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>The SET Index is expected to move sideways, with the resistance at 1,650/1,666 points and the support at 1,627/1,613 points.</li><li>We recommend trading buy on SABUY, PTG and CPN.</li><li>Technically, there is a signal for a further increase in the index, with the next target at 1,666 points, after it hit a higher high yesterday; the loss-stopping point would be at 1,627 points (10-day EMA).</li></ul>

The SET Index is expected to move sideways, with the resistance at 1,650/1,666 points and the support at 1,627/1,613 points.We recommend trading buy on SABUY, PTG and CPN.Technically, there is a signal for a further increase in the index, with the next target at 1,666 points, after it hit a higher high yesterday; the loss-stopping point would be at 1,627 points (10-day EMA).

Technical Analysis: Recommendation: Selective Speculation

<ul><li>The 2Q22 net profit fell 4% YoY.</li><li>The 2Q22 net profit fell short of our expectation by 10%, as revenue was also below the forecast by 10%.</li><li>We maintain an Underperform rating, as the share price is fully valued.</li></ul>

The 2Q22 net profit fell 4% YoY.The 2Q22 net profit fell short of our expectation by 10%, as revenue was also below the forecast by 10%.We maintain an Underperform rating, as the share price is fully valued.

Earnings Reviews (NETBAY, SIS, TTW, WICE)

<ul><li>WICE's 2Q22 net profit beat our forecast by 49% thanks to a better-than-expected GPM and lower-than-expected SG&A expenses.</li><li>The net profit was reported at Bt170mn in 2Q22, up 53% YoY and 8% QoQ, driven mainly by upbeat EBITDA at 13.2%, exceeding our forecast by 426bps.</li><li>Revenue expanded by 20% YoY to Bt2.0bn on the back of an acceleration in revenue from sea freight services (+72% YoY to Bt1.2bn, accounting for 61% of total revenue), in line with demand from exporters of electronic and auto parts.</li></ul>

WICE's 2Q22 net profit beat our forecast by 49% thanks to a better-than-expected GPM and lower-than-expected SG&A expenses.The net profit was reported at Bt170mn in 2Q22, up 53% YoY and 8% QoQ, driven mainly by upbeat EBITDA at 13.2%, exceeding our forecast by 426bps.Revenue expanded by 20% YoY to Bt2.0bn on the back of an acceleration in revenue from sea freight services (+72% YoY to Bt1.2bn, accounting for 61% of total revenue), in line with demand from exporters of electronic and auto parts.

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>SIS reported moderate growth in Q4FY22 with Revenue at Rs 2,648 Cr, registering an encouraging growth of 1.8% QoQ, (below our expectations).</li><li>Consolidated EBITDA for the quarter de-grew by 4.1% QoQ to Rs 124 Cr, owing to tepid international business</li><li>We recommend a BUY rating on the stock and assign a 21x P/E multiple to its FY24E earnings of Rs 28.4/share which gives a TP of Rs 590/share, implying an upside of 13% from the CMP.</li></ul><p><em>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.</em></p>

SIS reported moderate growth in Q4FY22 with Revenue at Rs 2,648 Cr, registering an encouraging growth of 1.8% QoQ, (below our expectations).Consolidated EBITDA for the quarter de-grew by 4.1% QoQ to Rs 124 Cr, owing to tepid international businessWe recommend a BUY rating on the stock and assign a 21x P/E multiple to its FY24E earnings of Rs 28.4/share which gives a TP of Rs 590/share, implying an upside of 13% from the CMP.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.

SIS Ltd: International Business Struggles; Healthy Recovery to Support Growth

<ul><li>SIS reported moderate growth in Q3FY22 with Revenue at Rs 2,601 Cr, registering an encouraging growth of 7% QoQ, (above our expectations).</li><li>Consolidated EBITDA for the quarter grew by 5.7% QoQ to Rs 130 Cr, owing to strong growth in the India business</li><li>We recommend a BUY rating on the stock and assign a 21x P/E multiple to its FY24E earnings of Rs 28.4/share which gives a TP of Rs 590/share, implying an upside of 13% from CMP.</li></ul><div class="content-highlight"><em>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.</em></div>

SIS reported moderate growth in Q3FY22 with Revenue at Rs 2,601 Cr, registering an encouraging growth of 7% QoQ, (above our expectations).Consolidated EBITDA for the quarter grew by 5.7% QoQ to Rs 130 Cr, owing to strong growth in the India businessWe recommend a BUY rating on the stock and assign a 21x P/E multiple to its FY24E earnings of Rs 28.4/share which gives a TP of Rs 590/share, implying an upside of 13% from CMP.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.

SIS: Healthy Recovery; Robust International Business

India

SIS Limited is a multinational business services provider, offering security, facility management, and cash logistics services. The company provides a comprehensive range of security solutions, including manned guarding, electronic security, and emergency response, along with integrated facility management and cash-in-transit services. SIS Limited is headquartered in New Delhi, India, and was founded in 1985.

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SIS (SECIS IN)

Technical Analysis: Recommendation: Selective Speculation

The SET Index is expected to move sideways, with the resistance at 1,650/1,666 points and the support at 1,627/1,613 points. We recommend trading...

Krungthai XSpring

Earnings Reviews (NETBAY, SIS, TTW, WICE)

The 2Q22 net profit fell 4% YoY. The 2Q22 net profit fell short of our expectation by 10%, as revenue was also below the forecast by 10%. We...

Krungthai XSpring

Earnings Reviews (NETBAY, SIS, TTW, WICE)

WICE's 2Q22 net profit beat our forecast by 49% thanks to a better-than-expected GPM and lower-than-expected SG&A expenses. The net profit was...

Krungthai XSpring

SIS Ltd: International Business Struggles; Healthy Recovery to Support Growth

We recommend a BUY rating on the stock and assign a 21x P/E multiple to its FY24E earnings of Rs 28.4/share which gives a TP of Rs 590/share,...

Axis Direct

SIS: Healthy Recovery; Robust International Business

We recommend a BUY rating on the stock and assign a 21x P/E multiple to its FY24E earnings of Rs 28.4/share which gives a TP of Rs 590/share,...

Axis Direct

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