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 down, with the resistance at 1,630/1,635 points and the support at 1,611 points (50-week EMA)/1,600 points.</li><li>Today's investment momentum is negative after the Cabinet approved a financial transaction tax of 0.11%.</li><li>We switch our rating to Buy (from Neutral), with a new fair value of Bt46.30 (vs. 33.41 previously), while the required return has been lowered to 6.3% (vs. 8.1% previously), implying 17% upside.</li></ul>

The SET Index is expected to move sideways down, with the resistance at 1,630/1,635 points and the support at 1,611 points (50-week EMA)/1,600 points.Today's investment momentum is negative after the Cabinet approved a financial transaction tax of 0.11%.We switch our rating to Buy (from Neutral), with a new fair value of Bt46.30 (vs. 33.41 previously), while the required return has been lowered to 6.3% (vs. 8.1% previously), implying 17% upside.

<ul><li>The SET Index is expected to move sideways, with the resistance at 1,650/1,666 points and the support at 1,627/1,613 points.</li><li>We recommend trading buy on SABUY, PTG and CPN.</li><li>Technically, there is a signal for a further increase in the index, with the next target at 1,666 points, after it hit a higher high yesterday; the loss-stopping point would be at 1,627 points (10-day EMA).</li></ul>

The SET Index is expected to move sideways, with the resistance at 1,650/1,666 points and the support at 1,627/1,613 points.We recommend trading buy on SABUY, PTG and CPN.Technically, there is a signal for a further increase in the index, with the next target at 1,666 points, after it hit a higher high yesterday; the loss-stopping point would be at 1,627 points (10-day EMA).

Technical Analysis: Recommendation: Selective Speculation

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

JUBILE reported 2Q18 net profit of Bt49m (+8.9%YoY, +4.2%QoQ). The 1H18 result was 41% of our full-year forecast and in line with our forecast.  <ul class="">
<li>2Q18 sales was Bt423m flat on YoY due mainly to soft marketing activity.</li>
<li>Gross profit margin was widen to 42.9% from 40.2% in 2Q17 due to better product mixes.</li>
<li>Announced an interim dividend payment of Bt0.33 (XD on 21 Aug), which is equivalent to 1.5% dividend yield.</li>
</ul>We rate JUBILE as a BUY with 49% upside to our target price of Bt32.0*Please refer to…

JUBILE reported 2Q18 net profit of Bt49m (+8.9%YoY, +4.2%QoQ). The 1H18 result was 41% of our full-year forecast and in line with our forecast.  
2Q18 sales was Bt423m flat on YoY due mainly to soft marketing activity.
Gross profit margin was widen to 42.9% from 40.2% in 2Q17 due to better product mixes.
Announced an interim dividend payment of Bt0.33 (XD on 21 Aug), which is equivalent to 1.5% dividend yield.
We rate JUBILE as a BUY with 49% upside to our target price of Bt32.0*Please refer to…

JUBILE: Leading Retailer of Diamond Jewelry Enjoy Margin Expansion

JUBILE reported 1Q18 net profit of Bt47m (+41%YoY, -26%QoQ). The 1Q18 result was 20% of our full-year forecast and in line with our forecast.  <ul class="">
<li>Sales grew 9%YoY but dropped 8%QoQ due mainly to branch expansion.</li>
<li>Gross profit margin was widen to 48% from 44% in 1Q17 due to better product mixes.</li>
<li>Announced an interim dividend payment of Bt0.37 (XD on 9 May), which is equivalent to 1.5% upcoming dividend yield.</li>
</ul>We rate JUBILE as a BUY with 31% upside to our target price of Bt32.0*<a href="https://www.smartkarma.com/insights/jubile-nation-s-biggest-retailer-of-diamond-jewelry" target="_blank">JUBILE: Nation’s Biggest</a>…

JUBILE reported 1Q18 net profit of Bt47m (+41%YoY, -26%QoQ). The 1Q18 result was 20% of our full-year forecast and in line with our forecast.  
Sales grew 9%YoY but dropped 8%QoQ due mainly to branch expansion.
Gross profit margin was widen to 48% from 44% in 1Q17 due to better product mixes.
Announced an interim dividend payment of Bt0.37 (XD on 9 May), which is equivalent to 1.5% upcoming dividend yield.
We rate JUBILE as a BUY with 31% upside to our target price of Bt32.0*JUBILE: Nation’s Biggest…

JUBILE: Gross Profit Growth Causes Increase Bottom Line Growth

JUBILE had 4Q17 recurring EPS of Bt0.36 (+29%YoY, +41%QoQ). The FY2017 recurring EPS was Bt1.06 (+17%YoY) and was 12% better than our forecast. <ul>
<li>4Q17 net profit was the record quarter driven by 16%YoY sales growth.</li>
<li>CRM implementation in selling and marketing plan as well as new product development is a main driver for sales growth (+12%YoY).</li>
<li>Announced an interim dividend payment of Bt0.37 (XD on 9 May), which is equivalent to 1.5% upcoming dividend yield.</li>
</ul>We rate JUBILE as a BUY with 38% upside to…

JUBILE had 4Q17 recurring EPS of Bt0.36 (+29%YoY, +41%QoQ). The FY2017 recurring EPS was Bt1.06 (+17%YoY) and was 12% better than our forecast. 
4Q17 net profit was the record quarter driven by 16%YoY sales growth.
CRM implementation in selling and marketing plan as well as new product development is a main driver for sales growth (+12%YoY).
Announced an interim dividend payment of Bt0.37 (XD on 9 May), which is equivalent to 1.5% upcoming dividend yield.
We rate JUBILE as a BUY with 38% upside to…

JUBILE: 12% Sales Growth Causes Increase Bottom Line Growth

Thailand

Pranda Jewelry Public Company Limited manufactures and distributes fine jewelry, including gold, silver, and gemstone jewelry, under brands such as Prima Gold, Prima Art, Merii, and Gemondo. The company operates globally with production facilities in Thailand and Vietnam, and distribution networks across North America, Europe, and Asia. Pranda Jewelry is headquartered in Bangkok, Thailand, and was founded in 1973.

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Pranda Jewelry (PDJ TB)

Two-Year Earnings to Mark a 39% CAGR

The SET Index is expected to move sideways down, with the resistance at 1,630/1,635 points and the support at 1,611 points (50-week EMA)/1,600...

Krungthai XSpring

Technical Analysis: Recommendation: Selective Speculation

The SET Index is expected to move sideways, with the resistance at 1,650/1,666 points and the support at 1,627/1,613 points. We recommend trading...

Krungthai XSpring

JUBILE: Leading Retailer of Diamond Jewelry Enjoy Margin Expansion

JUBILE reported 2Q18 net profit of Bt49m (+8.9%YoY, +4.2%QoQ). The 1H18 result was 41% of our full-year forecast and in line with our forecast....

Pi Securities PCL, Thailand

JUBILE: Gross Profit Growth Causes Increase Bottom Line Growth

JUBILE reported 1Q18 net profit of Bt47m (+41%YoY, -26%QoQ). The 1Q18 result was 20% of our full-year forecast and in line with our forecast....

Pi Securities PCL, Thailand

JUBILE: 12% Sales Growth Causes Increase Bottom Line Growth

JUBILE had 4Q17 recurring EPS of Bt0.36 (+29%YoY, +41%QoQ). The FY2017 recurring EPS was Bt1.06 (+17%YoY) and was 12% better than our...

Pi Securities PCL, Thailand

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