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>KTX maintains our Neutral rating and the 2025E fair value at Bt24.20.</li><li>The current share price is close to our fair value of Bt24.20, based on a required return of 17.36%, reflecting a PER target of 5.8x.</li><li>The growth outlook is weak, with 2025-26E profit expected to gradually normalize from the upcycle seen in 2024.</li></ul>

KTX maintains our Neutral rating and the 2025E fair value at Bt24.20.The current share price is close to our fair value of Bt24.20, based on a required return of 17.36%, reflecting a PER target of 5.8x.The growth outlook is weak, with 2025-26E profit expected to gradually normalize from the upcycle seen in 2024.

Regional Container Lines - 1Q25 Profit Remained Elevated but Declined QoQ

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

AP Moeller - Maersk A/S / Equity Bottom-Up

<ul>
<li>Maersk's Q125 results slightly beat expectations, but earnings momentum continues to wane</li>
<li>Financial guidance for FY25 unchanged, but there are notable tweaks to key assumptions</li>
<li>Q125 likely carriers' best financial period of FY25 (by far), profits set to erode rest of year</li>
</ul>


Maersk's Q125 results slightly beat expectations, but earnings momentum continues to wane
Financial guidance for FY25 unchanged, but there are notable tweaks to key assumptions
Q125 likely carriers' best financial period of FY25 (by far), profits set to erode rest of year


Maersk Q125 Results: Solid Q1 Numbers | But Mgmt Retains Negative View on FY25, Citing Uncertainty

ZIM Integrated Shipping Services / Equity Bottom-Up

ZIM Integrated Shipping Services (ZIM US)

<ul>
<li>The resilience of global container shipping stocks is surprising given weak price trend</li>
<li>Many market participants appear to be betting on a surge in rates after tariff issues settle</li>
<li>But there are several reasons why a bump in rates is unlikely in the near- to medium-term</li>
</ul>


The resilience of global container shipping stocks is surprising given weak price trend
Many market participants appear to be betting on a surge in rates after tariff issues settle
But there are several reasons why a bump in rates is unlikely in the near- to medium-term


Don't Expect A Resolution of Tariff Chaos To Lift Container Shipping Rates Like Covid-19 Did

<ul><li>KTX maintains a Neutral rating with a fair value of Bt24.20 for 2025E.</li><li>The current share price is higher than our fair value of Bt24.20, which is based on a required return of 17.36%, reflecting a target PER of 5.8x.</li><li>The company's growth outlook remains weak, with 2025-26E profits expected to gradually slow to a normal level following the upcycle in 2024.</li></ul>

KTX maintains a Neutral rating with a fair value of Bt24.20 for 2025E.The current share price is higher than our fair value of Bt24.20, which is based on a required return of 17.36%, reflecting a target PER of 5.8x.The company's growth outlook remains weak, with 2025-26E profits expected to gradually slow to a normal level following the upcycle in 2024.

Regional Container Lines - Upbeat NP but In-Line Core Profit

<ul>
<li>"Good" included Q4 earnings &gt; consensus, cash dividend, and US$2 bn buyback program</li>
<li>"Bad" included guidance of underlying EBIT dropping to <strong><em>zero</em></strong> if Red Sea re-opens in H125</li>
<li>Even Maersk's best-case view has FY25 core EBIT falling by -53% Y/Y vs strong FY24</li>
</ul>


"Good" included Q4 earnings &gt; consensus, cash dividend, and US$2 bn buyback program
"Bad" included guidance of underlying EBIT dropping to zero if Red Sea re-opens in H125
Even Maersk's best-case view has FY25 core EBIT falling by -53% Y/Y vs strong FY24


Maersk Q424 Results: A Mix Of "Good" (Q4 Earnings, Dividend, Buyback) & "Bad" (FY25 Guidance)

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 - 1Q25 Profit Remained Elevated but Declined QoQ

The current share price is close to our fair value of Bt24.20, based on a required return of 17.36%, reflecting a PER target of 5.8x.

Krungthai XSpring

Maersk Q125 Results: Solid Q1 Numbers | But Mgmt Retains Negative View on FY25, Citing Uncertainty

Maersk reported solid Q1 results on Thursday in Copenhagen, and its downbeat FY25 guidance is unchanged. That guidance implies a dramatic erosion...

Tracking Traffic

Don't Expect A Resolution of Tariff Chaos To Lift Container Shipping Rates Like Covid-19 Did

There are several reasons why any resolution of the current US tariff chaos is unlikely to lead to an increase in spot container shipping rates in...

Tracking Traffic

Regional Container Lines - Upbeat NP but In-Line Core Profit

The company's growth outlook remains weak, with 2025-26E profits expected to gradually slow to a normal level following the upcycle in 2024.

Krungthai XSpring

Maersk Q424 Results: A Mix Of "Good" (Q4 Earnings, Dividend, Buyback) & "Bad" (FY25 Guidance)

On February 6 Maersk reported Q424 results that beat expectations. More interesting to us was management's thoroughly downbeat FY25 guidance, where...

Tracking Traffic

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