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>We maintain a Neutral rating on RCL with a new 2025E fair value (FV) of Bt24.20 (from Bt30.00 previously).</li><li>The stock price currently has downside of 3% to our FV of Bt24.20, based on a required rate of return of 17.36%, reflecting the target PER of 5.8x.</li><li>RCL’s growth trajectory is categorized as weak, with the 2025-26E earnings to normalize from the 2024 upcycle.</li></ul>

We maintain a Neutral rating on RCL with a new 2025E fair value (FV) of Bt24.20 (from Bt30.00 previously).The stock price currently has downside of 3% to our FV of Bt24.20, based on a required rate of return of 17.36%, reflecting the target PER of 5.8x.RCL’s growth trajectory is categorized as weak, with the 2025-26E earnings to normalize from the 2024 upcycle.

Regional Container Lines - Solid 4Q24E but Upcycle Already Behind It

<ul><li>We maintain a Neutral rating on RCL with a new 12M FWD fair value (FV) of Bt30.00 (from Bt27.60 previously).</li><li>The stock price currently provides upside of only 4% to our 12M FWD FV of Bt30.00, based on a required rate of return of 16.24%, reflecting the target PER of 6.2x.</li><li>Its growth trajectory is categorized as steady, with the 2025-26E earnings to normalize from the 2024E upcycle.</li></ul>

We maintain a Neutral rating on RCL with a new 12M FWD fair value (FV) of Bt30.00 (from Bt27.60 previously).The stock price currently provides upside of only 4% to our 12M FWD FV of Bt30.00, based on a required rate of return of 16.24%, reflecting the target PER of 6.2x.Its growth trajectory is categorized as steady, with the 2025-26E earnings to normalize from the 2024E upcycle.

Regional Container Lines - Impressive Earnings in 3Q24 but Should Retreat in 4Q24E

<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

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 4Q24E but Upcycle Already Behind It

The stock price currently has downside of 3% to our FV of Bt24.20, based on a required rate of return of 17.36%, reflecting the target PER of 5.8x.

Krungthai XSpring

Regional Container Lines - Impressive Earnings in 3Q24 but Should Retreat in 4Q24E

The stock price currently provides upside of only 4% to our 12M FWD FV of Bt30.00, based on a required rate of return of 16.24%, reflecting the...

Krungthai XSpring

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

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