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.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to rise, with the resistance at 1,384/1,395 points (10-day/25-day EMA) and the support at 1,366/1,360 points, after a large green candlestick occurred for the first time yesterday (low: 1,354.98 points; high: 1,376.94 points).</li><li>The ECB is anticipated to keep the policy interest rate steady at 4.5% (with the deposit facility rate at 4.0%).</li><li>The consensus is forecasting +2% QoQ (vs. 3Q23: +4.9% QoQ), while the Atlanta Fed expects +2.4% QoQ.</li></ul>

Technically, the SET Index is expected to rise, with the resistance at 1,384/1,395 points (10-day/25-day EMA) and the support at 1,366/1,360 points, after a large green candlestick occurred for the first time yesterday (low: 1,354.98 points; high: 1,376.94 points).The ECB is anticipated to keep the policy interest rate steady at 4.5% (with the deposit facility rate at 4.0%).The consensus is forecasting +2% QoQ (vs. 3Q23: +4.9% QoQ), while the Atlanta Fed expects +2.4% QoQ.

Keep a Close Watch on US GDP & ECB Meeting

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>Briscoes Group (BGP) reported a solid 2Q27 sales update though its 1H27 NPAT guidance of &#8220;no less than NZ$27m&#8221; was slightly below expectations.</li><li>Rebel Sports sales increased +4.8% on the prior year in 2Q27, supported by significant sporting events including the Fifa World Cup, Auckland FC&#8217;s A-league win, Warriors NRL campaign and All Blacks Nations Championship.</li><li>BGP&#8217;s 1H27 NPAT guidance of &#8220;not less than NZ$27m&#8221; is slightly below our 1H27 estimate of ~NZ$29m.</li></ul>

Briscoes Group (BGP) reported a solid 2Q27 sales update though its 1H27 NPAT guidance of &#8220;no less than NZ$27m&#8221; was slightly below expectations.Rebel Sports sales increased +4.8% on the prior year in 2Q27, supported by significant sporting events including the Fifa World Cup, Auckland FC&#8217;s A-league win, Warriors NRL campaign and All Blacks Nations Championship.BGP&#8217;s 1H27 NPAT guidance of &#8220;not less than NZ$27m&#8221; is slightly below our 1H27 estimate of ~NZ$29m.

Briscoes Group (BGP) - 2Q27 Trading Update

<ul><li>Serko’s (SKO) 1Q27 update should ease investor concerns over room-night growth and the risk that the Middle East conflict has materially disrupted trading.</li><li>Booking.com for Business (B4B) continues to broaden, with a large active customer base and a modest increase in booking frequency driving robust room-night growth.</li><li>With FY27 total income and spend guidance unchanged, the update implies potential for upside to our forecast revenue growth if current implied commission revenue run-rates persist.</li></ul>

Serko’s (SKO) 1Q27 update should ease investor concerns over room-night growth and the risk that the Middle East conflict has materially disrupted trading.Booking.com for Business (B4B) continues to broaden, with a large active customer base and a modest increase in booking frequency driving robust room-night growth.With FY27 total income and spend guidance unchanged, the update implies potential for upside to our forecast revenue growth if current implied commission revenue run-rates persist.

Serko 1Q27 B4B Revenue Climbs Despite Tiering

Bangkok Dusit Medical Services / Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance at 1,471/1,477 points and the support at 1,451/1,447 points.</li><li>The final reading for 2Q24E GDP growth is expected to remain at +3% QoQ (compared to 1.4% in 1Q24).</li><li>The final report for 2Q24E is expected to show a decline in core PCE growth to +2.8% QoQ (down from +3.7% in 1Q24).</li></ul>

Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance at 1,471/1,477 points and the support at 1,451/1,447 points.The final reading for 2Q24E GDP growth is expected to remain at +3% QoQ (compared to 1.4% in 1Q24).The final report for 2Q24E is expected to show a decline in core PCE growth to +2.8% QoQ (down from +3.7% in 1Q24).

Final Reading of US 2Q24E GDP and Core PCE

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,292/1,286 points and the resistance at 1,309/1,317 points.</li><li>In the short term, the index has shown a downtrend signal after it fell below the key support of 1,317 points yesterday for the first time in nine trading days.</li><li>We maintain our Buy recommendation; investors are suggested to speculate when a new buying signal occurs.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,292/1,286 points and the resistance at 1,309/1,317 points.In the short term, the index has shown a downtrend signal after it fell below the key support of 1,317 points yesterday for the first time in nine trading days.We maintain our Buy recommendation; investors are suggested to speculate when a new buying signal occurs.

Keep a Close Watch on Flash Manufacturing and Services PMIs in July for the US and EU

Germany

SAP SE is a multinational software company. The Company develops business software, including e-business and enterprise management software, consults on organizational usage of its applications software, and provides training services. SAP markets its products and services worldwide.

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SAP (SAP GR)

Keep a Close Watch on US GDP & ECB Meeting

Technically, the SET Index is expected to rise, with the resistance at 1,384/1,395 points (10-day/25-day EMA) and the support at 1,366/1,360...

Krungthai XSpring

Briscoes Group (BGP) - 2Q27 Trading Update

Briscoes Group (BGP) reported a solid 2Q27 sales update though its 1H27 NPAT guidance of “no less than NZ$27m” was slightly below...

Forsyth Barr

Serko 1Q27 B4B Revenue Climbs Despite Tiering

Serko’s (SKO) 1Q27 update should ease investor concerns over room-night growth and the risk that the Middle East conflict has materially disrupted...

Forsyth Barr

Final Reading of US 2Q24E GDP and Core PCE

Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance at 1,471/1,477 points and the support at 1,451/1,447...

Krungthai XSpring

Keep a Close Watch on Flash Manufacturing and Services PMIs in July for the US and EU

Technically, the SET Index is expected to weaken, with the support at 1,292/1,286 points and the resistance at 1,309/1,317 points. In the short...

Krungthai XSpring

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