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.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to rebound in response to the news that the Fed maintained its stance calling for three interest rate cuts this year and raised its 2024E economic growth estimate to 2.1% vs. 1.4% previously.</li><li>KTX anticipates that a resurgence in inflation will potentially lead the BoE to prolong its current policy interest rate.</li><li>In-line readings would suggest a slim chance for the global economy to enter a recession, which would positively impact the economic activities of developed countries.</li></ul>

Technically, the SET Index is expected to rebound in response to the news that the Fed maintained its stance calling for three interest rate cuts this year and raised its 2024E economic growth estimate to 2.1% vs. 1.4% previously.KTX anticipates that a resurgence in inflation will potentially lead the BoE to prolong its current policy interest rate.In-line readings would suggest a slim chance for the global economy to enter a recession, which would positively impact the economic activities of developed countries.

Keep a Close Watch on BoE Meeting and Vote on Second and Third Readings of 2024 Budget Bill

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai market to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof.

We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai market to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof.

Interesting Stocks to Consider in Thailand, Vol. 2

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Only Gets Hotter from Here On. Summer typically starts in February in Thailand. In the South, there are only two seasons, but elsewhere, summer will stretch between February to around May. We are not saying every stock in this article is a buy. What we're saying is that for them, summer usually acts as an important sales catalyst or at least a time when they gain attention from investors yo. The rainy season, which starts in late May and goes all the way to October, is by far the country's…

Only Gets Hotter from Here On. Summer typically starts in February in Thailand. In the South, there are only two seasons, but elsewhere, summer will stretch between February to around May. We are not saying every stock in this article is a buy. What we're saying is that for them, summer usually acts as an important sales catalyst or at least a time when they gain attention from investors yo. The rainy season, which starts in late May and goes all the way to October, is by far the country's…

Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,372 points (200-day EMA)/1,380 points and the support at 1,360/1,355 points.</li><li>In the short term, the index is moving in an uptrend, reaching higher highs for nine consecutive days, with the resistance at 1,375 points (aligned with the 2/3 Fibonacci retracement) and 1,394 points (the gap from April 11, 2024).</li><li>We recommend partially taking profit at the resistance and waiting to buy back when the index retreats.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,372 points (200-day EMA)/1,380 points and the support at 1,360/1,355 points.In the short term, the index is moving in an uptrend, reaching higher highs for nine consecutive days, with the resistance at 1,375 points (aligned with the 2/3 Fibonacci retracement) and 1,394 points (the gap from April 11, 2024).We recommend partially taking profit at the resistance and waiting to buy back when the index retreats.

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

<ul>
<li>Upgrade to BUY from HOLD with a new target price of Bt13.10 (+26% from previous TP), derived from 16.7xPE’22E, -1 SD of its 3-year trading average. Our rating reflects </li>
<li>Its 3Q21 net profit reached the 4-quarter high at Bt52m (-15% YoY, +7% QoQ), with YoY drop caused by rising administrative expenses (+34%YoY) and finance cost (+48%YoY).</li>
<li>We expect continuing growth in 4Q21 earnings onwards backed by improving capacity factor of the power plants, COD during 4Q20 and 1Q21. •The COD of new power plants in 4Q21 </li>
</ul>


Upgrade to BUY from HOLD with a new target price of Bt13.10 (+26% from previous TP), derived from 16.7xPE’22E, -1 SD of its 3-year trading average. Our rating reflects 
Its 3Q21 net profit reached the 4-quarter high at Bt52m (-15% YoY, +7% QoQ), with YoY drop caused by rising administrative expenses (+34%YoY) and finance cost (+48%YoY).
We expect continuing growth in 4Q21 earnings onwards backed by improving capacity factor of the power plants, COD during 4Q20 and 1Q21. •The COD of new power plants in 4Q21 


TPCH: Capacity Expansion Will Accelerate 2022 Earnings

Thailand

TPC Power Holding Public Company Limited is a Thailand-based holding company that invests in businesses generating and distributing electricity from various renewable energy sources. The company and its subsidiaries primarily focus on biomass, hydro, solar, wind, waste, and biogas power plants, and are also engaged in construction contractor business. It was incorporated in 2012 and is headquartered in Bangkok, Thailand.

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TPC Power Holding (TPCH TB)

Keep a Close Watch on BoE Meeting and Vote on Second and Third Readings of 2024 Budget Bill

Technically, the SET Index is expected to rebound in response to the news that the Fed maintained its stance calling for three interest rate cuts...

Krungthai XSpring

Interesting Stocks to Consider in Thailand, Vol. 2

We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai...

A. Stotz Investment Research

This Ain't Winterfell, Summer Is Coming!

Only Gets Hotter from Here On. Summer typically starts in February in Thailand. In the South, there are only two seasons, but elsewhere, summer...

Athaporn Arayasantiparb, CFA

Second Reading of US 2Q24 GDP

Technically, the SET Index is expected to move sideways up, with the resistance at 1,372 points (200-day EMA)/1,380 points and the support at...

Krungthai XSpring

TPCH: Capacity Expansion Will Accelerate 2022 Earnings

Upgrade to BUY from HOLD with a new target price of Bt13.10 (+26% from previous TP), derived from 16.7xPE’22E, -1 SD of its 3-year trading average....

Pi Securities PCL, Thailand

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