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 gain, with the resistance at 1,630/1,649 points and the support at 1,612 points (200-day EMA)/1,607 points (50-day EMA).</li><li>Today's momentum is positive after the US reported October's CPI at +7.7% YoY, below the consensus estimate of 7.9% YoY, while the Republican Party is likely to gain a majority of seats in the House of Representatives.</li><li>The latest Fed Watch Tool shows an 80.6% probability of the Fed hiking interest rates by just 50 bps in the upcoming meeting in December.</li></ul>

The SET Index is expected to gain, with the resistance at 1,630/1,649 points and the support at 1,612 points (200-day EMA)/1,607 points (50-day EMA).Today's momentum is positive after the US reported October's CPI at +7.7% YoY, below the consensus estimate of 7.9% YoY, while the Republican Party is likely to gain a majority of seats in the House of Representatives.The latest Fed Watch Tool shows an 80.6% probability of the Fed hiking interest rates by just 50 bps in the upcoming meeting in December.

Recommendation: Buy on Weakness, Sell on Strength

<ul><li>The SET Index is expected to move sideways, with the resistance at 1,631/1,649 points and the support at 1,612 points (200-day EMA)/1,607 points (50-day EMA).</li><li>We recommend trading buy on CENTEL, THCOM and AP.</li><li>Today's momentum is slightly positive due to the possibility of a weaker USD if the Democrats lose the midterm election in the US.</li></ul>

The SET Index is expected to move sideways, with the resistance at 1,631/1,649 points and the support at 1,612 points (200-day EMA)/1,607 points (50-day EMA).We recommend trading buy on CENTEL, THCOM and AP.Today's momentum is slightly positive due to the possibility of a weaker USD if the Democrats lose the midterm election in the US.

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

<ul>
<li>Maintain our BUY rating with  a  TP of Bt24.0, based on 6.8xPE23, or its 5-year trading average.  Our rating reflects strong expected annual earnings in 22E-24E of around Bt7bn</li>
<li>Positive view from analyst meetingReal estate sales grewYoYin both low-rise and high rise segment and management expect real estate transfers value will be the new high level in this year</li>
<li>SPALI plan to launch new projects in 4Q22 worth Bt10.7bn,including 10 low-rise projects and 1 condominium project. Low-rise presales growth in Bangkok should  increase in 4Q22  from high projects launch.</li>
</ul>


Maintain our BUY rating with  a  TP of Bt24.0, based on 6.8xPE23, or its 5-year trading average.  Our rating reflects strong expected annual earnings in 22E-24E of around Bt7bn
Positive view from analyst meetingReal estate sales grewYoYin both low-rise and high rise segment and management expect real estate transfers value will be the new high level in this year
SPALI plan to launch new projects in 4Q22 worth Bt10.7bn,including 10 low-rise projects and 1 condominium project. Low-rise presales growth in Bangkok should  increase in 4Q22  from high projects launch.


SPALI : 3Q22 Result Will Expand YoY and QoQ

<ul>
<li>We initiate coverage of SPALI with a BUY rating at a TP of Bt24.0, based on 6.8xPE23, or its 5-year trading average.  Our rating reflects strong expected annual earnings </li>
<li>Expect strong earnings in the next three years SPALI should deliver sustained strong earnings of Bt7bn per year in the next three years (22-24E) backed by strong presales momentum, especially </li>
<li>Potential growth from provincial markets SPALI is one of the leading property developers to have established a brand in provincial markets, especially in the middle-income low-rise segment.</li>
</ul>


We initiate coverage of SPALI with a BUY rating at a TP of Bt24.0, based on 6.8xPE23, or its 5-year trading average.  Our rating reflects strong expected annual earnings 
Expect strong earnings in the next three years SPALI should deliver sustained strong earnings of Bt7bn per year in the next three years (22-24E) backed by strong presales momentum, especially 
Potential growth from provincial markets SPALI is one of the leading property developers to have established a brand in provincial markets, especially in the middle-income low-rise segment.


SPALI : Cheap Valuation with Attractive Yield

Pan-Asia Equity Bottom-up, Wickhams Hill

Lloyd Moffatt

Pan-Asia Equity Bottom-up

<ul>
<li>ComfortDelGro (CD SP) announced further details surrounding the IPO of their Australian subsidiary, leading us to change our view on the potential value to be unlocked by the transaction</li>
<li>Dayamitra Telekomunikasi (Mitratel) is being spun out of Telkomsel (TLKM IJ) and targeting to raise US$ 1.76bn, with an implied market cap at listing of around US$5.2bn</li>
<li>Coincidentally, RHB has published an excellent report on Bali Towerindo (BALI IJ) which we think is the best positioned independent operator in the space due to their unique monetisation strategy and asset footprint.</li>
</ul>


ComfortDelGro (CD SP) announced further details surrounding the IPO of their Australian subsidiary, leading us to change our view on the potential value to be unlocked by the transaction
Dayamitra Telekomunikasi (Mitratel) is being spun out of Telkomsel (TLKM IJ) and targeting to raise US$ 1.76bn, with an implied market cap at listing of around US$5.2bn
Coincidentally, RHB has published an excellent report on Bali Towerindo (BALI IJ) which we think is the best positioned independent operator in the space due to their unique monetisation strategy and asset footprint.


Wickhams Hill Research | Under-The-Radar Issue 11

Thailand

Supalai Public Company Limited is a real estate development company in Thailand and Australia. It develops residential properties, including detached houses, duplex houses, townhouses, and condominiums under the Supalai brand, as well as office buildings, hotels, resorts, and shopping centers. The company was founded in 1989 and is headquartered in Bangkok, Thailand.

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Supalai (SPALI TB)

Recommendation: Buy on Weakness, Sell on Strength

The SET Index is expected to gain, with the resistance at 1,630/1,649 points and the support at 1,612 points (200-day EMA)/1,607 points (50-day...

Krungthai XSpring

Market Outlook

The SET Index is expected to move sideways, with the resistance at 1,631/1,649 points and the support at 1,612 points (200-day EMA)/1,607 points...

Krungthai XSpring

SPALI : 3Q22 Result Will Expand YoY and QoQ

Maintain our BUY rating with a TP of Bt24.0, based on 6.8xPE23, or its 5-year trading average. Our rating reflects strong expected annual...

Pi Securities PCL, Thailand

SPALI : Cheap Valuation with Attractive Yield

We initiate coverage of SPALI with a BUY rating at a TP of Bt24.0,based on 6.8xPE23,or its 5-year trading average. Our rating reflects strong...

Pi Securities PCL, Thailand

Wickhams Hill Research | Under-The-Radar Issue 11

ComfortDelGro (CD SP) announced further details surrounding the IPO of their Australian subsidiary, leading us to change our view on the potential...

Lloyd Moffatt

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)