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.

Thematic (Sector/Industry)

<ul><li>The combined 4Q24 earnings of 597 stocks in the SET Index (accounting for 98% of total market capitalization) amounted to Bt190,163mn, up 12% YoY but down 5% QoQ.</li><li>Excluding the energy, petrochemical, and banking sectors, earnings for the remaining stocks grew 23% YoY but declined 12% QoQ.</li><li>Among the 185 stocks with Bloomberg consensus estimates, earnings came in at Bt179,438mn, rising 24% YoY and 3% QoQ, but falling short of the Bloomberg consensus estimates by approximately 8%. </li></ul>

The combined 4Q24 earnings of 597 stocks in the SET Index (accounting for 98% of total market capitalization) amounted to Bt190,163mn, up 12% YoY but down 5% QoQ.Excluding the energy, petrochemical, and banking sectors, earnings for the remaining stocks grew 23% YoY but declined 12% QoQ.Among the 185 stocks with Bloomberg consensus estimates, earnings came in at Bt179,438mn, rising 24% YoY and 3% QoQ, but falling short of the Bloomberg consensus estimates by approximately 8%. 

Special Report: 4Q24 Consensus Earnings Summary - March 4, 2025

<ul><li>Technically, the SET Index is expected to move up, with the resistance at 1,405/1,416 points and the support at 1,395/1,390 points (75-day EMA).</li><li>As for the overall picture, there is a positive signal after the index broke out from the resistance of the downchannel trend at 1,330-1,395 points on higher volume.</li><li>This should support upward movement to test the previous resistance at 1,416 and 1,435 points, respectively.</li></ul>

Technically, the SET Index is expected to move up, with the resistance at 1,405/1,416 points and the support at 1,395/1,390 points (75-day EMA).As for the overall picture, there is a positive signal after the index broke out from the resistance of the downchannel trend at 1,330-1,395 points on higher volume.This should support upward movement to test the previous resistance at 1,416 and 1,435 points, respectively.

<ul><li>Technically, we are still waiting to see a breakout signal pointing to an uptrend or a downtrend, which will affect the index’s movement today.</li><li>The index is expected to continue moving sideways after having fluctuated within the range of 1,368.21-1,389.79 points since mid-March, with the resistance at 1,384/1,392 points (50-day EMA/75-day EMA) and the support at 1,374/1,365 points.</li><li>For the overall picture, the index is still moving in the downchannel range of 1,330-1,396 points.</li></ul>

Technically, we are still waiting to see a breakout signal pointing to an uptrend or a downtrend, which will affect the index’s movement today.The index is expected to continue moving sideways after having fluctuated within the range of 1,368.21-1,389.79 points since mid-March, with the resistance at 1,384/1,392 points (50-day EMA/75-day EMA) and the support at 1,374/1,365 points.For the overall picture, the index is still moving in the downchannel range of 1,330-1,396 points.

KTX Zoom - Services PMIs in the EU and UK

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

Equity Bottom-Up

S Hotels & Resorts PCL / Equity Bottom-Up

<ul>
<li>Maintain BUY rating for SHR with a new target price of Bt5.60 (Previous TP:5.20) after revised earnings up by 33% in 2023E due to better cost control.The company hotel performance</li>
<li>Positive earnings outlook in 4Q22 and throughout 1Q23 UK portfolio: Expect hotel RevPar to drop QoQ in 4Q22 amid winter season and an absence of football matches during boxing day. </li>
<li>Self-Managed Thai hotels: Strong rebound momentum for RevPar to persist in 4Q22 and throughout 2023 supported by international tourist inbound,which expected to hit more than 1.5 million arrivals per month</li>
</ul>


Maintain BUY rating for SHR with a new target price of Bt5.60 (Previous TP:5.20) after revised earnings up by 33% in 2023E due to better cost control.The company hotel performance
Positive earnings outlook in 4Q22 and throughout 1Q23 UK portfolio: Expect hotel RevPar to drop QoQ in 4Q22 amid winter season and an absence of football matches during boxing day. 
Self-Managed Thai hotels: Strong rebound momentum for RevPar to persist in 4Q22 and throughout 2023 supported by international tourist inbound,which expected to hit more than 1.5 million arrivals per month


SHR : Bright Earnings Recovery Outlook in 2023

<ul>
<li>Maintain BUY rating for SHR while rolled over target price to Bt5.20 (Previous TP:4.80). We expect the company to post positive net profit in 2H22 driven by self-managed Thailand portfolio</li>
<li>Positive earnings outlook in 2H22 UK portfolio:Solid performance is expected to carry on until winter season until year ended supported by pent-up demand for domestic travelers (90%guest contribution)together with recovery </li>
<li>Self-Managed Thai hotels: Positive recovery momentum is expected to continue throughout 2022 supported by foreign tourist inbound and domestic tourism stimulus package. July’22 occupancy rate for Thai hotels had gradually </li>
</ul>


Maintain BUY rating for SHR while rolled over target price to Bt5.20 (Previous TP:4.80). We expect the company to post positive net profit in 2H22 driven by self-managed Thailand portfolio
Positive earnings outlook in 2H22 UK portfolio:Solid performance is expected to carry on until winter season until year ended supported by pent-up demand for domestic travelers (90%guest contribution)together with recovery 
Self-Managed Thai hotels: Positive recovery momentum is expected to continue throughout 2022 supported by foreign tourist inbound and domestic tourism stimulus package. July’22 occupancy rate for Thai hotels had gradually 


SHR : Benefit from Its Well-Diversified Hotel Portfolio

Thailand

S Hotels And Resorts Public Company Limited operates as a holding company. The Company, through its subsidiaries, engages in management of hotels and resorts, as well as investments in properties. S Hotels And Resorts serves customers worldwide.

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S Hotels & Resorts PCL (SHR TB)

Special Report: 4Q24 Consensus Earnings Summary - March 4, 2025

The combined 4Q24 earnings of 597 stocks in the SET Index (accounting for 98% of total market capitalization) amounted to Bt190,163mn, up 12% YoY...

Krungthai XSpring

KTX Zoom - APRIL 10, 2024

Technically, the SET Index is expected to move up, with the resistance at 1,405/1,416 points and the support at 1,395/1,390 points (75-day EMA).

Krungthai XSpring

KTX Zoom - Services PMIs in the EU and UK

Technically, we are still waiting to see a breakout signal pointing to an uptrend or a downtrend, which will affect the index’s movement today.

Krungthai XSpring

SHR : Bright Earnings Recovery Outlook in 2023

Maintain BUY rating for SHR with a new target price of Bt5.60 (Previous TP:5.20) after revised earnings up by 33% in 2023E due to better cost...

Pi Securities PCL, Thailand

SHR : Benefit from Its Well-Diversified Hotel Portfolio

Maintain BUY rating for SHR while rolled over target price to Bt5.20 (Previous TP:4.80). We expect the company to post positive net profit in 2H22...

Pi Securities PCL, Thailand

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