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>Although global stock markets are showing signs of improvement, driven by expectations of a soft landing in the world economy and potential interest rate cuts by the Fed in May, KTX maintains the view that the SET Index will underperform compared to global and regional markets (excluding China).</li><li>The recommendation for investors is to wait before increasing the investment weighting of the Thai stock market until the index weakens below 1,353 points.</li><li>This cautious stance is influenced by ongoing foreign fund outflows, with the net selling topping USD487.9mn in the first three weeks of January 2024.</li></ul>

Although global stock markets are showing signs of improvement, driven by expectations of a soft landing in the world economy and potential interest rate cuts by the Fed in May, KTX maintains the view that the SET Index will underperform compared to global and regional markets (excluding China).The recommendation for investors is to wait before increasing the investment weighting of the Thai stock market until the index weakens below 1,353 points.This cautious stance is influenced by ongoing foreign fund outflows, with the net selling topping USD487.9mn in the first three weeks of January 2024.

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Shanghai United Imaging Health / Equity Bottom-Up

Shanghai United Imaging Health (688271 CH)

<ul><li>In 2024, United Imaging’s revenue declined 9.7% YoY to RMB10.3bn, with attributable net profit decreasing 36.1% YoY to RMB1.3bn mainly due to the challenging domestic market environment.</li><li>Due to delays in equipment renewal policies and prolonged industry rectification, the domestic medical equipment market contracted by 12.4% YoY in 2024, according to IQVIA.</li><li>Despite the challenging environment, United Imaging’s GPM improved by 1.5 ppts YoY, supported by higher proportion of revenue from mid-to-high-end products (+0.9 ppts equipment GPM) and services (+1.7 ppts GPM from scale/cost optimization). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In 2024, United Imaging’s revenue declined 9.7% YoY to RMB10.3bn, with attributable net profit decreasing 36.1% YoY to RMB1.3bn mainly due to the challenging domestic market environment.Due to delays in equipment renewal policies and prolonged industry rectification, the domestic medical equipment market contracted by 12.4% YoY in 2024, according to IQVIA.Despite the challenging environment, United Imaging’s GPM improved by 1.5 ppts YoY, supported by higher proportion of revenue from mid-to-high-end products (+0.9 ppts equipment GPM) and services (+1.7 ppts GPM from scale/cost optimization). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United Imaging (688271 CH) - 1Q25 Earnings Turnaround...

<ul><li>United Imaging Intelligence (联影智能, UII), a subsidiary of United Imaging Group ( 联影集团 , 24.1% of shareholding), delivers various medical AI solutions to empowers diagnosis, research and equipment.</li><li>United Imaging (联影医疗) and UII have established in-depth collaboration in intelligent equipment, with AI applications fully adopted across United Imaging’s entire product lines.</li><li>We believe that leveraging intra-group synergies, United Imaging is transitioning from a traditional equipment manufacturer to an intelligent imaging solution provider through AI technology. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United Imaging Intelligence (联影智能, UII), a subsidiary of United Imaging Group ( 联影集团 , 24.1% of shareholding), delivers various medical AI solutions to empowers diagnosis, research and equipment.United Imaging (联影医疗) and UII have established in-depth collaboration in intelligent equipment, with AI applications fully adopted across United Imaging’s entire product lines.We believe that leveraging intra-group synergies, United Imaging is transitioning from a traditional equipment manufacturer to an intelligent imaging solution provider through AI technology. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United Imaging (688271 CH) - Embrace AI: Deep Collaboration with United Imaging Intelligence

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,360/1,365 points and the support at 1,344/1,340 points.</li><li>US: The December retail sales report is expected to show growth of +0.6% MoM and +4% YoY (vs. +0.7% MoM and +3.8% YoY in November).</li><li>US stock markets posted the largest single-day gain in two months, boosted by lower-than-expected core inflation.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,360/1,365 points and the support at 1,344/1,340 points.US: The December retail sales report is expected to show growth of +0.6% MoM and +4% YoY (vs. +0.7% MoM and +3.8% YoY in November).US stock markets posted the largest single-day gain in two months, boosted by lower-than-expected core inflation.

US Retail Sales and 4Q24 Earnings Results

<ul><li>United Imaging’s 9M24 revenue declined by 6.4% YoY to RMB6,954mn, with 3Q24 revenue down by 25.0% YoY to RMB1.6bn.</li><li>This downturn was primarily due to a challenging domestic market environment, marked by stringent industry regulations and delays in equipment renewal projects.</li><li>Attributable net profit in 9M24 decreased by 36.9% YoY to RMB671mn, with net profit margin falling by 4.7 ppts. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United Imaging’s 9M24 revenue declined by 6.4% YoY to RMB6,954mn, with 3Q24 revenue down by 25.0% YoY to RMB1.6bn.This downturn was primarily due to a challenging domestic market environment, marked by stringent industry regulations and delays in equipment renewal projects.Attributable net profit in 9M24 decreased by 36.9% YoY to RMB671mn, with net profit margin falling by 4.7 ppts. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United Imaging (688271 CH) - Anticipating a Rapid Rebound in Domestic Business

China

Shanghai United Imaging Healthcare Co., Ltd. develops, manufactures, and distributes medical imaging systems and equipment. The Company produces computed tomography scanners, mobile medical devices, molecular imaging instruments, magnetic resonance equipment, and others. Shanghai United Imaging Healthcare also offers equipment leasing services.

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Shanghai United Imaging Health (688271 CH)

No Buybacks From Foreign Investors

Although global stock markets are showing signs of improvement, driven by expectations of a soft landing in the world economy and potential...

Krungthai XSpring

United Imaging (688271 CH) - 1Q25 Earnings Turnaround...

In 2024, United Imaging’s revenue declined 9.7% YoY to RMB10.3bn, with attributable net profit decreasing 36.1% YoY to RMB1.3bn mainly due to the...

CMB International

United Imaging (688271 CH) - Embrace AI: Deep Collaboration with United Imaging Intelligence

United Imaging (联影医疗) and UII have established in-depth collaboration in intelligent equipment, with AI applications fully adopted across United...

CMB International

US Retail Sales and 4Q24 Earnings Results

Technically, the SET Index is expected to move sideways up, with the resistance at 1,360/1,365 points and the support at 1,344/1,340 points. US:...

Krungthai XSpring

United Imaging (688271 CH) - Anticipating a Rapid Rebound in Domestic Business

United Imaging’s 9M24 revenue declined by 6.4% YoY to RMB6,954mn, with 3Q24 revenue down by 25.0% YoY to RMB1.6bn. This downturn was primarily due...

CMB International

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