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

Electricity Generating / Equity Bottom-Up

<ul><li>Despite the company's lackluster earnings growth in 2020-21E, its earnings are of solid quality, with profit generation in the upper bound range at Bt1.9-2.0mn/MW during the period.</li><li>The appealing upside gain has prompted us to upgrade our rating to Buy (from Hold), with the rolled-over 2021E TP at Bt315.</li><li>EGCO reported soaring NP of Bt5.1bn in 2Q20 (+29% YoY, reversing QoQ), including forex gain (Bt2.1bn) and gain on financial instruments (Bt433mn), compared to the net impact of forex and financial instruments of +Bt1.3bn in 2019 and -Bt2.6bn in 1Q20.</li></ul>

Despite the company's lackluster earnings growth in 2020-21E, its earnings are of solid quality, with profit generation in the upper bound range at Bt1.9-2.0mn/MW during the period.The appealing upside gain has prompted us to upgrade our rating to Buy (from Hold), with the rolled-over 2021E TP at Bt315.EGCO reported soaring NP of Bt5.1bn in 2Q20 (+29% YoY, reversing QoQ), including forex gain (Bt2.1bn) and gain on financial instruments (Bt433mn), compared to the net impact of forex and financial instruments of +Bt1.3bn in 2019 and -Bt2.6bn in 1Q20.

United States

VNG Limited operates a digital infrastructure and technology platform. The Company offers products mobile games, communications and media, fintech, and cloud-based platforms. VNG serves customers worldwide.

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VNG (VNG US)

Unexciting Earnings but of Solid Quality

Despite the company's lackluster earnings growth in 2020-21E, its earnings are of solid quality, with profit generation in the upper bound range...

Krungthai XSpring

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