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 SET Index is expected to move sideways up, with the resistance at 1,606/1,614 points (75/200-day EMA) and the support at 1,592/1,588 points.</li><li>We recommend trading buy on AH, NEX and LH.</li><li>Investors have reduced expectations for an interest rate hike of 0.75% by the Fed in December after Fed officials expressed concerns over the adverse impacts of higher rates.</li></ul>

The SET Index is expected to move sideways up, with the resistance at 1,606/1,614 points (75/200-day EMA) and the support at 1,592/1,588 points.We recommend trading buy on AH, NEX and LH.Investors have reduced expectations for an interest rate hike of 0.75% by the Fed in December after Fed officials expressed concerns over the adverse impacts of higher rates.

Krungthai XSpring Zoom Eng. October 26, 2022

<ul><li>The SET Index is expected to weaken, with the resistance at 1,630/1,640 points and the support at 1,614 points (10/25-day EMA)/1,608 points (50-day EMA).</li><li>We suggest trading buy on ASIAN, TFG and JMART.</li><li>Negative momentum will be generated from China's lockdown of a major city where the production bases of chips and autos are located.</li></ul>

The SET Index is expected to weaken, with the resistance at 1,630/1,640 points and the support at 1,614 points (10/25-day EMA)/1,608 points (50-day EMA).We suggest trading buy on ASIAN, TFG and JMART.Negative momentum will be generated from China's lockdown of a major city where the production bases of chips and autos are located.

<ul><li>The 2Q22 net profit was outstanding at Bt2.43bn (+35% YoY, +35% QoQ), better than expected.</li><li>Excluding FX gain of Bt421mn, the core profit amounted to Bt2.0bn in 2Q22 (+18% YoY, +14% QoQ), significantly better than expected.</li><li>The 1H22 earnings performance significantly beat the forecast; we are likely to revise up our earnings projection for TPIPL (we recommend a Buy currently) to reflect the prospects for higher-than-expected revenue.</li></ul>

The 2Q22 net profit was outstanding at Bt2.43bn (+35% YoY, +35% QoQ), better than expected.Excluding FX gain of Bt421mn, the core profit amounted to Bt2.0bn in 2Q22 (+18% YoY, +14% QoQ), significantly better than expected.The 1H22 earnings performance significantly beat the forecast; we are likely to revise up our earnings projection for TPIPL (we recommend a Buy currently) to reflect the prospects for higher-than-expected revenue.

Thailand

TPI Polene is Thailand's third-largest cement manufacturer, producing cement and mortar products. The company also manufactures petrochemicals, including low-density polyethylene (LDPE) and ethylene-vinyl acetate copolymer (EVA), and operates in the energy sector with waste-to-energy projects. It was founded in 1987 and is headquartered in Bangkok, Thailand.

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TPI Polene (TPIPL TB)

Krungthai XSpring Zoom Eng. October 26, 2022

The SET Index is expected to move sideways up, with the resistance at 1,606/1,614 points (75/200-day EMA) and the support at 1,592/1,588...

Krungthai XSpring

Market Outlook

The SET Index is expected to weaken, with the resistance at 1,630/1,640 points and the support at 1,614 points (10/25-day EMA)/1,608 points...

Krungthai XSpring

Earnings Review: TPIPL

The 2Q22 net profit was outstanding at Bt2.43bn (+35% YoY, +35% QoQ), better than expected. Excluding FX gain of Bt421mn, the core profit amounted...

Krungthai XSpring

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