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>JR is a system integrator with extensive expertise in both information communication technology (ICT) systems and electrical power systems.</li><li>Its current backlog worth over Bt6bn should underpin the firm's revenue realization in the next three years, which will in turn boost its EPS growth to 43% CAGR during 2020-22E.</li><li>We derive a target price for JR at Bt8.00/share, based in 2021E PER of 19x, implying 0.5x PEG.</li></ul>

JR is a system integrator with extensive expertise in both information communication technology (ICT) systems and electrical power systems.Its current backlog worth over Bt6bn should underpin the firm's revenue realization in the next three years, which will in turn boost its EPS growth to 43% CAGR during 2020-22E.We derive a target price for JR at Bt8.00/share, based in 2021E PER of 19x, implying 0.5x PEG.

SI with the Most Outstanding Earnings 2021E Growth

<ul><li>We have a neutral view on the analyst meeting with BTS, as it was mostly in line with our expectations.</li><li>We maintain our Buy call with the SOTP-based TP of Bt13.00, not yet including the incremental value from U-Tapao Airport and the Orange Line.</li><li>BTS delivered a net profit of Bt8.2bn in FY19/20, including net extra items of Bt4.4bn.</li></ul>

We have a neutral view on the analyst meeting with BTS, as it was mostly in line with our expectations.We maintain our Buy call with the SOTP-based TP of Bt13.00, not yet including the incremental value from U-Tapao Airport and the Orange Line.BTS delivered a net profit of Bt8.2bn in FY19/20, including net extra items of Bt4.4bn.

India

Savita Oil Technologies is an Indian manufacturer of specialty petroleum products, including transformer oils, white oils, liquid paraffins, and automotive and industrial lubricants. The company also operates a renewable energy division with wind power plants. It is headquartered in Mumbai, Maharashtra, India, and was founded in 1961.

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Savita Oil Technologies (STEC IN)

SI with the Most Outstanding Earnings 2021E Growth

JR is a system integrator with extensive expertise in both information communication technology (ICT) systems and electrical power systems. Its...

Krungthai XSpring

Riding With New Opportunity

We have a neutral view on the analyst meeting with BTS, as it was mostly in line with our expectations. We maintain our Buy call with the...

Krungthai XSpring

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