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 maintain a Hold rating on HUMAN, with the new target price of Bt11.12/share (DCF, WACC at 8.6%, terminal growth rate at 2%).</li><li>We project the firm's earnings to grow at a 20% CAGR during 2021-2022E, driven by growth in both the existing business and potential markets.</li><li>Furthermore, the shift toward the new service focusing on the B2B2C model will create upside risk, which is expected to become more apparent in 2022E.</li></ul>

We maintain a Hold rating on HUMAN, with the new target price of Bt11.12/share (DCF, WACC at 8.6%, terminal growth rate at 2%).We project the firm's earnings to grow at a 20% CAGR during 2021-2022E, driven by growth in both the existing business and potential markets.Furthermore, the shift toward the new service focusing on the B2B2C model will create upside risk, which is expected to become more apparent in 2022E.

<ul><li>Although VGI reported better-than-expected core earnings in 3QFY20/21, we decide to maintain our projections for the whole year given that earnings in 4QFY20/21E should be hurt by the new COVID-19 outbreak.</li><li>Nevertheless, the current share price likely reflects the negatives.</li><li>We thus maintain our Hold rating for VGI, with the SOTP-based TP of Bt7.80.</li></ul>

Although VGI reported better-than-expected core earnings in 3QFY20/21, we decide to maintain our projections for the whole year given that earnings in 4QFY20/21E should be hurt by the new COVID-19 outbreak.Nevertheless, the current share price likely reflects the negatives.We thus maintain our Hold rating for VGI, with the SOTP-based TP of Bt7.80.

<ul><li>VGI's earnings in 3QFY20/21E are likely to be strong given the improvement of ad spending, cost savings and PLANB's dividend.</li><li>However, earnings in 4QFY20/21E should be hurt by the new COVID-19 outbreak.</li><li>We thus maintain our Hold rating for VGI.</li></ul>

VGI's earnings in 3QFY20/21E are likely to be strong given the improvement of ad spending, cost savings and PLANB's dividend.However, earnings in 4QFY20/21E should be hurt by the new COVID-19 outbreak.We thus maintain our Hold rating for VGI.

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>VGI reported better-than-expected earnings results in 2QFY20/21 on the back of the resumption of ad spending.</li><li>We believe net profit will continue to improve in the rest of this year.</li><li>We thus maintain our Hold rating, with the SOTP-based TP of Bt7.80.</li></ul>

VGI reported better-than-expected earnings results in 2QFY20/21 on the back of the resumption of ad spending.We believe net profit will continue to improve in the rest of this year.We thus maintain our Hold rating, with the SOTP-based TP of Bt7.80.

Earnings Surpassed Breakeven Level in 2QFY20/21

Thailand

VGI Public Company Limited is a Thailand-based company that provides offline-to-online (O2O) marketing solutions across three core segments: Advertising, Digital Services, and Distribution. It offers a diverse range of advertising media, including transit and office building advertising, alongside digital payment services through Rabbit Group. The company is headquartered in Bangkok, Thailand, and was founded in 1995.

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VGI (VGI-R TB)

Growing Organically and Inorganically

We maintain a Hold rating on HUMAN, with the new target price of Bt11.12/share (DCF, WACC at 8.6%, terminal growth rate at 2%). We project the...

Krungthai XSpring

Beat Forecast Partly on Extra Item

Although VGI reported better-than-expected core earnings in 3QFY20/21, we decide to maintain our projections for the whole year given that...

Krungthai XSpring

Still Struggling Amid Ongoing Pandemic

VGI's earnings in 3QFY20/21E are likely to be strong given the improvement of ad spending, cost savings and PLANB's dividend. However, earnings in...

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

Earnings Surpassed Breakeven Level in 2QFY20/21

VGI reported better-than-expected earnings results in 2QFY20/21 on the back of the resumption of ad spending. We believe net profit will continue...

Krungthai XSpring

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