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 move sideways down, with the support at 1,319 points (10-day EMA)/1,310 points, and the resistance at 1,331 points (50-day EMA) /1,340 points.</li><li>Therefore, we maintain our recommendation that investors gradually sell and take profit, waiting to buy back when there is a new uptrend signal.</li><li>Investment strategy: We recommend stocks with positive issues: TTB, KBANK and AAI.</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,319 points (10-day EMA)/1,310 points, and the resistance at 1,331 points (50-day EMA) /1,340 points.Therefore, we maintain our recommendation that investors gradually sell and take profit, waiting to buy back when there is a new uptrend signal.Investment strategy: We recommend stocks with positive issues: TTB, KBANK and AAI.

Keep a Close Watch on US Retail Sales and Corporate Earnings

Global Healthcare Strategist

Vincy Ip

Thematic (Sector/Industry)

<ul>
<li>Brain disorders, including various neurological and mental diseases, are the hidden danger with the largest social burden among all diseases. </li>
<li>With strong government support across the globe and accelerating private financing, we identify four key areas of investment opportunities in brain science, including neurotherapeutics, neurodiagnostics, neurosurgery, and brain-computer interface (BCI).</li>
<li>Even though the concept of BCI looks promising, its scalability, application, and monetisation potential remain uncertain in the near term and hence the invesmtent risks would be high. </li>
</ul>


Brain disorders, including various neurological and mental diseases, are the hidden danger with the largest social burden among all diseases. 
With strong government support across the globe and accelerating private financing, we identify four key areas of investment opportunities in brain science, including neurotherapeutics, neurodiagnostics, neurosurgery, and brain-computer interface (BCI).
Even though the concept of BCI looks promising, its scalability, application, and monetisation potential remain uncertain in the near term and hence the invesmtent risks would be high. 


Brain Science - An Opportunity or a Trap?

<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.

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The National Health Commission released "14th Five-Year Plan for the Configuration of Large Medical Equipment", which should drive the upgrading of the whole industry chain and accelerate the import substitution.</li>
<li>The gap between Chinese and Western hospitals can lead to many differences in the logic of future commercialization, such as surgical robots and other high-priced innovative medical devices in China.</li>
<li>The efficacy/safety standards of GLP-1 drugs have been raised sufficiently high. If latecomers’ products fail to be better than Semaglutide/Tirzepatide/Orforglipron, it’s difficult to gain market share through "fast-follow strategy".</li>
</ul>


The National Health Commission released "14th Five-Year Plan for the Configuration of Large Medical Equipment", which should drive the upgrading of the whole industry chain and accelerate the import substitution.
The gap between Chinese and Western hospitals can lead to many differences in the logic of future commercialization, such as surgical robots and other high-priced innovative medical devices in China.
The efficacy/safety standards of GLP-1 drugs have been raised sufficiently high. If latecomers’ products fail to be better than Semaglutide/Tirzepatide/Orforglipron, it’s difficult to gain market share through "fast-follow strategy".


China Healthcare Weekly (Jun.30)-Surgical Robots, Medical Equipment New Policy, Pfizer's Frustration

<ul>
<li>The National Health Commission issued a new document, aiming to relax the approval of large medical equipment configuration, which would be a significant benefit for the industry.</li>
<li>Whether the "Me-Better" strategy of pharmaceutical enterprises is reasonable or not depends on the understanding level of disease/molecule of the followers and the basis for early clinical project establishment.</li>
<li>Unlike overseas markets, the core asset of China pharmaceutical industry isn’t innovative drugs but TCM considering policy environment.We recommend investors leave a place in portfolio to invest in TCM companies.</li>
</ul>


The National Health Commission issued a new document, aiming to relax the approval of large medical equipment configuration, which would be a significant benefit for the industry.
Whether the "Me-Better" strategy of pharmaceutical enterprises is reasonable or not depends on the understanding level of disease/molecule of the followers and the basis for early clinical project establishment.
Unlike overseas markets, the core asset of China pharmaceutical industry isn’t innovative drugs but TCM considering policy environment.We recommend investors leave a place in portfolio to invest in TCM companies.


China Healthcare Weekly (Mar24)-Medical Device New Policy,Reassess Me-Too Strategy,TCM Is Core Asset

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.

Shanghai United Imaging Health (688271 CH)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Shanghai United Imaging Health (688271 CH)

Keep a Close Watch on US Retail Sales and Corporate Earnings

Technically, the SET Index is expected to move sideways down, with the support at 1,319 points (10-day EMA)/1,310 points, and the resistance at...

Krungthai XSpring

Brain Science - An Opportunity or a Trap?

We identify four key areas of investment opportunities in brain science, including neurotherapeutics, neurodiagnostics, neurosurgery, and brain...

Vincy Ip

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

China Healthcare Weekly (Jun.30)-Surgical Robots, Medical Equipment New Policy, Pfizer's Frustration

National Health Commission issued new policy of large medical equipment.The truth of hospital change the commercialization outlook of surgical...

Xinyao (Criss) Wang

China Healthcare Weekly (Mar24)-Medical Device New Policy,Reassess Me-Too Strategy,TCM Is Core Asset

New policy to relax the approval of large medical equipment configuration is released, which brings opportunities. It's time to reassess "Me-Too"...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)