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>We cut BTS's earnings in FY20/21E and FY21/22E owing mainly to our downward revision of shared profit from BTSGIF and U.</li><li>This leads us to lower BTS's SOTP-based TP to Bt10 (vs. Bt13 previously), including the reduction in VGI's stake to 52% (vs. 67% previously) after the sale of 15% to strategic partners late last year.</li><li>We thus switch our investment rating for BTS to Hold (from Buy previously).</li></ul>

We cut BTS's earnings in FY20/21E and FY21/22E owing mainly to our downward revision of shared profit from BTSGIF and U.This leads us to lower BTS's SOTP-based TP to Bt10 (vs. Bt13 previously), including the reduction in VGI's stake to 52% (vs. 67% previously) after the sale of 15% to strategic partners late last year.We thus switch our investment rating for BTS to Hold (from Buy previously).

BTS Group Holdings PCL / Equity Bottom-Up

<ul><li>We maintain our earnings forecasts for BTS after the results announcement.</li><li>The short-term catalysts will come from the renewal of the Green Line mass transit contract (under consideration by the Cabinet), the new strategic investors in VGI, and the bidding results of the Orange Line Mass Transit project.</li><li>We maintain our Buy call for BTS, with the SOTP-based TP of Bt13.00.</li></ul>

We maintain our earnings forecasts for BTS after the results announcement.The short-term catalysts will come from the renewal of the Green Line mass transit contract (under consideration by the Cabinet), the new strategic investors in VGI, and the bidding results of the Orange Line Mass Transit project.We maintain our Buy call for BTS, with the SOTP-based TP of Bt13.00.

Earnings Improved From Previous Quarter - Buy (FY20/21E TP: Bt13.00)

<ul><li>We have a neutral view on the analyst meeting with BTS, as it was mostly in line with our expectations.</li><li>We maintain our Buy call with the SOTP-based TP of Bt13.00, not yet including the incremental value from U-Tapao Airport and the Orange Line.</li><li>BTS delivered a net profit of Bt8.2bn in FY19/20, including net extra items of Bt4.4bn.</li></ul>

We have a neutral view on the analyst meeting with BTS, as it was mostly in line with our expectations.We maintain our Buy call with the SOTP-based TP of Bt13.00, not yet including the incremental value from U-Tapao Airport and the Orange Line.BTS delivered a net profit of Bt8.2bn in FY19/20, including net extra items of Bt4.4bn.

<ul><li>We lower the core earnings in FY19/20E, FY20/21E and FY21/22E for BTS to reflect the negative impact of COVID-19 on some businesses, especially media, BTSGIF and U.</li><li>Thus, BTS's SOTP-based TP is also reduced to Bt13 (vs. Bt15 previously).</li><li>We maintain our Buy call for BTS as we believe the negative impact should be short term.</li></ul>

We lower the core earnings in FY19/20E, FY20/21E and FY21/22E for BTS to reflect the negative impact of COVID-19 on some businesses, especially media, BTSGIF and U.Thus, BTS's SOTP-based TP is also reduced to Bt13 (vs. Bt15 previously).We maintain our Buy call for BTS as we believe the negative impact should be short term.

United States

Unity Software Inc. provides software solutions. The Company offers graphic tools to create, run, and monetize real-time 2D and 3D content for mobile phones, tablets, PCs, consoles, and augmented and virtual reality devices. Unity Software serves customers worldwide.

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Unity Software (U US)

Waiting for Incremental Value

We cut BTS's earnings in FY20/21E and FY21/22E owing mainly to our downward revision of shared profit from BTSGIF and U. This leads us to lower...

Krungthai XSpring

Earnings Improved From Previous Quarter - Buy (FY20/21E TP: Bt13.00)

We maintain our earnings forecasts for BTS after the results announcement. The short-term catalysts will come from the renewal of the Green Line...

Krungthai XSpring

Riding With New Opportunity

We have a neutral view on the analyst meeting with BTS, as it was mostly in line with our expectations. We maintain our Buy call with the...

Krungthai XSpring

Temporary Impact From COVID-19

We lower the core earnings in FY19/20E, FY20/21E and FY21/22E for BTS to reflect the negative impact of COVID-19 on some businesses, especially...

Krungthai XSpring

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