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 1,650/1,660 points and the support at 1,630/1,617 points.</li><li>We recommend trading buy on KBANK, TTB and SCB.</li><li>Negative momentum may be generated by the FOMC minutes, which show that the Fed remains hawkish, suggesting that it will continue raising interest rates to bring inflation back to the target of 2%.</li></ul>

The SET Index is expected to move sideways, with the resistance at 1,650/1,660 points and the support at 1,630/1,617 points.We recommend trading buy on KBANK, TTB and SCB.Negative momentum may be generated by the FOMC minutes, which show that the Fed remains hawkish, suggesting that it will continue raising interest rates to bring inflation back to the target of 2%.

<ul><li>The SET Index is expected to move sideways, with the resistance at 1,630/1,640 points and the support at 1,617/1,610 points.</li><li>Yesterday, foreign investors continued to be net buyers in the SET at Bt5,004.59mn, raising the cumulative buying in August to Bt29,335.42mn and the YTD buying to Bt146,686.22mn.</li><li>The BoT disclosed that the total loan growth in the Thai commercial banking system in 2Q22 continued to expand well by 6.3% YoY, with growth in the corporate loan segment at 8.0% and growth in the consumer loan segment at 3.0%.</li></ul>

The SET Index is expected to move sideways, with the resistance at 1,630/1,640 points and the support at 1,617/1,610 points.Yesterday, foreign investors continued to be net buyers in the SET at Bt5,004.59mn, raising the cumulative buying in August to Bt29,335.42mn and the YTD buying to Bt146,686.22mn.The BoT disclosed that the total loan growth in the Thai commercial banking system in 2Q22 continued to expand well by 6.3% YoY, with growth in the corporate loan segment at 8.0% and growth in the consumer loan segment at 3.0%.

<ul><li>The SET Index is expected to gain, with the resistance at 1,630/1,640 points and the support at 1,611/1,605 points.</li><li>We recommend trading buy on KBANK, MINT and ERW.</li><li>Technically, the index remains in an uptrend, with the key resistance at 1,650 points and 1,680 points, respectively.</li></ul>

The SET Index is expected to gain, with the resistance at 1,630/1,640 points and the support at 1,611/1,605 points.We recommend trading buy on KBANK, MINT and ERW.Technically, the index remains in an uptrend, with the key resistance at 1,650 points and 1,680 points, respectively.

<ul><li>The SET Index today is expected to move sideways up, with the resistance at 1,630/1,640 points and the support at 1,611/1,600 points.</li><li>Positive momentum is being generated by the continued buying by foreign investors on the expectation for a steady recovery of the Thai economy thanks to the anticipated increase in the number of tourist arrivals to 9-10mn in 2022E.</li><li>The MPC today is expected to hike its policy interest rate by just 0.25%, a less aggressive increase than those of central banks in developed countries, after inflation in July fell from 7.66% YoY to 7.61% YoY.</li></ul>

The SET Index today is expected to move sideways up, with the resistance at 1,630/1,640 points and the support at 1,611/1,600 points.Positive momentum is being generated by the continued buying by foreign investors on the expectation for a steady recovery of the Thai economy thanks to the anticipated increase in the number of tourist arrivals to 9-10mn in 2022E.The MPC today is expected to hike its policy interest rate by just 0.25%, a less aggressive increase than those of central banks in developed countries, after inflation in July fell from 7.66% YoY to 7.61% YoY.

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>We maintain our BUY rating,but revise and roll-over our TP to Bt24.25(-18% from our previous TP)based on 21.1xPE’23E(+1.0S.D of 10-year trading history). With 2Q22 earnings showing limited impact from inflation</li>
<li>2Q22 earnings saw limited impact 2Q22 net profit was at Bt192m (-9% YoY,-12% QoQ), decreasing YoY and QoQ mainly due to lower equity income from associates. QoQ was also impacted </li>
<li>2Q22 sales was at Bt9.6bn (+14% YoY,-4% QoQ), with growth driven YoY by commercial segment as lockdown eases, but declining QoQ from seasonality. 2H22 and 2023 should mainly be driven</li>
</ul>


We maintain our BUY rating,but revise and roll-over our TP to Bt24.25(-18% from our previous TP)based on 21.1xPE’23E(+1.0S.D of 10-year trading history). With 2Q22 earnings showing limited impact from inflation
2Q22 earnings saw limited impact 2Q22 net profit was at Bt192m (-9% YoY,-12% QoQ), decreasing YoY and QoQ mainly due to lower equity income from associates. QoQ was also impacted 
2Q22 sales was at Bt9.6bn (+14% YoY,-4% QoQ), with growth driven YoY by commercial segment as lockdown eases, but declining QoQ from seasonality. 2H22 and 2023 should mainly be driven


SYNEX : Limited Inflationary Impact on 2Q22 Earnings

Thailand

Synnex (Thailand) Public Company Limited distributes computers, computer peripherals, software, information technology systems, computer consumables, and communication devices. The company also offers retail and online platform services, computer system repair and maintenance, and training. It was incorporated in 1988 and is headquartered in Bangkok, Thailand.

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Synnex (SYNEX TB)

Market Outlook

The SET Index is expected to move sideways, with the resistance at 1,650/1,660 points and the support at 1,630/1,617 points. We recommend trading...

Krungthai XSpring

Market Outlook

The SET Index is expected to move sideways, with the resistance at 1,630/1,640 points and the support at 1,617/1,610 points. Yesterday, foreign...

Krungthai XSpring

Market Outlook

The SET Index is expected to gain, with the resistance at 1,630/1,640 points and the support at 1,611/1,605 points. We recommend trading buy on...

Krungthai XSpring

Market Outlook

The SET Index today is expected to move sideways up, with the resistance at 1,630/1,640 points and the support at 1,611/1,600 points. Positive...

Krungthai XSpring

SYNEX : Limited Inflationary Impact on 2Q22 Earnings

We maintain our BUY rating, but revise and roll-over our TP to Bt24.25 (-18% from our previous TP) based on 21.1xPE’23E (+1.0S.D of 10-year trading...

Pi Securities PCL, Thailand

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52-week Range

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