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 downgrade our rating on PSL to Underperform and revise down our 2026E fair value to Bt4.50 (from Outperform with a fair value of Bt7.66 previously).</li><li>The current share price is 24% above our 2026E fair value of Bt4.50, which is based on a required return of 9.89%, reflecting a target PER of 10.1x.</li><li>The 1Q25 loss is expected to recover in 2Q25E; however, the dry bulk business continues to face challenges from declining global trade volumes due to the current import tariff situation.</li></ul>

We downgrade our rating on PSL to Underperform and revise down our 2026E fair value to Bt4.50 (from Outperform with a fair value of Bt7.66 previously).The current share price is 24% above our 2026E fair value of Bt4.50, which is based on a required return of 9.89%, reflecting a target PER of 10.1x.The 1Q25 loss is expected to recover in 2Q25E; however, the dry bulk business continues to face challenges from declining global trade volumes due to the current import tariff situation.

Precious Shipping - Losses Reported; Challenges Ahead

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>Institutions were net buyers of Singapore stocks with S$76 million inflow, reversing prior S$170 million outflow.</li><li>19 companies conducted buybacks totaling S$65 million; DBS Group Holdings led with 730,000 shares at S$45.89 each.</li><li>Precious Shipping became a substantial shareholder in Uni-Asia Group, raising its stake above 5% through Unity Ventures.</li></ul>

Institutions were net buyers of Singapore stocks with S$76 million inflow, reversing prior S$170 million outflow.19 companies conducted buybacks totaling S$65 million; DBS Group Holdings led with 730,000 shares at S$45.89 each.Precious Shipping became a substantial shareholder in Uni-Asia Group, raising its stake above 5% through Unity Ventures.

PSL Becomes Uni-Asia Substantial Shareholder; Oceanus Group’s Peter Koh Adds to Stake

<ul><li>We upgrade PSL to an Outperform rating with a new 2025E fair price of Bt7.66 (from a Neutral rating and the fair price of Bt9.04 previously).</li><li>The stock price currently provides upside of 34% to our 2025E fair value of Bt7.66, based on a required rate of return of 6.42%, reflecting the target PER of 15.6x.</li><li>The stock’s growth trajectory is categorized as strong, with a 12.6% CAGR projected in 2025-27E.</li></ul>

We upgrade PSL to an Outperform rating with a new 2025E fair price of Bt7.66 (from a Neutral rating and the fair price of Bt9.04 previously).The stock price currently provides upside of 34% to our 2025E fair value of Bt7.66, based on a required rate of return of 6.42%, reflecting the target PER of 15.6x.The stock’s growth trajectory is categorized as strong, with a 12.6% CAGR projected in 2025-27E.

Precious Shipping - Weak TC Rate and Earnings in 2025E Already Priced In

<ul><li>We downgrade PSL to a Neutral rating with a new 2025E fair price of Bt9.04 (from an Outperform rating and the fair price of Bt11.40 previously).</li><li>The stock price currently provides upside of 10% to our 2025E FV of Bt9.04, based on a required rate of return of 8.74%, reflecting the target PER of 11.4x.</li><li>Its growth trajectory is categorized as poor, with a decelerating 5% CAGR in 2024-26E.</li></ul>

We downgrade PSL to a Neutral rating with a new 2025E fair price of Bt9.04 (from an Outperform rating and the fair price of Bt11.40 previously).The stock price currently provides upside of 10% to our 2025E FV of Bt9.04, based on a required rate of return of 8.74%, reflecting the target PER of 11.4x.Its growth trajectory is categorized as poor, with a decelerating 5% CAGR in 2024-26E.

Precious Shipping - Quarterly Momentum Was Eroded by Freight Rate’s Decline

<ul><li>KTX maintains an Outperform rating and the 12M FV of Bt11.40, based on a required return of 8.52%.</li><li>Our valuation metrics suggest that the current valuation is attractive, alongside steady long-term growth prospects; meanwhile, the tactical parameters are at a neutral level.</li><li>We have a positive view on the dry-bulk shipping business in the minor bulk segment given the well-balanced demand and supply outlook, which should support operators’ earnings at a profitable level.</li></ul>

KTX maintains an Outperform rating and the 12M FV of Bt11.40, based on a required return of 8.52%.Our valuation metrics suggest that the current valuation is attractive, alongside steady long-term growth prospects; meanwhile, the tactical parameters are at a neutral level.We have a positive view on the dry-bulk shipping business in the minor bulk segment given the well-balanced demand and supply outlook, which should support operators’ earnings at a profitable level.

Precious Shipping - 2Q24 Core Profit Gained 85% YoY and 29% QoQ

Thailand

Precious Shipping is a Thailand-based ship-owner providing global dry-bulk transportation services. The company operates dry bulk ships on a tramp shipping basis, employing its vessels on both time and voyage charters, and handles cargoes such as cement, agricultural products, steel, fertilizers, ores, coal, and logs. It was founded in 1989 and is headquartered in Bangkok, Thailand.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Precious Shipping (PSL TB)

Precious Shipping - Losses Reported; Challenges Ahead

We downgrade our rating on PSL to Underperform and revise down our 2026E fair value to Bt4.50 (from Outperform with a fair value of Bt7.66...

Krungthai XSpring

PSL Becomes Uni-Asia Substantial Shareholder; Oceanus Group’s Peter Koh Adds to Stake

Institutions were net buyers of Singapore stocks with S$76 million inflow, reversing prior S$170 million outflow. 19 companies conducted buybacks...

Singapore Exchange Ltd (SGX)

Precious Shipping - Weak TC Rate and Earnings in 2025E Already Priced In

We upgrade PSL to an Outperform rating with a new 2025E fair price of Bt7.66 (from a Neutral rating and the fair price of Bt9.04 previously).

Krungthai XSpring

Precious Shipping - Quarterly Momentum Was Eroded by Freight Rate’s Decline

We downgrade PSL to a Neutral rating with a new 2025E fair price of Bt9.04 (from an Outperform rating and the fair price of Bt11.40 previously).

Krungthai XSpring

Precious Shipping - 2Q24 Core Profit Gained 85% YoY and 29% QoQ

KTX maintains an Outperform rating and the 12M FV of Bt11.40, based on a required return of 8.52%. Our valuation metrics suggest that the current...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)