising company. The Company specializes in out-of-home media advertising formats such as bus body, in-bus, golf driving range, large format display, digital billboards, street furniture and in store platforms.

Plan B Media (PLANB TB)

Wait for Thailand’s 4Q23 GDP (Monday Morning) And U. Of Michigan Survey in US Tonight

Technically, the SET Index is expected to move sideways up, with the resistance at 1,395 points (50-day EMA)/1,400 points and the support at 1,380...

Krungthai XSpring

PLANB : “Expect Solid Earnings Growth to Remain Throughout 2023’’

The company report 3Q22 net profit at Bt184m. (+6%QoQ, turnaround from loss of Bt54m in 3Q21). Stripping out extra items, profit would be at Bt174m...

Pi Securities PCL, Thailand

PLANB : Expect Solid Earnings to Persist Throughout 2023’’

Maintain BUY recommendation for PLANB, and target price of Bt7.80. Out-of-home media (80% of the company’s revenue) has been outperforming the...

Pi Securities PCL, Thailand

PLANB : Earnings Hit 10-Quarter High in 2Q22, Above Market and Our

Maintain BUY recommendation for PLANB, and target price of Bt7.80. The company report 2Q22 net profit at Bt174m, the highest level in the past ten...

Pi Securities PCL, Thailand

PLANB : Expect Earnings to Hit 10-Quarter High in 2Q22

Investment in troubling crypto exchange ‘Zipmex Asia’ might create short-term negative sentiment for the company given its own minor investment...

Pi Securities PCL, Thailand