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.

Thematic (Sector/Industry)

<ul><li>We are optimistic about the potential recoveries of global equity markets late this year, based on the expectation that the Fed will pause its interest rate hikes and that a bull flattening of the yield curve will occur when inflation slows down.</li><li>While US inflation may remain above the Fed’s target of 2%, this is likely to be due to a time-lag effect linked to housing prices and concerns over the risk of a US economic recession.</li><li>Therefore, we have revised down our US 10Y bond yield assumption to 3.3% (vs. 3.5% previously) and our Thai 10Y bond yield estimate to 3.0% (vs. 3.3%) for 4Q22E, based on a 12M forward EPS assumption for the SET at Bt106.27/share and an expected earnings yield of 6.2%.</li></ul>

We are optimistic about the potential recoveries of global equity markets late this year, based on the expectation that the Fed will pause its interest rate hikes and that a bull flattening of the yield curve will occur when inflation slows down.While US inflation may remain above the Fed’s target of 2%, this is likely to be due to a time-lag effect linked to housing prices and concerns over the risk of a US economic recession.Therefore, we have revised down our US 10Y bond yield assumption to 3.3% (vs. 3.5% previously) and our Thai 10Y bond yield estimate to 3.0% (vs. 3.3%) for 4Q22E, based on a 12M forward EPS assumption for the SET at Bt106.27/share and an expected earnings yield of 6.2%.

Thailand

Tisco Financial Group Pcl is a bank holding company.  The Company's banking subsidiary offers working capital, project, term, automobile and home loans; custodian services; securities brokerage; mutual funds; and private banking; and advises on equity and debt capital markets, privatizations, debt restructuring, project finance, and mergers and acquisitions.

Tisco Financial Group (TISCO TB)

4Q22E Market Outlook: SET Haven

We are optimistic about the potential recoveries of global equity markets late this year, based on the expectation that the Fed will pause its...

Krungthai XSpring