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>SCB is added to the portfolio following the attractive dividend yield of 7.0% (XD on April 17, 2024), as well as SJWD and TU in response to their stronger earnings growth outlooks in 2024E (with expected 2024E profit growth of 61.58% YoY and 144.3% YoY, respectively).</li><li>We suggest selling PTT and SISB as the stocks have fallen below our ranking threshold; their returns since our initial buy recommendation are 0.7% and 7.8%, respectively.</li></ul>

SCB is added to the portfolio following the attractive dividend yield of 7.0% (XD on April 17, 2024), as well as SJWD and TU in response to their stronger earnings growth outlooks in 2024E (with expected 2024E profit growth of 61.58% YoY and 144.3% YoY, respectively).We suggest selling PTT and SISB as the stocks have fallen below our ranking threshold; their returns since our initial buy recommendation are 0.7% and 7.8%, respectively.

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,404/1,416 points and the support at 1,394/1,390 points (50-day and 10-day EMAs).</li><li>A close above the resistance at 1,404 points today would signal the initiation of the first significant uptrend of the year, with the next target resistance at 1,416/1,438 points.</li><li>We recommend stocks in the beverage sector that should benefit from the hot season: TACC, HTC, and SAPPE.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,404/1,416 points and the support at 1,394/1,390 points (50-day and 10-day EMAs).A close above the resistance at 1,404 points today would signal the initiation of the first significant uptrend of the year, with the next target resistance at 1,416/1,438 points.We recommend stocks in the beverage sector that should benefit from the hot season: TACC, HTC, and SAPPE.

<ul><li>We add MINT to the Big Cap portfolio thanks to the positive factor relating to the 2H23E earnings, which are expected to have increased by 80.6% YoY to Bt4.12bn on the back of seasonality in the tourism and food businesses.</li><li>We suggest selling SCB as the stock has fallen out of our top rankings (return: 0%).</li></ul>

We add MINT to the Big Cap portfolio thanks to the positive factor relating to the 2H23E earnings, which are expected to have increased by 80.6% YoY to Bt4.12bn on the back of seasonality in the tourism and food businesses.We suggest selling SCB as the stock has fallen out of our top rankings (return: 0%).

<ul><li>We suggest selling AURA and SCB, as the stocks have fallen out of our top rankings (return: -5.55% and -0.48%, respectively).</li><li>We add TLI and TQM to the portfolio.</li><li>TLI's 2023E net profit is forecast to grow 2.13% YoY to Bt9.46bn, and TQM's 2023E net profit is projected to increase 10.67% YoY to Bt895.66mn.</li></ul>

We suggest selling AURA and SCB, as the stocks have fallen out of our top rankings (return: -5.55% and -0.48%, respectively).We add TLI and TQM to the portfolio.TLI's 2023E net profit is forecast to grow 2.13% YoY to Bt9.46bn, and TQM's 2023E net profit is projected to increase 10.67% YoY to Bt895.66mn.

<ul><li>Technically, the SET Index is expected to increase, with the resistance at 1,530/1,540 points and the support at 1,515/1,505 points, after it formed a higher-high and higher-low pattern.</li><li>Anticipated window dressing activities are expected to have a favorable impact on the market.</li><li>The government's approval of free visas for Chinese tourists for five months, beginning on September 25, is expected to benefit stocks connected to Chinese tourism.</li></ul>

Technically, the SET Index is expected to increase, with the resistance at 1,530/1,540 points and the support at 1,515/1,505 points, after it formed a higher-high and higher-low pattern.Anticipated window dressing activities are expected to have a favorable impact on the market.The government's approval of free visas for Chinese tourists for five months, beginning on September 25, is expected to benefit stocks connected to Chinese tourism.

Thailand

SCB X Public Company Limited is a Thailand-based financial technology holding company and the parent of Siam Commercial Bank (SCB), one of Thailand's largest commercial banks. It operates across three core business pillars: Banking Services, Consumer and Digital Financial Services, and Platform and Technology, through various subsidiaries. The company was founded in 1906 and is headquartered in Bangkok, Thailand.

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SCB X (SCB-R TB)

Big Cap Tactical Picks

SCB is added to the portfolio following the attractive dividend yield of 7.0% (XD on April 17, 2024), as well as SJWD and TU in response to their...

Krungthai XSpring

Today's Dominant Ideas

Technically, the SET Index is expected to move sideways up, with the resistance at 1,404/1,416 points and the support at 1,394/1,390 points...

Krungthai XSpring

Big Cap Tactical Picks

We add MINT to the Big Cap portfolio thanks to the positive factor relating to the 2H23E earnings, which are expected to have increased by 80.6%...

Krungthai XSpring

Big Cap Tactical Picks

We suggest selling AURA and SCB, as the stocks have fallen out of our top rankings (return: -5.55% and -0.48%, respectively). We add TLI and TQM...

Krungthai XSpring

Today's Dominant Ideas

Technically, the SET Index is expected to increase, with the resistance at 1,530/1,540 points and the support at 1,515/1,505 points, after it...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

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