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 add SAPPE to the portfolio on the back of the strong earnings growth momentum in 1Q24E both QoQ (due to seasonal factors) and YoY (low base and additional production capacity).</li><li>Conversely, PLANB has been removed after failing to meet our ranking threshold, with the return since our initial buy recommendation at -0.6%.</li><li>KTX's BIG Cap Tactical Picks portfolio is constructed within SET100 Index constituents.</li></ul>

We add SAPPE to the portfolio on the back of the strong earnings growth momentum in 1Q24E both QoQ (due to seasonal factors) and YoY (low base and additional production capacity).Conversely, PLANB has been removed after failing to meet our ranking threshold, with the return since our initial buy recommendation at -0.6%.KTX's BIG Cap Tactical Picks portfolio is constructed within SET100 Index constituents.

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,487/1,480 points and the resistance at 1,503/1,510 points.</li><li>The BoT is expected to revise down its 2023E Thai GDP growth projection from the previous 3.6% to reflect the slowdown in private and government investment, a budget expenditure vacuum during 4Q23E, and the possibility that export growth may turn out worse than expected.</li><li>The likelihood of the MPC either maintaining or increasing the policy interest rate by 0.25% to 2.5% today appears relatively balanced.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,487/1,480 points and the resistance at 1,503/1,510 points.The BoT is expected to revise down its 2023E Thai GDP growth projection from the previous 3.6% to reflect the slowdown in private and government investment, a budget expenditure vacuum during 4Q23E, and the possibility that export growth may turn out worse than expected.The likelihood of the MPC either maintaining or increasing the policy interest rate by 0.25% to 2.5% today appears relatively balanced.

Waiting for MPC Meeting to Gain Insights Into the Interest Rate Decision and the GDP Projection for 2023

Bangkok Expressway and Metro / Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to move sideways, with the resistance at 1,540/1,545 points (75-day EMA) and the support at 1,519/1,515 points (10-day and 25-day EMA).</li><li>KTX has a negative outlook on the SET this week due to three key domestic factors.</li><li>We recommend contrarian investing; investors may sell to take profit first before waiting to buy back when the SET Index weakens to below 1,482 points (12M MRP at 4.15%).</li></ul>

Technically, the SET Index is expected to move sideways, with the resistance at 1,540/1,545 points (75-day EMA) and the support at 1,519/1,515 points (10-day and 25-day EMA).KTX has a negative outlook on the SET this week due to three key domestic factors.We recommend contrarian investing; investors may sell to take profit first before waiting to buy back when the SET Index weakens to below 1,482 points (12M MRP at 4.15%).

<ul><li>We recommend selling PLANB (return: -4.43%), as the stock has fallen out of our top rankings.</li><li>We recommend buying TCAP in response to the likelihood that the 4Q22E earnings will grow by 5.98% QoQ, driven by growth in the lending business during the Motor Expo (average sales at around 30k units/event) and expectations for a dividend yield for the 2H22E performance at around 4.21% (expected DPS of Bt1.80).</li></ul>

We recommend selling PLANB (return: -4.43%), as the stock has fallen out of our top rankings.We recommend buying TCAP in response to the likelihood that the 4Q22E earnings will grow by 5.98% QoQ, driven by growth in the lending business during the Motor Expo (average sales at around 30k units/event) and expectations for a dividend yield for the 2H22E performance at around 4.21% (expected DPS of Bt1.80).

Big Cap Tactical Picks (December 16, 2022)

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

<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’’

Thailand

Plan B Media Public Company Limited is a leading provider of out-of-home advertising services in Thailand, offering diverse media platforms including transit, classic, digital, retail, and airport media. The company also engages in engagement marketing, encompassing sports marketing and artist management. Plan B Media was established in 2005 and is headquartered in Bangkok, Thailand.

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Plan B Media (PLANB TB)

BIG CAP Tactical Picks

We add SAPPE to the portfolio on the back of the strong earnings growth momentum in 1Q24E both QoQ (due to seasonal factors) and YoY (low base and...

Krungthai XSpring

Waiting for MPC Meeting to Gain Insights Into the Interest Rate Decision and the GDP Projection for 2023

Technically, the SET Index is expected to weaken, with the support at 1,487/1,480 points and the resistance at 1,503/1,510 points. The BoT is...

Krungthai XSpring

Today's Dominant Ideas

Technically, the SET Index is expected to move sideways, with the resistance at 1,540/1,545 points (75-day EMA) and the support at 1,519/1,515...

Krungthai XSpring

Big Cap Tactical Picks (December 16, 2022)

We recommend selling PLANB (return: -4.43%), as the stock has fallen out of our top rankings. We recommend buying TCAP in response to the...

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

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