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.

Thematic (Sector/Industry)

<ul><li>Technically, the SET Index is expected to move lower, with the support at 1,391/1,385 points (75-day EMA/50-day EMA) and the resistance at 1,410/1,416 points.</li><li>For the overall picture, the index is still in an uptrend pattern, testing the upchannel resistance at around 1,348-1,432 points.</li><li>In the short term, the index is beginning to show signs of a correction after rising sharply by nearly 40 points in the previous three trading days.</li></ul>

Technically, the SET Index is expected to move lower, with the support at 1,391/1,385 points (75-day EMA/50-day EMA) and the resistance at 1,410/1,416 points.For the overall picture, the index is still in an uptrend pattern, testing the upchannel resistance at around 1,348-1,432 points.In the short term, the index is beginning to show signs of a correction after rising sharply by nearly 40 points in the previous three trading days.

<ul><li>Technically, we expect the SET Index to move sideways up, with the resistance at 1,409 points (75-day EMA/1,416 points) and the support at 1,390 points/1,387 points (25-day EMA).</li><li>The index is still moving in an upward direction, having continued to hit higher highs and higher lows for the fourth consecutive day and successfully breaching the 25-day and 50-day short-term moving averages.</li><li>The target is to test the previous resistance at 1,416 /1,438 points, respectively.</li></ul>

Technically, we expect the SET Index to move sideways up, with the resistance at 1,409 points (75-day EMA/1,416 points) and the support at 1,390 points/1,387 points (25-day EMA).The index is still moving in an upward direction, having continued to hit higher highs and higher lows for the fourth consecutive day and successfully breaching the 25-day and 50-day short-term moving averages.The target is to test the previous resistance at 1,416 /1,438 points, respectively.

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

<ul>
<li>Maintain BUY rating with a new TP of Bt9.60 (revise up by 16%) as we roll forward valuation base to 30xPE’23E which is -1SD of 5-years trading mean. </li>
<li>We expect 1Q22E operation to be the bottom quarter at a net loss of Bt55m,ahead of earnings modestly gearing up in 2Q22 and onwards, on the back of tourism recovery.</li>
<li>In our view, recovery trend to continue into 2H22, based on full reopening country for foreign tourists post COVID crisis, with upside risk from new branches and products. </li>
</ul>


Maintain BUY rating with a new TP of Bt9.60 (revise up by 16%) as we roll forward valuation base to 30xPE’23E which is -1SD of 5-years trading mean. 
We expect 1Q22E operation to be the bottom quarter at a net loss of Bt55m,ahead of earnings modestly gearing up in 2Q22 and onwards, on the back of tourism recovery.
In our view, recovery trend to continue into 2H22, based on full reopening country for foreign tourists post COVID crisis, with upside risk from new branches and products. 


SPA: Keep Eye on Tourism Recovery Ahead of Soft 1Q22

<ul>
<li>Maintain BUY rating with a TP of Bt8.30, based on DCF (WACC of 9.8% and Terminal Growth of 3.5%), implying 25.9xPE’23. We see attractive play on reopening, upon the progress </li>
<li>Its 4Q21 net loss was at Bt46m, which continued for 7 consecutive quarters, attributed mainly to its operation below EBIT breakeven level.</li>
<li>SPA’s 2021 net loss was at  Bt287m, pressured by weak revenue growth, which drop 61%YoY upon brief closure of spas and massages in Jan 21 and end of Apr-Sep 21.</li>
</ul>


Maintain BUY rating with a TP of Bt8.30, based on DCF (WACC of 9.8% and Terminal Growth of 3.5%), implying 25.9xPE’23. We see attractive play on reopening, upon the progress 
Its 4Q21 net loss was at Bt46m, which continued for 7 consecutive quarters, attributed mainly to its operation below EBIT breakeven level.
SPA’s 2021 net loss was at  Bt287m, pressured by weak revenue growth, which drop 61%YoY upon brief closure of spas and massages in Jan 21 and end of Apr-Sep 21.


SPA: Reopening Recovery Play Post 2021 Bottom

<ul>
<li>We expect SPA to incur the seven consecutive loss quarter in 4Q21 at Bt69m due to its operation below EBIT breakeven level.</li>
<li>We expect operating loss to be lower both YoY and QoQ due to more efficient cost and expense management.</li>
<li>Meanwhile, we expect 4Q21 revenue at Bt40m (-51%YoY, +209%QoQ), which will be affected by weak domestic demand.</li>
</ul>


We expect SPA to incur the seven consecutive loss quarter in 4Q21 at Bt69m due to its operation below EBIT breakeven level.
We expect operating loss to be lower both YoY and QoQ due to more efficient cost and expense management.
Meanwhile, we expect 4Q21 revenue at Bt40m (-51%YoY, +209%QoQ), which will be affected by weak domestic demand.


SPA: Expect Earnings to Turn Positive from 4Q22 Onwards

Thailand

Siam Wellness Group Public Company Limited owns and operates spa and wellness centers. The Company also provides management and consulting services.

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Siam Wellness Group (SPA TB)

KTX Zoom - APRIL 17, 2024

Technically, the SET Index is expected to move lower, with the support at 1,391/1,385 points (75-day EMA/50-day EMA) and the resistance at 1,410...

Krungthai XSpring

KTX Zoom - Feb 8, 0224

Technically, we expect the SET Index to move sideways up, with the resistance at 1,409 points (75-day EMA/1,416 points) and the support at 1,390...

Krungthai XSpring

SPA: Keep Eye on Tourism Recovery Ahead of Soft 1Q22

Maintain BUY rating with a new TP of Bt9.60 (revise up by 16%) as we roll forward valuation base to 30xPE’23E which is -1SD of 5-years trading...

Pi Securities PCL, Thailand

SPA: Reopening Recovery Play Post 2021 Bottom

Maintain BUY rating with a TP of Bt8.30, based on DCF (WACC of 9.8% and Terminal Growth of 3.5%), implying 25.9xPE’23. We see attractive play on...

Pi Securities PCL, Thailand

SPA: Expect Earnings to Turn Positive from 4Q22 Onwards

We expect SPA to incur the seven consecutive loss quarter in 4Q21 at Bt69m due to its operation below EBIT breakeven level.

Pi Securities PCL, Thailand

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