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

Sino-Thai Engineering & Construction / Equity Bottom-Up

Sino-Thai Engineering & Construction (STEC TB)

<p>We lower STEC’s earnings in 2021-22E to reflect the lower-than- expected earnings in 2Q21 and the negative impact from the lockdown. Accordingly, our PER-based TP for STEC is also cut to Bt11.50 (vs. Bt17.00 previously). We believe the lockdown will weigh on STEC’s share price in the short term until the restrictions are eased. As a result, we switch STEC’s recommendation to Hold (from Buy previously).</p>

We lower STEC’s earnings in 2021-22E to reflect the lower-than- expected earnings in 2Q21 and the negative impact from the lockdown. Accordingly, our PER-based TP for STEC is also cut to Bt11.50 (vs. Bt17.00 previously). We believe the lockdown will weigh on STEC’s share price in the short term until the restrictions are eased. As a result, we switch STEC’s recommendation to Hold (from Buy previously).

Company Update: Sino-Thai Engineering and Construction Plc. (STEC)

Thailand

Sino-Thai Engineering & Construction Public Company Limited is a leading Thai engineering and construction company. It specializes in civil and mechanical works across various sectors, including infrastructure, buildings, power & energy, industrial, and environmental projects for both government and private clients. The company is headquartered in Bangkok, Thailand, and was originally established in 1962.

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