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>We recommend selling to take profit on AMANAH and TOG (with the returns since they were added at +7.88% and +13.60%, respectively), as they have fallen out of our top rankings.</li><li>We add AJ to the portfolio thanks to the positive momentum for demand for commodity goods, which has continued to grow alongside the demand growth in sanitary products amid the spread of infectious diseases. This should drive the growth of demand for AJ’s packaging film.</li><li>We project the 2022E earnings at Bt625mn (+46.02% YoY).</li></ul>

We recommend selling to take profit on AMANAH and TOG (with the returns since they were added at +7.88% and +13.60%, respectively), as they have fallen out of our top rankings.We add AJ to the portfolio thanks to the positive momentum for demand for commodity goods, which has continued to grow alongside the demand growth in sanitary products amid the spread of infectious diseases. This should drive the growth of demand for AJ’s packaging film.We project the 2022E earnings at Bt625mn (+46.02% YoY).

<div><div><div><div><ul><li>Yesterday, our Small Cap portfolio generated a return of +0.17%, lower than the SET Index’s return of +0.35%, as the market was driven mainly by the electronics sector, which has a minor weighting in our portfolio.</li><li>The stocks in our portfolio whose share prices gained notably yesterday were TK (+2.02%), DOD (+1.94%), WICE (+0.84%) and TOG (+0.63%).</li><li><span style="font-size: var(--content-font-size);">AH’s main business is OEM auto parts, contributing 74% of revenue in 2021.</span></li></ul></div></div></div></div>

Yesterday, our Small Cap portfolio generated a return of +0.17%, lower than the SET Index’s return of +0.35%, as the market was driven mainly by the electronics sector, which has a minor weighting in our portfolio.The stocks in our portfolio whose share prices gained notably yesterday were TK (+2.02%), DOD (+1.94%), WICE (+0.84%) and TOG (+0.63%).AH’s main business is OEM auto parts, contributing 74% of revenue in 2021.

<ul>
<li>Yesterday, our Small Cap portfolio generated a return of -0.73% vs. the SET Index at -0.26%.</li>
<li>Most stocks in the portfolio declined in line with the market’s movement after the index was unable to surpass the resistance at 1,600 points.</li>
<li>The stocks with the biggest price declines were DOHOME (-3.77%), DOD (-2.46%), (WICE -2.46%) and RS (-1.89%).</li>
</ul>


Yesterday, our Small Cap portfolio generated a return of -0.73% vs. the SET Index at -0.26%.
Most stocks in the portfolio declined in line with the market’s movement after the index was unable to surpass the resistance at 1,600 points.
The stocks with the biggest price declines were DOHOME (-3.77%), DOD (-2.46%), (WICE -2.46%) and RS (-1.89%).


Cross Asset Strategy

<ul><li>We suggest taking profit on BAFS, M, SIS and LST (with the returns since they were added at +7.7%, +1.5%, +6.6% and +1.0%, respectively) because they have fallen out of our top rankings.</li><li>We recommend replacing them with AMANAH and KSL.</li><li>AMANAH’s 2022E net profit is expected to remain flat YoY at Bt309mn, based on our conservative assumption for loan portfolio growth of +10.0% YoY.</li></ul>

We suggest taking profit on BAFS, M, SIS and LST (with the returns since they were added at +7.7%, +1.5%, +6.6% and +1.0%, respectively) because they have fallen out of our top rankings.We recommend replacing them with AMANAH and KSL.AMANAH’s 2022E net profit is expected to remain flat YoY at Bt309mn, based on our conservative assumption for loan portfolio growth of +10.0% YoY.

Small Cap Top Picks - Changes in Recommended List

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<p>We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai market to try to find interesting ideas base upon Fundamentals or Valuation or Momentum or Risk or some combination thereof.</p>

We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai market to try to find interesting ideas base upon Fundamentals or Valuation or Momentum or Risk or some combination thereof.

The Stocks to Own in Thailand – Vol. 34

Thailand

Somboon Advance Technology is a holding company with subsidiaries that manufacture automotive and agricultural machinery parts. The company's products include axle shafts, disc brakes, drum brakes, and hub wheels for passenger cars, pickup trucks, and agricultural machinery. It was founded on September 14, 1995, and is headquartered in Samut Prakan, Thailand.

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Somboon Advance Technology (SAT TB)

Small Cap Top Picks - August 5, 2022

We recommend selling to take profit on AMANAH and TOG (with the returns since they were added at +7.88% and +13.60%, respectively), as they have...

Krungthai XSpring

Small Cap Top Picks - August 4, 2022

The stocks in our portfolio whose share prices gained notably yesterday were TK (+2.02%), DOD (+1.94%), WICE (+0.84%) and TOG (+0.63%).

Krungthai XSpring

Small Cap Top Picks - August 3, 2022

Most stocks in the portfolio declined in line with the market’s movement after the index was unable to surpass the resistance at 1,600 points.

Krungthai XSpring

Small Cap Top Picks - Changes in Recommended List

We suggest taking profit on BAFS, M, SIS and LST (with the returns since they were added at +7.7%, +1.5%, +6.6% and +1.0%, respectively) because...

Krungthai XSpring

The Stocks to Own in Thailand – Vol. 34

Our research team constantly reviews the Thai market to try to find interesting ideas base upon Fundamentals or Valuation or Momentum or Risk or...

A. Stotz Investment Research

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