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 company reaffirmed its 2025E targets of land presales at 2,350 rai, an additional 200,000 sqm of rental space, and the sale of 70,000 sqm of assets to WHART worth Bt1.5bn.</li><li>The company announced a cut in its 2025E investment budget to Bt17–18bn (from Bt20bn), consistent with guidance provided at the analyst meeting.</li><li>The company remains confident in strong presales over the next 1–2 years, supported by: i) BOI approvals in 1H25, which increased and are comparable to 2024 levels, with the digital and data center (DC) industry accounting for 26% during 2023–1H25.</li></ul>

The company reaffirmed its 2025E targets of land presales at 2,350 rai, an additional 200,000 sqm of rental space, and the sale of 70,000 sqm of assets to WHART worth Bt1.5bn.The company announced a cut in its 2025E investment budget to Bt17–18bn (from Bt20bn), consistent with guidance provided at the analyst meeting.The company remains confident in strong presales over the next 1–2 years, supported by: i) BOI approvals in 1H25, which increased and are comparable to 2024 levels, with the digital and data center (DC) industry accounting for 26% during 2023–1H25.

WHA CORPORATION Plc. (WHA): The 2H25E Outlook Remains In Line With Expectations

<ul><li>The SET Index is expected to move sideways, with the support at 1,670/1,665 points and the resistance at 1,690/1,700 points.</li><li>Tactically, investors may continue to speculate on earnings results, focusing on certain stocks with good 4Q22E earnings outlooks as well as those with specific catalysts, such as stocks in the construction services sector whose share prices have outperformed due to the progress on the new general election.</li><li>Our recommended stocks are VGI, STEC, and BA.</li></ul>

The SET Index is expected to move sideways, with the support at 1,670/1,665 points and the resistance at 1,690/1,700 points.Tactically, investors may continue to speculate on earnings results, focusing on certain stocks with good 4Q22E earnings outlooks as well as those with specific catalysts, such as stocks in the construction services sector whose share prices have outperformed due to the progress on the new general election.Our recommended stocks are VGI, STEC, and BA.

Recommendation: Buy on Weakness, Sell on Strength

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

i-Tail Corporation / Equity Capital Markets

<ul>
<li>I-Tail, an OEM in the wet pet food category, aims to raise around US$600m in its Thailand IPO. It is a subsidiary of <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a>  .</li>
<li>As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.</li>
<li>In our previous notes, we have looked at various aspects of the deal. In this note, we talk about its 3Q22 updates and run the deal through our ECM framework.</li>
</ul>


I-Tail, an OEM in the wet pet food category, aims to raise around US$600m in its Thailand IPO. It is a subsidiary of Thai Union Group (TU TB)  .
As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
In our previous notes, we have looked at various aspects of the deal. In this note, we talk about its 3Q22 updates and run the deal through our ECM framework.


I-Tail Corporation IPO - Blowout 3Q22, Revised Earnings, Updated Thoughts on Valuation

<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%.

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Thai Life Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-life-insurance" target="_blank" data-smartkarma-citation="entities:34915:1" rel="noopener">Thai Life Insurance (TLI TB)</a> will start trading on 25 July. Thai Life raised US$975 million at the IPO price of THB16.00 per share.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/thai-life-insurance-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:71653" rel="noopener">Thai Life Insurance IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/thai-life-insurance-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:71693" rel="noopener">Thai Life Insurance IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/thai-life-insurance-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:71995" rel="noopener">Thai Life Insurance IPO: Valuation Insights</a>. </li>
<li>The average of our DDM and relative valuation methodology suggests a price of THB15.43 per share. Remain on the sidelines as the IPO price is fair. </li>
</ul>



Thai Life Insurance (TLI TB) will start trading on 25 July. Thai Life raised US$975 million at the IPO price of THB16.00 per share.
We previously discussed the IPO in Thai Life Insurance IPO: The Bull Case, Thai Life Insurance IPO: The Bear Case and Thai Life Insurance IPO: Valuation Insights. 
The average of our DDM and relative valuation methodology suggests a price of THB15.43 per share. Remain on the sidelines as the IPO price is fair. 


Thailand

Thaire Life Assurance Public Company Limited provides life reinsurance services to various life insurance companies in Thailand. The company operates in two segments: Conventional Products and Non-Conventional Products, offering services such as research and analytics, product design, and claims management. It was founded in 2000 and is headquartered in Bangkok, Thailand.

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Thaire Life Assurance (THREL TB)

WHA CORPORATION Plc. (WHA): The 2H25E Outlook Remains In Line With Expectations

The company reaffirmed its 2025E targets of land presales at 2,350 rai, an additional 200,000 sqm of rental space, and the sale of 70,000 sqm of...

Krungthai XSpring

Recommendation: Buy on Weakness, Sell on Strength

The SET Index is expected to move sideways, with the support at 1,670/1,665 points and the resistance at 1,690/1,700 points. Tactically, investors...

Krungthai XSpring

I-Tail Corporation IPO - Blowout 3Q22, Revised Earnings, Updated Thoughts on Valuation

I-Tail, an OEM in the wet pet food category, aims to raise around US$600m in its Thailand IPO. It is a subsidiary of Thai Union Group. In this...

Sumeet Singh

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

Thai Life Insurance IPO: Trading Debut

The average of our DDM and relative valuation methodology suggests a price of THB15.43 per share. Remain on the sidelines as the IPO price is fair.

Arun George

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