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 continued decline of the SET (-1.9% DoD and -9.9% YTD) has increased the attractiveness of stock prices from a tactical perspective, supporting full portfolio accumulation based on predefined criteria (12 stocks), including CRC, DELTA, and KKP.</li><li>KTX's Tactical Picks portfolio is constructed within SET100 Index constituents.</li><li>Stocks are selected based on EPS growth and relative changes to their KTX valuations.</li></ul>

The continued decline of the SET (-1.9% DoD and -9.9% YTD) has increased the attractiveness of stock prices from a tactical perspective, supporting full portfolio accumulation based on predefined criteria (12 stocks), including CRC, DELTA, and KKP.KTX's Tactical Picks portfolio is constructed within SET100 Index constituents.Stocks are selected based on EPS growth and relative changes to their KTX valuations.

<ul><li>The rebound in the ICT sector and TASCO helped offset the selling pressure in the banking sector, enabling the return of the KTX Tactical Picks portfolio yesterday to outperform the market (+0.2% compared to -0.05% for the SET).</li><li>KTX's Tactical Picks portfolio is constructed within SET100 Index constituents.</li><li>Stocks are selected based on EPS growth and relative changes to their KTX valuations.</li></ul>

The rebound in the ICT sector and TASCO helped offset the selling pressure in the banking sector, enabling the return of the KTX Tactical Picks portfolio yesterday to outperform the market (+0.2% compared to -0.05% for the SET).KTX's Tactical Picks portfolio is constructed within SET100 Index constituents.Stocks are selected based on EPS growth and relative changes to their KTX valuations.

Thornhill Capital Trust / Equity Bottom-Up

<ul><li>KTC is added to the portfolio.</li><li>Positive earnings momentum driven by the seasonal acceleration in card spending in 4Q24, coupled with government spending stimulus measures in early 2025E, will be the near-term catalyst.</li><li>KTX's SET100 Tactical Picks portfolio is constructed within SET100 Index constituents.</li></ul>

KTC is added to the portfolio.Positive earnings momentum driven by the seasonal acceleration in card spending in 4Q24, coupled with government spending stimulus measures in early 2025E, will be the near-term catalyst.KTX's SET100 Tactical Picks portfolio is constructed within SET100 Index constituents.

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,500/1,510 points and the support at 1,488/1,480 points.</li><li>In the medium term, the market remains in a broad sideways range between 1,273 and 1,716 points, currently trending upward to test resistance levels.</li><li>As for the investment strategy, we continue to recommend trading buy on dips.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,500/1,510 points and the support at 1,488/1,480 points.In the medium term, the market remains in a broad sideways range between 1,273 and 1,716 points, currently trending upward to test resistance levels.As for the investment strategy, we continue to recommend trading buy on dips.

TH Earnings Results & China's 3Q24E GDP Growth

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,356/1,348 points and the resistance at 1,375/1,382 points (25-day EMA).</li><li>TISCO reported a net profit of Bt1,733mn, lower than projection of the Bloomberg consensus and down 3.3% YoY and 2.6% QoQ due to the slowdown in non-interest income and higher funding costs.</li><li>We recommend stocks with positive news: SAPPE, ICHI, and TKN.</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,356/1,348 points and the resistance at 1,375/1,382 points (25-day EMA).TISCO reported a net profit of Bt1,733mn, lower than projection of the Bloomberg consensus and down 3.3% YoY and 2.6% QoQ due to the slowdown in non-interest income and higher funding costs.We recommend stocks with positive news: SAPPE, ICHI, and TKN.

United Kingdom

Thornhill Capital Trust is a unit trust incorporated in the United Kingdom. The Trust aims is to achieve long-term capital growth with due regard for income. The Trust will invest in principally in U.K. equities and bonds.

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Thornhill Capital Trust (KTC LN)

Highlights of the Day

The continued decline of the SET (-1.9% DoD and -9.9% YTD) has increased the attractiveness of stock prices from a tactical perspective,...

Krungthai XSpring

KTX Tactical Picks

The rebound in the ICT sector and TASCO helped offset the selling pressure in the banking sector, enabling the return of the KTX Tactical Picks...

Krungthai XSpring

SET100 Tactical Picks

KTC is added to the portfolio. Positive earnings momentum driven by the seasonal acceleration in card spending in 4Q24, coupled with government...

Krungthai XSpring

TH Earnings Results & China's 3Q24E GDP Growth

Technically, the SET Index is expected to move sideways up, with the resistance at 1,500/1,510 points and the support at 1,488/1,480 points. In...

Krungthai XSpring

1Q24E Corporate Earnings

Technically, the SET Index is expected to move sideways down, with the support at 1,356/1,348 points and the resistance at 1,375/1,382 points...

Krungthai XSpring

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