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

Regional Container Line / Equity Bottom-Up

<ul><li>KTX maintains a Neutral rating and the 12M FV of Bt27.60, based on a required return of 18.58%.</li><li>Our valuation metrics suggest that the current valuation is attractive, with slow long- term growth prospects, while the tactical parameters are also at a neutral level.</li><li>We have a neutral view on RCL’s long-term outlook. The high freight rates expected in 2024E should be temporary, and they are likely to decrease in 2025E.</li></ul>

KTX maintains a Neutral rating and the 12M FV of Bt27.60, based on a required return of 18.58%.Our valuation metrics suggest that the current valuation is attractive, with slow long- term growth prospects, while the tactical parameters are also at a neutral level.We have a neutral view on RCL’s long-term outlook. The high freight rates expected in 2024E should be temporary, and they are likely to decrease in 2025E.

Regional Container Lines - Solid 2Q24 Results with 3Q24E to Be Even Stronger

<ul><li>We reinitiate our coverage on RCL with a Neutral rating and a 12M FV of Bt27.60, based on a required return of 18.58%.</li><li>We believe investors can trade the stock throughout the rate upcycle until mid-August, as this period marks a crucial point to determine if a seasonal pivot could potentially pause the current freight rate upswing.</li><li>RCL’s valuation is quite attractive compared to its Thai and global peers. </li></ul>

We reinitiate our coverage on RCL with a Neutral rating and a 12M FV of Bt27.60, based on a required return of 18.58%.We believe investors can trade the stock throughout the rate upcycle until mid-August, as this period marks a crucial point to determine if a seasonal pivot could potentially pause the current freight rate upswing.RCL’s valuation is quite attractive compared to its Thai and global peers. 

Regional Container Lines - Freight Rate Spike Due to Red Sea Events Not Sustainable

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>Taiwan's two deep-sea container carriers reported a Y/Y decline in combined revenue in April</li>
<li>In USD terms, the two carriers' combined revenues are down -48% vs 2024 peak levels</li>
<li>Sector YTD &amp; Y/Y share performance do <em>not</em> reflect worsening fundamentals; stay SHORT</li>
</ul>


Taiwan's two deep-sea container carriers reported a Y/Y decline in combined revenue in April
In USD terms, the two carriers' combined revenues are down -48% vs 2024 peak levels
Sector YTD &amp; Y/Y share performance do not reflect worsening fundamentals; stay SHORT


Taiwan's Deep-Sea Carriers Saw Revenue Decline Y/Y in April, First Time Since Dec-2023 | Stay SHORT!

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Three stocks remain, 11 new join the fray</li>
<li>Since inception, it has gained 73% versus the SET 100 Index’s return of 10%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Three stocks remain, 11 new join the fray
Since inception, it has gained 73% versus the SET 100 Index’s return of 10%


The Stocks to Own in Thailand – Vol. 49

ZIM Integrated Shipping Services / Equity Bottom-Up

<ul>
<li>Shares of container carriers have surged on expectations of a strong recovery in volume</li>
<li>But April data show pricing continued to soften despite solid North American demand</li>
<li>The carriers themselves and other industry players remain downbeat; SHORT the carriers</li>
</ul>


Shares of container carriers have surged on expectations of a strong recovery in volume
But April data show pricing continued to soften despite solid North American demand
The carriers themselves and other industry players remain downbeat; SHORT the carriers


Monthly Container Shipping Tracker | Pricing Still Weak | No Signs of a Recovery | SHORT (May 2025)

Thailand

Regional Container Lines Public Company Limited provides ocean freight transportation services. The Company owns and operates a fleet of container vessels covering more than 70 destinations in Asia, Australia, and the Middle East.

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Regional Container Line (RCL TB)

Regional Container Lines - Solid 2Q24 Results with 3Q24E to Be Even Stronger

Our valuation metrics suggest that the current valuation is attractive, with slow long- term growth prospects, while the tactical parameters are...

Krungthai XSpring

Regional Container Lines - Freight Rate Spike Due to Red Sea Events Not Sustainable

The stock is currently trading at a 2024-25E PER of 4.1x and 8.1x, respectively, below its peers at 10.5x and 30.2x, respectively.

Krungthai XSpring

Taiwan's Deep-Sea Carriers Saw Revenue Decline Y/Y in April, First Time Since Dec-2023 | Stay SHORT!

April revenue figures from Evergreen and Yang Ming suggest a sharp deterioration in fundamentals, which has not been reflected in YTD or Y/Y share...

Tracking Traffic

The Stocks to Own in Thailand – Vol. 49

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: Three stocks remain, 11 new join...

A. Stotz Investment Research

Monthly Container Shipping Tracker | Pricing Still Weak | No Signs of a Recovery | SHORT (May 2025)

Pricing remains weak, and carriers kept FY25 guidance downbeat despite decent Q125 results (and US claims of progress on tariffs). We view the...

Tracking Traffic

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