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>INTUCH's 1Q20E earnings are estimated to be weak YoY in line with the operations of ADVANC and THCOM.</li><li>We reiterate a Buy call for INTUCH for its attractive yield of 5.2%.</li><li>In addition, INTUCH is trading at a 32% discount to the market NAV, vs. the L-T average of 20%, and nearly 40% below our new target price of Bt72.60.</li></ul>

INTUCH's 1Q20E earnings are estimated to be weak YoY in line with the operations of ADVANC and THCOM.We reiterate a Buy call for INTUCH for its attractive yield of 5.2%.In addition, INTUCH is trading at a 32% discount to the market NAV, vs. the L-T average of 20%, and nearly 40% below our new target price of Bt72.60.

Thailand

Thaicom is a leading Asian satellite operator and SpaceTech company, providing comprehensive satellite communications services, including broadband via High Throughput Satellite (HTS) and satellite TV broadcasting. The company also offers geospatial intelligence (GEOINT) services by leveraging Earth Observation satellite data, AI, and Machine Learning. Thaicom was founded in 1991 and is headquartered in Bangkok, Thailand.

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Thaicom (THCOM TB)

Earnings Soft but Yield Attractive

INTUCH's 1Q20E earnings are estimated to be weak YoY in line with the operations of ADVANC and THCOM. We reiterate a Buy call for INTUCH for its...

Krungthai XSpring

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