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 increase, with the resistance at 1,660/1,672 points and the support at 1,640/1,635 points.</li><li>The advance should be supported by the expected MoM decline in the US jobs report for November (released tonight), which would increase the likelihood of the Fed slowing down its rate hikes at its December meeting, as the market remains in an uptrend, with the first target at 1,672 points.</li><li>We maintain our recommendation of selective buy, with our stock picks being SMT, SPALI and MINT.</li></ul>

The SET Index is expected to increase, with the resistance at 1,660/1,672 points and the support at 1,640/1,635 points.The advance should be supported by the expected MoM decline in the US jobs report for November (released tonight), which would increase the likelihood of the Fed slowing down its rate hikes at its December meeting, as the market remains in an uptrend, with the first target at 1,672 points.We maintain our recommendation of selective buy, with our stock picks being SMT, SPALI and MINT.

Krungthai XSpring Zoom Eng. December 2, 2022

<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 down, with the resistance at 1,630/1,635 points and the support at 1,611/1,600 points.</li><li>Today's momentum is slightly negative due to the increase in the number of COVID-19 cases in Thailand and many countries around the world, raising concern about the return of strict containment measures.</li><li>The key issues this week include the MPC meeting on November 30, in which it is expected to raise interest rates by 0.25% to 1.25% (positive to banking stocks), and the Motor Expo 2022 from December 1-12 (positive to hire purchase and automotive and parts operators).</li></ul>

The SET Index is expected to move sideways down, with the resistance at 1,630/1,635 points and the support at 1,611/1,600 points.Today's momentum is slightly negative due to the increase in the number of COVID-19 cases in Thailand and many countries around the world, raising concern about the return of strict containment measures.The key issues this week include the MPC meeting on November 30, in which it is expected to raise interest rates by 0.25% to 1.25% (positive to banking stocks), and the Motor Expo 2022 from December 1-12 (positive to hire purchase and automotive and parts operators).

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>We maintain our BUY call with a target price of Bt55.0. The 3Q22 net profit improved 56% YoY and 2% QoQ to Bt2.2bn,which came out in line with our expectations. </li>
<li>Positive 3Q22 results RATCH’s 3Q22 net profit came in line with our expectations at Bt2.2bn, which strongly increased 56% YoY (+2% QoQ).</li>
<li>Excluding one-time gains, the recurring profit stood at Bt2.1bn (+56% YoY, +10% QoQ).  The YoY growth was driven by improved contribution from IPPs. While the QoQ growth </li>
</ul>


We maintain our BUY call with a target price of Bt55.0. The 3Q22 net profit improved 56% YoY and 2% QoQ to Bt2.2bn,which came out in line with our expectations. 
Positive 3Q22 results RATCH’s 3Q22 net profit came in line with our expectations at Bt2.2bn, which strongly increased 56% YoY (+2% QoQ).
Excluding one-time gains, the recurring profit stood at Bt2.1bn (+56% YoY, +10% QoQ).  The YoY growth was driven by improved contribution from IPPs. While the QoQ growth 


<ul>
<li>We maintain our BUY call and raise TP by 15% to Bt55 (DCF, implying 11xPE’23E) due to our DCF upward revision to factor in the new 1.5GW capacity expansion </li>
<li>Positive 3Q22Outlook We expect RATCH’s earnings to be the peak quarter of the year in 3Q22 supported by full quarter contribution from 45MWe NER Power Plant in Rayong and COD </li>
<li>The earnings should decline QoQ in 4Q22 due to seasonal weak domestic demand and higher SG&amp;A expenses. While, YoY earnings growth will be supported 190MWe capacity added during 4Q21to3Q22 period.</li>
</ul>


We maintain our BUY call and raise TP by 15% to Bt55 (DCF, implying 11xPE’23E) due to our DCF upward revision to factor in the new 1.5GW capacity expansion 
Positive 3Q22Outlook We expect RATCH’s earnings to be the peak quarter of the year in 3Q22 supported by full quarter contribution from 45MWe NER Power Plant in Rayong and COD 
The earnings should decline QoQ in 4Q22 due to seasonal weak domestic demand and higher SG&amp;A expenses. While, YoY earnings growth will be supported 190MWe capacity added during 4Q21to3Q22 period.


RATCH : Robust Growth Outlook After Capital Increase

Thailand

Ratch Group is a leading investment holding company primarily focused on electricity generation and energy businesses. The company's portfolio includes fossil-fuel-based, renewable energy, and battery energy storage projects across Thailand, ASEAN, and Australia. It also invests in infrastructure and electricity-related businesses, such as maintenance and operation services, fuel supply, and energy innovation. Headquartered in Nonthaburi, Thailand, the company was established on March 7, 2000.

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Ratch Group (RATCH TB)

Krungthai XSpring Zoom Eng. December 2, 2022

The SET Index is expected to increase, with the resistance at 1,660/1,672 points and the support at 1,640/1,635 points. The advance should be...

Krungthai XSpring

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

Today's Daily Report

The SET Index is expected to move sideways down, with the resistance at 1,630/1,635 points and the support at 1,611/1,600 points. Today's momentum...

Krungthai XSpring

RATCH : Robust Growth Outlook in 2023

We maintain our BUY call with a target price of Bt55.0. The 3Q22 net profit improved 56% YoY and 2% QoQ to Bt2.2bn, which came out in line with our...

Pi Securities PCL, Thailand

RATCH : Robust Growth Outlook After Capital Increase

We maintain our BUY call and raise TP by 15% to Bt55 (DCF, implying 11xPE’23E) due to our DCF upward revision to factor in the new 1.5GW capacity...

Pi Securities PCL, Thailand

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