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>PSL reported a huge net loss in 2Q20 on extra items and a larger core loss due to the negative impact of COVID-19 on the bulk ship industry globally.</li><li>Although we believe the worst has likely passed, the increase in PSL's share price by 75% over three months already reflects the positives, in our view.</li><li>We thus switch our rating to Sell (from Hold).</li></ul>

PSL reported a huge net loss in 2Q20 on extra items and a larger core loss due to the negative impact of COVID-19 on the bulk ship industry globally.Although we believe the worst has likely passed, the increase in PSL's share price by 75% over three months already reflects the positives, in our view.We thus switch our rating to Sell (from Hold).

<ul><li>PSL reported a net loss in 1Q20 owing to a weak TC rate.</li><li>Meanwhile, the BDI and TC rate may continue weakening in the rest of this year given the oversupply.</li><li>Thus, we decided to make a further cut to PSL's TC rate assumptions and earnings in 2020E.</li></ul>

PSL reported a net loss in 1Q20 owing to a weak TC rate.Meanwhile, the BDI and TC rate may continue weakening in the rest of this year given the oversupply.Thus, we decided to make a further cut to PSL's TC rate assumptions and earnings in 2020E.

Oversupply in Bulk Ship Industry to Continue

Singapore

PSL Holdings Limited is an investment holding company providing land and marine logistics and support services in Singapore and Indonesia. It engages in construction and infrastructure activities, trading and supply of construction materials, and real estate. The company was incorporated in 1997 and is headquartered in Singapore.

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PSL (PSL SP)

Weak Results Partly From Extra Items

PSL reported a huge net loss in 2Q20 on extra items and a larger core loss due to the negative impact of COVID-19 on the bulk ship industry...

Krungthai XSpring

Oversupply in Bulk Ship Industry to Continue

PSL reported a net loss in 1Q20 owing to a weak TC rate. Meanwhile, the BDI and TC rate may continue weakening in the rest of this year given the...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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