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.

Technical Analysis

<ul><li>The SET plummeted, led down by the market's main sectors, namely the energy, finance, ICT, food, electronics and petrol sectors.</li><li>The index hit a 28-month low, with strong selling pressure spreading across small to large cap shares.</li><li>We recommend holding cash until the index demonstrates a reversal signal; but risk-loving investors may engage in brief rebound play around the support.</li></ul>

The SET plummeted, led down by the market's main sectors, namely the energy, finance, ICT, food, electronics and petrol sectors.The index hit a 28-month low, with strong selling pressure spreading across small to large cap shares.We recommend holding cash until the index demonstrates a reversal signal; but risk-loving investors may engage in brief rebound play around the support.

<ul><li>Most Asian bourses surged, but the SET reacted unfavorably to the election results, with strong selling volume in stocks related to politics such as ICT, power plant, commerce and property shares, alongside stocks with disappointing 1Q23 earnings like the JMART Group.</li><li>The index was not boosted by the election results but instead plummeted with a big black candlestick.</li><li>We believe the index sank due to negative sentiment and recommend buying on weakness because it should be able to rebound.</li></ul>

Most Asian bourses surged, but the SET reacted unfavorably to the election results, with strong selling volume in stocks related to politics such as ICT, power plant, commerce and property shares, alongside stocks with disappointing 1Q23 earnings like the JMART Group.The index was not boosted by the election results but instead plummeted with a big black candlestick.We believe the index sank due to negative sentiment and recommend buying on weakness because it should be able to rebound.

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fleetpartners-group-ltd" target="_blank" data-smartkarma-citation="entities:339:1" rel="noopener">FleetPartners Group (FPR AU)</a> has received a non-binding indicative proposal from <a href="https://www.smartkarma.com/entities/element-fleet-management-corp" target="_blank" data-smartkarma-citation="entities:24511:1" rel="noopener">Element Fleet Management (EFN CN)</a> at A$3.80 per share, representing a 5.6% premium to <a href="https://www.smartkarma.com/entities/sg-fleet-group-ltd" target="_blank" data-smartkarma-citation="entities:13984:1" rel="noopener">Sg Fleet (SGF AU)</a>'s offer.</li>
<li>Element has also offered an enhanced offer of A$4.00 if the Board grants it a three-week period of hard exclusivity by 11 August. </li>
<li>Element’s offer remains light. While the Board has rejected its offer, SG Fleet is likely to return with a revised offer supported by significant cost synergies.  </li>
</ul>



FleetPartners Group (FPR AU) has received a non-binding indicative proposal from Element Fleet Management (EFN CN) at A$3.80 per share, representing a 5.6% premium to Sg Fleet (SGF AU)'s offer.
Element has also offered an enhanced offer of A$4.00 if the Board grants it a three-week period of hard exclusivity by 11 August. 
Element’s offer remains light. While the Board has rejected its offer, SG Fleet is likely to return with a revised offer supported by significant cost synergies.  


FleetPartners (FPR AU): A Simmering Bidding War as Element Fleet Lobs an Offer

Cross Asset Strategy

<ul><li>SET Index has fallen below KTX's fair value estimate, presenting a good time to accumulate stocks</li><li>Fund flows have returned to Asia ex Japan markets after they were net sold over the past three years</li><li>The earnings yield gap of the SET is the third biggest in the region.</li></ul>

SET Index has fallen below KTX's fair value estimate, presenting a good time to accumulate stocksFund flows have returned to Asia ex Japan markets after they were net sold over the past three yearsThe earnings yield gap of the SET is the third biggest in the region.

SET Index Has Fallen Below KTX's Fair Value Estimate, Presenting a Good Time to Accumulate Stocks

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fleetpartners-group-ltd" target="_blank" data-smartkarma-citation="entities:339:1" rel="noopener">FleetPartners Group (FPR AU)</a> has received a non-binding indicative proposal from <a href="https://www.smartkarma.com/entities/sg-fleet-group-ltd" target="_blank" data-smartkarma-citation="entities:13984:1" rel="noopener">Sg Fleet (SGF AU)</a> at A$3.60 per share, a 27.2% premium to the undisturbed price of A$2.83 (31 July).</li>
<li>The offer is light compared to precedent transactions and peer multiples. The timing is also opportunistic, as the shares have materially underperformed peers YTD. </li>
<li>The shareholder structure necessitates an attractive offer. A bump is likely, particularly as this proposal could catalyse a competing bid from <a href="https://www.smartkarma.com/entities/mcmillan-shakespeare-ltd" target="_blank" data-smartkarma-citation="entities:3023:1" rel="noopener">Mcmillan Shakespeare (MMS AU)</a> or <a href="https://www.smartkarma.com/entities/smartgroup-corp-ltd" target="_blank" data-smartkarma-citation="entities:19954:1" rel="noopener">Smartgroup Corp (SIQ AU)</a>. </li>
</ul>



FleetPartners Group (FPR AU) has received a non-binding indicative proposal from Sg Fleet (SGF AU) at A$3.60 per share, a 27.2% premium to the undisturbed price of A$2.83 (31 July).
The offer is light compared to precedent transactions and peer multiples. The timing is also opportunistic, as the shares have materially underperformed peers YTD. 
The shareholder structure necessitates an attractive offer. A bump is likely, particularly as this proposal could catalyse a competing bid from Mcmillan Shakespeare (MMS AU) or Smartgroup Corp (SIQ AU). 


FleetPartners (FPR AU): SG Fleet’s NBIO at A$3.60 Is Light

Australia

SmartGroup Corp Ltd. is an Australian outsourced salary packaging company within the health, not-for-profit, State and Federal Government departments and corporate sectors nationwide.

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Smartgroup Corp (SIQ AU)

Recommendation: Hold Cash

The SET plummeted, led down by the market's main sectors, namely the energy, finance, ICT, food, electronics and petrol sectors. The index hit a...

Krungthai XSpring

Recommendation: Buy on Weakness

Most Asian bourses surged, but the SET reacted unfavorably to the election results, with strong selling volume in stocks related to politics such...

Krungthai XSpring

FleetPartners (FPR AU): A Simmering Bidding War as Element Fleet Lobs an Offer

The AFR reports that SG Fleet has increased its offer to A$4.00, a 11.1% premium to its previous A$3.60 offer and in line with Element’s enhanced...

Arun George

SET Index Has Fallen Below KTX's Fair Value Estimate, Presenting a Good Time to Accumulate Stocks

SET Index has fallen below KTX's fair value estimate, presenting a good time to accumulate stocks Fund flows have returned to Asia ex Japan...

Krungthai XSpring

FleetPartners (FPR AU): SG Fleet’s NBIO at A$3.60 Is Light

The offer is light compared to precedent transactions and peer multiples. The timing is also opportunistic, as the shares have materially...

Arun George

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