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.

Cross Asset Strategy

<ul><li>The SET Index is expected to fall, with the resistance at 1,685/1,693 points and the support at 1,650/1,645 points (10-day EMA).</li><li>Negative momentum will be generated by US inflation in August coming it at +8.3% YoY, higher than the market's expectation at +8.10% YoY – fed funds futures now suggest a 33% probability of the Fed raising interest rates by 1.00% (with a 67% probability of a 0.75% increase), which pulled US markets down sharply yesterday.</li><li>According to Thaisettakij News, after reviewing the related laws, the board of the Council of State is expected to rule that the NBTC does not hold the authority to regulate the merger deal between TRUE and DTAC.</li></ul>

The SET Index is expected to fall, with the resistance at 1,685/1,693 points and the support at 1,650/1,645 points (10-day EMA).Negative momentum will be generated by US inflation in August coming it at +8.3% YoY, higher than the market's expectation at +8.10% YoY – fed funds futures now suggest a 33% probability of the Fed raising interest rates by 1.00% (with a 67% probability of a 0.75% increase), which pulled US markets down sharply yesterday.According to Thaisettakij News, after reviewing the related laws, the board of the Council of State is expected to rule that the NBTC does not hold the authority to regulate the merger deal between TRUE and DTAC.

Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,372 points (200-day EMA)/1,380 points and the support at 1,360/1,355 points.</li><li>However, a warning sign of a potential correction has emerged as the index has entered the overbought area according to the stochastic.</li><li>Investors are recommended to wait to take profit at the resistance and then buy back when the index retreats.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,372 points (200-day EMA)/1,380 points and the support at 1,360/1,355 points.However, a warning sign of a potential correction has emerged as the index has entered the overbought area according to the stochastic.Investors are recommended to wait to take profit at the resistance and then buy back when the index retreats.

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,372 points (200-day EMA)/1,380 points and the support at 1,360/1,355 points.</li><li>In the short term, the index is in an uptrend, having posted higher highs and higher lows for eight consecutive days.</li><li>We recommend stocks with positive factors: BJC, TLI (added to the MSCI Small Cap Index, effective this Friday), and SCB.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,372 points (200-day EMA)/1,380 points and the support at 1,360/1,355 points.In the short term, the index is in an uptrend, having posted higher highs and higher lows for eight consecutive days.We recommend stocks with positive factors: BJC, TLI (added to the MSCI Small Cap Index, effective this Friday), and SCB.

Index Rebalance

PTT Exploration & Production / Index Rebalance

<ul><li>The SET Index is expected to weaken, with the support at 1,388/1,380 points (50-day EMA/10-day EMA) and the resistance at 1,400/1,405 points.</li><li>As for the big technical picture, there is a positive sign for the index, with the potential to move up to test the resistance at 1,405/1,416 points after yesterday managing to surpass the key resistance at 1,388 points for the first day.</li><li>However, today the index is at risk of falling to test the support at the 50-day EMA again, given that foreign investors may return to being net sellers owing to the impact of the FTSE Index rebalancing (four Thai stocks have been removed from the large cap list, and five have been removed from the small cap list).</li></ul>

The SET Index is expected to weaken, with the support at 1,388/1,380 points (50-day EMA/10-day EMA) and the resistance at 1,400/1,405 points.As for the big technical picture, there is a positive sign for the index, with the potential to move up to test the resistance at 1,405/1,416 points after yesterday managing to surpass the key resistance at 1,388 points for the first day.However, today the index is at risk of falling to test the support at the 50-day EMA again, given that foreign investors may return to being net sellers owing to the impact of the FTSE Index rebalancing (four Thai stocks have been removed from the large cap list, and five have been removed from the small cap list).

Keep a Close Watch on the FTSE Rebalancing

Director, RaaS Research Group, Research as a Service (RaaS)

RaaS Research Group (RaaS)

Director, RaaS Research Group

Insightful Financial Models and Research Analysis

Research as a Service (RaaS)

Connect to the right investors through smart and insightful financial models and research analysis.

Step One Clothing Pty Ltd / Equity Bottom-Up

<ul><li>Step One Clothing (ASX:STP) is a Direct to Consumer (DTC), 100%-own-brand underwear retailer specialising in anti-chafe bamboo underwear across men’s and women’s wear, with a core colour range supplemented by regular limited-edition releases, all with FSC (Forest Stewardship Council) certification throughout the supply chain.</li><li>The company has operations in Australia (67% of sales), UK, (30% of sales) and the US (3% of sales). A H1 FY23 sales decline of 5.7% was better than our industry average estimate of-19% cycling lockdown, while lower sales and marketing spend saw EBITDA in-line with the pcp at $7.6m, the highest of any industry peer.</li><li>H2 FY23 should see similar trends and deliver EBITDA well above consensus.</li></ul>

Step One Clothing (ASX:STP) is a Direct to Consumer (DTC), 100%-own-brand underwear retailer specialising in anti-chafe bamboo underwear across men’s and women’s wear, with a core colour range supplemented by regular limited-edition releases, all with FSC (Forest Stewardship Council) certification throughout the supply chain.The company has operations in Australia (67% of sales), UK, (30% of sales) and the US (3% of sales). A H1 FY23 sales decline of 5.7% was better than our industry average estimate of-19% cycling lockdown, while lower sales and marketing spend saw EBITDA in-line with the pcp at $7.6m, the highest of any industry peer.H2 FY23 should see similar trends and deliver EBITDA well above consensus.

Step One Clothing Ltd - Underwear Under Valued

Australia

Step One Clothing Pty Ltd retails apparels and accessories.

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Step One Clothing Pty Ltd (STP AU)

Market Outlook

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Krungthai XSpring

Earnings of Nvidia

Technically, the SET Index is expected to move sideways up, with the resistance at 1,372 points (200-day EMA)/1,380 points and the support at...

Krungthai XSpring

Keep a Close Watch on the FTSE Rebalancing

The SET Index is expected to weaken, with the support at 1,388/1,380 points (50-day EMA/10-day EMA) and the resistance at 1,400/1,405 points. As...

Krungthai XSpring

Step One Clothing Ltd - Underwear Under Valued

STP is a Direct-to-Consumer retailer of own-brand (Step One) men’s and women’s underwear, with a particular focus on its anti-chafe design and...

Research as a Service (RaaS)

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