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 Lines / Equity Bottom-Up

<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

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

<ul>
<li>TS Lines' January-April 2024 revenue &amp; margins showed little Y/Y change</li>
<li>Besides weak Y/Y growth, TS Lines' move to re-enter Transpacific is odd</li>
<li>TS Lines' filing offers few reasons to favor the company over listed peers</li>
</ul>


TS Lines' January-April 2024 revenue &amp; margins showed little Y/Y change
Besides weak Y/Y growth, TS Lines' move to re-enter Transpacific is odd
TS Lines' filing offers few reasons to favor the company over listed peers


TS Lines Pre-IPO: January-April Results Vs WHL, RCL H124 | Opportunistic Return to Transpacific?

<ul>
<li>Evergreen reported strong Q2 results, with revenue and margins both up sharply</li>
<li>Meanwhile, Hapag-Lloyd reported stagnant revenue and lower core profit margins</li>
<li>Divergent carrier performance reinforces our view that management skill matters</li>
</ul>


Evergreen reported strong Q2 results, with revenue and margins both up sharply
Meanwhile, Hapag-Lloyd reported stagnant revenue and lower core profit margins
Divergent carrier performance reinforces our view that management skill matters


More Q224 Container Carrier Results: Evergreen, Hapag-Lloyd Show Sharply Diverging Results

<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>Container ships are standardized, and fleets can be "market to market" values</li>
<li>This approach suggests TS Lines' equity could be worth &gt; US$2.0 bn</li>
<li>However, there are some caveats that come with this valuation approach</li>
</ul>


Container ships are standardized, and fleets can be "market to market" values
This approach suggests TS Lines' equity could be worth &gt; US$2.0 bn
However, there are some caveats that come with this valuation approach


TS Lines Pre-IPO: Adjusted Book Value Approach Yields Estimated Equity Valuation of US$1.96-2.06 Bn

Thailand

Regional Container Lines is a Thailand-based international container shipping company specializing in feeder services for containerized cargo across Asia-centric networks. It offers integrated logistics solutions including sea freight, road transport, air cargo, and rail services, supporting both Shipper-Owned Containers (SOC) and Carrier-Owned Containers (COC). The company was founded in 1979 and is headquartered in Bangkok, Thailand.

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Regional Container Lines (RCL TB)

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

TS Lines Pre-IPO: January-April Results Vs WHL, RCL H124 | Opportunistic Return to Transpacific?

TS Lines in a recent filing reported mediocre January-April rates that pale compared to its comps' H124 numbers. We see few reasons to choose...

Tracking Traffic

More Q224 Container Carrier Results: Evergreen, Hapag-Lloyd Show Sharply Diverging Results

Evergreen Marine's Q2 results far outpaced the results of both Hapag-Lloyd and Maersk. The Taiwanese carrier's results over the past 2.5 years...

Tracking Traffic

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

TS Lines Pre-IPO: Adjusted Book Value Approach Yields Estimated Equity Valuation of US$1.96-2.06 Bn

Adjusting the book value of TS Lines' fleet based on recent newbuilding prices implies an equity valuation for the regional container carrier of as...

Tracking Traffic

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