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>KTX expects the SET Index to weaken, with the support levels at 1,053 and 1,040 points and the resistance levels at 1,120 and 1,144 points.</li><li>Over the past five years (2020-2024), there was a 60% probability that the SET Index would end the month in positive territory, with an average gain of +0.13%.</li><li>We believe domestic factors will continue to weigh on the Thai stock market in early July.</li></ul>

KTX expects the SET Index to weaken, with the support levels at 1,053 and 1,040 points and the resistance levels at 1,120 and 1,144 points.Over the past five years (2020-2024), there was a 60% probability that the SET Index would end the month in positive territory, with an average gain of +0.13%.We believe domestic factors will continue to weigh on the Thai stock market in early July.

Outlook: To Weaken (Underperforming Regional Markets)

<ul><li>The SET Index is expected to move downward, with the support levels at 1,088/1,080 points and the resistance levels at 1,100/1,107 points.</li><li>Technically, the trend remains bearish, with a possibility of retesting this year's low at 1,056.41 points (recorded on April 8).</li><li>The market is being weighed down by negative factors, especially domestic ones.</li></ul>

The SET Index is expected to move downward, with the support levels at 1,088/1,080 points and the resistance levels at 1,100/1,107 points.Technically, the trend remains bearish, with a possibility of retesting this year's low at 1,056.41 points (recorded on April 8).The market is being weighed down by negative factors, especially domestic ones.

Political Uncertainty Weighing on the Market

Quantitative Analysis

<ul><li>The stock holdings in the KTX Tactical Picks portfolio remain unchanged.</li><li>The portfolio's average total return declined by 0.08%, underperforming the SET (+0.21%), pressured by selling in ICT stocks (ADVANC, TRUE).</li><li>KTX's Tactical Picks portfolio is constructed within SET100 Index constituents.</li></ul>

The stock holdings in the KTX Tactical Picks portfolio remain unchanged.The portfolio's average total return declined by 0.08%, underperforming the SET (+0.21%), pressured by selling in ICT stocks (ADVANC, TRUE).KTX's Tactical Picks portfolio is constructed within SET100 Index constituents.

Samart Aviation Solutions Public Co Ltd / Equity Bottom-Up

Samart Aviation Solutions Public Co Ltd (SAV TB)

<ul><li>Technically, the SET Index is expected to weaken, with the support levels at 1,236/1,230 points and resistance at 1,254/1,260 points.</li><li>In the medium term, the index remains in a zig-zag down downtrend, searching for a bottom within the range of 1,220-1,506 points.</li><li>In the short term, the first signs of a pullback have emerged after the index formed a lower high and lower low pattern for the first time since the technical rebound began on February 17 from the new low of 1,236.80 points.</li></ul>

Technically, the SET Index is expected to weaken, with the support levels at 1,236/1,230 points and resistance at 1,254/1,260 points.In the medium term, the index remains in a zig-zag down downtrend, searching for a bottom within the range of 1,220-1,506 points.In the short term, the first signs of a pullback have emerged after the index formed a lower high and lower low pattern for the first time since the technical rebound began on February 17 from the new low of 1,236.80 points.

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>Kaname Capital, the second-largest shareholder of <a href="https://www.smartkarma.com/entities/proto-corp" target="_blank" data-smartkarma-citation="entities:2511:1" rel="noopener">Proto Corp (4298 JP)</a>, has issued an <a href="https://www.businesswire.com/news/home/20250218252175/en/Kaname-Capital-Sends-an-Open-Letter-of-Inquiry-Regarding-Opportunistic-MBO-by-Founder-of-Proto-Corporation1" target="_blank" rel="noopener">open letter</a> stating that the JPY2,100 MBO tender offer is a bad conclusion at the wrong price.</li>
<li>Some assertions are valid, while others do not stand up to scrutiny. Kaname claims that Proto is worth JPY3,778, which will make it hard to reach a compromise. </li>
<li>Maintaining terms is increasingly not viable. The Chairman is likely to respond by lowering the minimum acceptance condition and/or bumping to secure the support of minorities (excluding Kaname).</li>
</ul>


Kaname Capital, the second-largest shareholder of Proto Corp (4298 JP), has issued an open letter stating that the JPY2,100 MBO tender offer is a bad conclusion at the wrong price.
Some assertions are valid, while others do not stand up to scrutiny. Kaname claims that Proto is worth JPY3,778, which will make it hard to reach a compromise. 
Maintaining terms is increasingly not viable. The Chairman is likely to respond by lowering the minimum acceptance condition and/or bumping to secure the support of minorities (excluding Kaname).


Proto Corp (4298 JP): Kaname Capital Throws a Spanner in the Works

United States

TrueCar, Inc. develops and publishes an online automotive information and communication platform. The Company provides data and price reports for cars both online and over the phone for consumers and a communications platform for automobile dealers to communicate with consumers. TrueCar serves customers throughout the United States.

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Truecar Inc (TRUE US)

Outlook: To Weaken (Underperforming Regional Markets)

KTX expects the SET Index to weaken, with the support levels at 1,053 and 1,040 points and the resistance levels at 1,120 and 1,144 points. Over...

Krungthai XSpring

Political Uncertainty Weighing on the Market

The SET Index is expected to move downward, with the support levels at 1,088/1,080 points and the resistance levels at 1,100/1,107...

Krungthai XSpring

KTX Tactical Picks

The stock holdings in the KTX Tactical Picks portfolio remain unchanged. The portfolio's average total return declined by 0.08%, underperforming...

Krungthai XSpring

Strategic Daily Picks

Technically, the SET Index is expected to weaken, with the support levels at 1,236/1,230 points and resistance at 1,254/1,260 points. In the...

Krungthai XSpring

Proto Corp (4298 JP): Kaname Capital Throws a Spanner in the Works

Some of Kaname's assertions are valid, while others do not stand up to scrutiny. The Chairman will likely respond by lowering the minimum...

Arun George

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