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>Technically, the SET Index is expected to rise, with the resistance at 1,395/1,402 points (10-day EMA) and the support at 1,380/1,373 points.</li><li>The Ministry of Commerce will report inflation in November, with the consensus forecasting -0.3% MoM and -0.5% YoY, weakening further from October at -0.28% MoM and -0.31% YoY.</li><li>We recommend blue chip stocks benefiting from the end of the interest rate uptrend: SAWAD, CPNREIT and TISCO.</li></ul>

Technically, the SET Index is expected to rise, with the resistance at 1,395/1,402 points (10-day EMA) and the support at 1,380/1,373 points.The Ministry of Commerce will report inflation in November, with the consensus forecasting -0.3% MoM and -0.5% YoY, weakening further from October at -0.28% MoM and -0.31% YoY.We recommend blue chip stocks benefiting from the end of the interest rate uptrend: SAWAD, CPNREIT and TISCO.

External broker reports(aggregated public sources), UOB Kay Hian

UOB Kay Hian

External broker reports(aggregated public sources)

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We factor in potential valuation losses and the cost to reduce gearing to correctly appraise the valuation for Prime US REIT.</li><li>We estimate fair value of investment properties to drop 10% and aggregate leverage to hit 48% at end-23.</li><li>Valuation is attractive with Prime US REIT's 2024 distribution yield at 17.4% and P/NAV at 0.44x. Maintain BUY. Target price: US$0.61.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We factor in potential valuation losses and the cost to reduce gearing to correctly appraise the valuation for Prime US REIT.We estimate fair value of investment properties to drop 10% and aggregate leverage to hit 48% at end-23.Valuation is attractive with Prime US REIT's 2024 distribution yield at 17.4% and P/NAV at 0.44x. Maintain BUY. Target price: US$0.61.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prime US REIT 1Q23 - Resiliency From Diversified Tenant Mix; Bombed-Out Valuations

External broker reports(aggregated public sources), RHB Invest

RHB Invest

RHB Investment Bank is one of the leading capital market players in Malaysia. Supported by an award-winning research team of experienced product specialists, RHB Group Investment Banking offers a full range of investment banking products and services covering primary markets, such as advisory (corporate & debt restructuring, mergers and acquisitions, takeovers), fundraising via both equity and debt instruments, and secondary markets including securities trading for both institutional and retail clients. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Prime US REIT's 1Q23 update shows resilient operational numbers.</li><li>While occupancy is expected to see slight fluctuations on tenant movements, we expect it to remain above 85% with slight positive rent reversions.</li><li>Keep BUY rating on Prime US REIT with new US$0.57 target price.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prime US REIT's 1Q23 update shows resilient operational numbers.While occupancy is expected to see slight fluctuations on tenant movements, we expect it to remain above 85% with slight positive rent reversions.Keep BUY rating on Prime US REIT with new US$0.57 target price.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>The SET Index is expected to fall, with the resistance at 1,592/1,597 points and the support at 1,567/1,556 points.</li><li>Negative momentum will be generated by the greater selloffs in global equity markets last Friday, thanks to the expectation that the Fed will remain hawkish throughout this year given the strong US employment figures and the anticipation that global crude oil prices will remain high during the rest of the year following the production cut by OPEC+.</li><li>Foreign investors continued to net sell Thai equities for the sixth consecutive week at Bt1,202.40mn, with cumulative net selling over the last six weeks at Bt20,430mn.</li></ul>

The SET Index is expected to fall, with the resistance at 1,592/1,597 points and the support at 1,567/1,556 points.Negative momentum will be generated by the greater selloffs in global equity markets last Friday, thanks to the expectation that the Fed will remain hawkish throughout this year given the strong US employment figures and the anticipation that global crude oil prices will remain high during the rest of the year following the production cut by OPEC+.Foreign investors continued to net sell Thai equities for the sixth consecutive week at Bt1,202.40mn, with cumulative net selling over the last six weeks at Bt20,430mn.

Singapore

Prime US REIT is a Singapore-based real estate investment trust that invests in stabilized income-producing Class A freehold office properties in key markets across the United States. It aims to provide unitholders with regular and stable distributions and long-term growth in distribution per unit and net asset value per unit. The REIT was listed on the Main Board of the Singapore Exchange on July 19, 2019, and is headquartered in Singapore.

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Prime US REIT (PRIME SP)

Today's Dominant Ideas

Technically, the SET Index is expected to rise, with the resistance at 1,395/1,402 points (10-day EMA) and the support at 1,380/1,373 points. The...

Krungthai XSpring

Prime US REIT 1Q23 - Resiliency From Diversified Tenant Mix; Bombed-Out Valuations

We factor in potential valuation losses and the cost to reduce gearing to correctly appraise the valuation for Prime US REIT.

UOB Kay Hian

Prime US REIT - Focusing On Operations

Prime US REIT's 1Q23 update shows resilient operational numbers. While occupancy is expected to see slight fluctuations on tenant movements, we...

RHB Invest

Market Outlook

The SET Index is expected to fall, with the resistance at 1,592/1,597 points and the support at 1,567/1,556 points. Negative momentum will be...

Krungthai XSpring

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