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

<ul><li>The SET Index is expected to move sideways in the range of 1,650-1,670 points, supported by the positive closure of the NASDAQ at +0.13% yesterday after the FOMC minutes did not yield a negative surprise.</li><li>Investment strategy: We recommend trading buy on reopening plays whose earnings may show positive surprises, based on the results from the firms that have already reported their earnings.</li><li>The index fluctuated in a narrow range while volume remained light when it weakened.</li></ul>

The SET Index is expected to move sideways in the range of 1,650-1,670 points, supported by the positive closure of the NASDAQ at +0.13% yesterday after the FOMC minutes did not yield a negative surprise.Investment strategy: We recommend trading buy on reopening plays whose earnings may show positive surprises, based on the results from the firms that have already reported their earnings.The index fluctuated in a narrow range while volume remained light when it weakened.

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

<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

<ul>
<li>Analyst meeting came out with a positive tone regarding 2022 outlook.We maintain BUY rating  while roll out the new 2023 TP of Bt4.8 (+7% from previous TP),pegged to 1x PBV’23E.</li>
<li>We expect  its 2022 EBITDA to grow 4 times, in-line with management target with 61% growth in revenue backed by global tourism recovery.</li>
<li>UK portfolio will grow steady from a dull 1Q22 performance owing to low season and will ramp up to pre-Covid levels by the end of2022 while Maldives portfolio will enter </li>
</ul>


Analyst meeting came out with a positive tone regarding 2022 outlook.We maintain BUY rating  while roll out the new 2023 TP of Bt4.8 (+7% from previous TP),pegged to 1x PBV’23E.
We expect  its 2022 EBITDA to grow 4 times, in-line with management target with 61% growth in revenue backed by global tourism recovery.
UK portfolio will grow steady from a dull 1Q22 performance owing to low season and will ramp up to pre-Covid levels by the end of2022 while Maldives portfolio will enter 


SHR: Operations to Regain Momentum in 2H22

<ul>
<li>We maintain BUY rating with TP Bt4.50 derived from 1x PBV’22E, to reflect better outlook post-COVID crisis.</li>
<li>The company reported 1Q22 net loss of Bt204m compared to net loss of Bt311m in 1Q21 and net loss of Bt70m in 4Q21, in-line with our expectation.</li>
<li>1Q22 EBITDA remained positive for 3-consecutive quarter at Bt256m compared to a negative EBITDA of Bt59m in 1Q21 due to strong recovery of overall hotel operation. However, EBITDA dropped 15%QoQ </li>
</ul>


We maintain BUY rating with TP Bt4.50 derived from 1x PBV’22E, to reflect better outlook post-COVID crisis.
The company reported 1Q22 net loss of Bt204m compared to net loss of Bt311m in 1Q21 and net loss of Bt70m in 4Q21, in-line with our expectation.
1Q22 EBITDA remained positive for 3-consecutive quarter at Bt256m compared to a negative EBITDA of Bt59m in 1Q21 due to strong recovery of overall hotel operation. However, EBITDA dropped 15%QoQ 


SHR: 1Q22 Results Indicate Rapid Recovery in 2022

Thailand

S Hotels and Resorts Public Company Limited is a Thailand-based holding company that manages hotels and resorts and invests in international hotel companies. It owns and operates a portfolio of properties across the Maldives, Fiji, Mauritius, the United Kingdom, and Thailand. The company was founded in 2014 and is headquartered in Bangkok, Thailand.

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S Hotels and Resorts (SHR TB)

Today's Dominant Ideas

The SET Index is expected to move sideways in the range of 1,650-1,670 points, supported by the positive closure of the NASDAQ at +0.13% yesterday...

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

SHR: Operations to Regain Momentum in 2H22

Analyst meeting came out with a positive tone regarding 2022 outlook. We maintain BUY rating while roll out the new 2023 TP of Bt4.8 (+7% from...

Pi Securities PCL, Thailand

SHR: 1Q22 Results Indicate Rapid Recovery in 2022

We maintain BUY rating with TP Bt4.50 derived from 1x PBV’22E, to reflect better outlook post-COVID crisis. The company reported 1Q22 net loss of...

Pi Securities PCL, Thailand

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