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

Total Access Communication / Equity Bottom-Up

<ul><li>DTAC's 1Q20 results were above view thanks to its effective cost control.</li><li>The full extent of the adverse impact from the COVID-19 outbreak should become evident in 2Q20E, which will result in weakening earnings in upcoming quarters.</li><li>We see the recent share price rally as an opportunity to unload shares.</li></ul>

DTAC's 1Q20 results were above view thanks to its effective cost control.The full extent of the adverse impact from the COVID-19 outbreak should become evident in 2Q20E, which will result in weakening earnings in upcoming quarters.We see the recent share price rally as an opportunity to unload shares.

<ul><li>The economic impact from the COVID-19 outbreak is likely to be more severe than our earlier expectation, leading us to further trim DTAC's earnings.</li><li>We also derive a new DCF-based target price of Bt42.30, down from Bt53.60 previously.</li><li>With narrower upside to our target price and the full extent of the adverse impact to be evident in 2Q20E, we downgrade our rating to Hold.</li></ul>

The economic impact from the COVID-19 outbreak is likely to be more severe than our earlier expectation, leading us to further trim DTAC's earnings.We also derive a new DCF-based target price of Bt42.30, down from Bt53.60 previously.With narrower upside to our target price and the full extent of the adverse impact to be evident in 2Q20E, we downgrade our rating to Hold.

Thailand

Total Access Communication Public Company Limited, commonly known as DTAC, is a leading mobile telecommunications operator in Thailand. It provides a range of services including 5G, 4G, 3G, and 2G mobile phone services, mobile internet, voice, SMS/MMS, and other connectivity services, along with selling mobile handsets and starter kits. The company is headquartered in Bangkok, Thailand, and was founded on August 31, 1989.

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Total Access Communication (DTAC TB)

1Q20 Results Beat Expectation

DTAC's 1Q20 results were above view thanks to its effective cost control. The full extent of the adverse impact from the COVID-19 outbreak should...

Krungthai XSpring

Total Access Communication Plc. (DTAC)

The economic impact from the COVID-19 outbreak is likely to be more severe than our earlier expectation, leading us to further trim DTAC's...

Krungthai XSpring

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