Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Nov 14th. We estimate that they had an aggregated short interest worth USD2.2bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Intouch, Bangkok Dusit, Quality Houses, CP AXTRA NVDR, Muangthai Capital, Muangthai Capital, Quality Houses, Bangkok Dusit.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Nov 14th. We estimate that they had an aggregated short interest worth USD2.2bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Intouch, Bangkok Dusit, Quality Houses, CP AXTRA NVDR, Muangthai Capital, Muangthai Capital, Quality Houses, Bangkok Dusit.


Thailand Short Interest Weekly (Nov 14th): Intouch, Bangkok Dusit, Quality Houses, CP AXTRA NVDR

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 recommend selling QH (return: +0.84%), as the stock has fallen out of our top rankings.</li><li>We add CPN to the portfolio. The consensus calls for earnings growth of 15.50% YoY to Bt12.4bn in 2023E on the back of the reopening of the country.</li></ul>

We recommend selling QH (return: +0.84%), as the stock has fallen out of our top rankings.We add CPN to the portfolio. The consensus calls for earnings growth of 15.50% YoY to Bt12.4bn in 2023E on the back of the reopening of the country.

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>Maintain BUY rating with a target price of Bt2.54 based on 9.7xPE’2023E, implying 10% discount from its five-years trading average. We have positive view to its 2022 outlook backed </li>
<li>3Q22 earnings grew YoY and QoQ QH reported  3Q22’s net profit of Bt640m (+143%YoY, +24% QoQ), better than our forecast and market expectation.  The YoY increasing of net profit supported </li>
<li>3Q22 presales expanded YoY and QoQ QH reported 3Q22 presales at Bt2.3 bn (+71% YoY, +13% QoQ), representing Bt2.1bn of low-rise presales and Bt289m of condominium presales. 9M22 presales reached </li>
</ul>


Maintain BUY rating with a target price of Bt2.54 based on 9.7xPE’2023E, implying 10% discount from its five-years trading average. We have positive view to its 2022 outlook backed 
3Q22 earnings grew YoY and QoQ QH reported  3Q22’s net profit of Bt640m (+143%YoY, +24% QoQ), better than our forecast and market expectation.  The YoY increasing of net profit supported 
3Q22 presales expanded YoY and QoQ QH reported 3Q22 presales at Bt2.3 bn (+71% YoY, +13% QoQ), representing Bt2.1bn of low-rise presales and Bt289m of condominium presales. 9M22 presales reached 


<ul>
<li>Maintain BUY rating with a target price of Bt2.54 based on 9.7xPE’2023E, implying 10% discount from its five-years trading average. We have positive view to its 2022 outlook onward back</li>
<li>Expect YoY and QoQ expansion in  3Q22 presales We expect 3Q22 presales at Bt2.3 bn (+66%YoY, +10%QoQ),representing (1) Low-rise presales value of Bt2 bn  (+54%YoY,+16%QoQ) and (2) Condominium presales value </li>
<li>However, we view QH’s presales in 2022 maybe lower  than management guidance at Bt9.2bn,due to (1) low take-up rate of 2 new high-end project that launched in 3Q22 at 8.3%</li>
</ul>


Maintain BUY rating with a target price of Bt2.54 based on 9.7xPE’2023E, implying 10% discount from its five-years trading average. We have positive view to its 2022 outlook onward back
Expect YoY and QoQ expansion in  3Q22 presales We expect 3Q22 presales at Bt2.3 bn (+66%YoY, +10%QoQ),representing (1) Low-rise presales value of Bt2 bn  (+54%YoY,+16%QoQ) and (2) Condominium presales value 
However, we view QH’s presales in 2022 maybe lower  than management guidance at Bt9.2bn,due to (1) low take-up rate of 2 new high-end project that launched in 3Q22 at 8.3%


<ul>
<li>Maintain BUY rating with a new target price of Bt2.54 based on9.7xPE’2023E,implying 10% discount from its five-years trading average.We have positive view to its 2022 outlook backed by 4 projects </li>
<li>2Q22 earnings grew YoY QH reported  2Q22’s net profit of Bt515m (+7%YoY, -12% QoQ),lower than our forecast at 10%. The YoY increasing of net profit supported </li>
<li>1H22 presales remain strong We expect 2Q22 presales at Bt2.1 bn (-4% YoY, +2% QoQ), and 1H22 presales at Bt4.1bn(+5%YoY) or 45% of company and our target representing </li>
</ul>


Maintain BUY rating with a new target price of Bt2.54 based on9.7xPE’2023E,implying 10% discount from its five-years trading average.We have positive view to its 2022 outlook backed by 4 projects 
2Q22 earnings grew YoY QH reported  2Q22’s net profit of Bt515m (+7%YoY, -12% QoQ),lower than our forecast at 10%. The YoY increasing of net profit supported 
1H22 presales remain strong We expect 2Q22 presales at Bt2.1 bn (-4% YoY, +2% QoQ), and 1H22 presales at Bt4.1bn(+5%YoY) or 45% of company and our target representing 


Thailand

Quality Houses Public Company Limited is a Thailand-based property developer engaged in real estate development for sale and rent, including land, houses, condominium units, hotel operations, and office buildings. The company also provides management services for real estate properties and invests in other businesses. It was incorporated in 1983 and is headquartered in Bangkok, Thailand.

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Quality Houses (QH TB)

Thailand Short Interest Weekly (Nov 14th): Intouch, Bangkok Dusit, Quality Houses, CP AXTRA NVDR

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Bangkok Dusit (BDMS TB),...

Ke Yan, CFA, FRM

Big Cap Tactical Picks

We recommend selling QH (return: +0.84%), as the stock has fallen out of our top rankings. We add CPN to the portfolio. The consensus calls for...

Krungthai XSpring

QH : 3Q22 Results Better than Expected

Maintain BUY rating with a target price of Bt2.54 based on 9.7xPE’2023E, implying 10% discount from its five-years trading average. We have...

Pi Securities PCL, Thailand

QH : 3Q22 Results Will Grow YoY and QoQ

Maintain BUY rating with a target price of Bt2.54 based on 9.7xPE’2023E, implying 10% discount from its five-years trading average. We have...

Pi Securities PCL, Thailand

QH : 2Q22 Results Grew YoY

Maintain BUY rating with a new target price of Bt2.54 based on 9.7xPE’2023E, implying 10% discount from its five-years trading average. We have...

Pi Securities PCL, Thailand

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