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.

Thematic (Sector/Industry)

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,395 points (50-day EMA)/1,400 points and the support at 1,380/1,372 points.</li><li>The index may rebound to 1,416/1,438 points again after it was able to reverse and breach the resistance at 1,390 points, forming a higher high and higher low pattern.</li><li>There is risk of the index returning to a downward direction again if it closes below the key support at 1,380 points.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,395 points (50-day EMA)/1,400 points and the support at 1,380/1,372 points.The index may rebound to 1,416/1,438 points again after it was able to reverse and breach the resistance at 1,390 points, forming a higher high and higher low pattern.There is risk of the index returning to a downward direction again if it closes below the key support at 1,380 points.

Wait for Thailand’s 4Q23 GDP (Monday Morning) And U. Of Michigan Survey in US Tonight

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

<h2>Singapore</h2><h3>Condo and HDB rents continued to rise in May21; Volumes holding up well</h3><p>The rental market for both private apartments and HDB flats in May remained robust despite the tightened Covid-19 measures and border restrictions in place. Rents for condominium units rose by 0.3% MoM and are up 7.3% YoY. They are still down 11.4% from their peak in Jan13, according to SRX. HDB rents saw a slightly higher increase of 0.7% MoM and are up 7.9% YoY. However, they are still 9.2% off their highs in Aug13. With the May increases, condo rents extended their rise to five consecutive months, while HDB rents climbed for 11 straight months. Rental volume for condo apartments increased by 1.7% MoM to an estimated 4,603 units leased in May compared with 4,527 units in Apr. The number of units rented out last month are also 39.3% higher YoY, when Singapore was in its circuit breaker period. HDB rental volume in May saw a slight drop from Apr, down 0.9% MoM to an estimated 1,686 units from 1,702 units in Apr. HDB rental volume last month is 30.4% higher Yoy, though 8.5% lower than the five-year average volume for the month of May.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/212/219/original/image017.png?1623289645" class="editor-image img-responsive" data-smartkarma-image-id="212219"></figure><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/212/220/original/image018.png?1623289657" class="editor-image img-responsive" data-smartkarma-image-id="212220"></figure></section></section>

SingaporeCondo and HDB rents continued to rise in May21; Volumes holding up wellThe rental market for both private apartments and HDB flats in May remained robust despite the tightened Covid-19 measures and border restrictions in place. Rents for condominium units rose by 0.3% MoM and are up 7.3% YoY. They are still down 11.4% from their peak in Jan13, according to SRX. HDB rents saw a slightly higher increase of 0.7% MoM and are up 7.9% YoY. However, they are still 9.2% off their highs in Aug13. With the May increases, condo rents extended their rise to five consecutive months, while HDB rents climbed for 11 straight months. Rental volume for condo apartments increased by 1.7% MoM to an estimated 4,603 units leased in May compared with 4,527 units in Apr. The number of units rented out last month are also 39.3% higher YoY, when Singapore was in its circuit breaker period. HDB rental volume in May saw a slight drop from Apr, down 0.9% MoM to an estimated 1,686 units from 1,702 units in Apr. HDB rental volume last month is 30.4% higher Yoy, though 8.5% lower than the five-year average volume for the month of May.

ASEAN Builder's Scoop (10Jun21) - Condo/HDB Rents Continue to Rise in May21

Equity Bottom-Up

<ul><li>The company reaffirmed its 2025E targets of land presales at 2,350 rai, an additional 200,000 sqm of rental space, and the sale of 70,000 sqm of assets to WHART worth Bt1.5bn.</li><li>The company announced a cut in its 2025E investment budget to Bt17–18bn (from Bt20bn), consistent with guidance provided at the analyst meeting.</li><li>The company remains confident in strong presales over the next 1–2 years, supported by: i) BOI approvals in 1H25, which increased and are comparable to 2024 levels, with the digital and data center (DC) industry accounting for 26% during 2023–1H25.</li></ul>

The company reaffirmed its 2025E targets of land presales at 2,350 rai, an additional 200,000 sqm of rental space, and the sale of 70,000 sqm of assets to WHART worth Bt1.5bn.The company announced a cut in its 2025E investment budget to Bt17–18bn (from Bt20bn), consistent with guidance provided at the analyst meeting.The company remains confident in strong presales over the next 1–2 years, supported by: i) BOI approvals in 1H25, which increased and are comparable to 2024 levels, with the digital and data center (DC) industry accounting for 26% during 2023–1H25.

WHA CORPORATION Plc. (WHA): The 2H25E Outlook Remains In Line With Expectations

<ul><li>2Q25 core profit declined YoY and QoQ as expected.</li><li>We estimate that the core operation in 2H25E will drop YoY due to a reduction in assets for sale to the fund, to about Bt700mn (vs. Bt929mn in 4Q24).</li><li>Core profit in 2H25E is also expected to fall HoH, as most 2025E transfers were recognized in 1Q25. </li></ul>

2Q25 core profit declined YoY and QoQ as expected.We estimate that the core operation in 2H25E will drop YoY due to a reduction in assets for sale to the fund, to about Bt700mn (vs. Bt929mn in 4Q24).Core profit in 2H25E is also expected to fall HoH, as most 2025E transfers were recognized in 1Q25. 

Wha Corporation - 2Q25 Earnings Weak as Expected

<ul><li>We take a negative view on the outlook for presales and transfers in 2Q25E, which are expected to have remained weak and pressured core profit to have declined both YoY and QoQ, despite partial revenue recognition from asset sales to the WHART fund during the quarter.</li><li>However, we maintain our view that presales will improve in 3Q25E, supported by two major clients, while transfers should pick up in 4Q25E from the recognition of sales to a data center (DC) customer on the third land plot.</li><li>As a result, the long-term average performance is expected to decline by 6%, in line with the industry.</li></ul>

We take a negative view on the outlook for presales and transfers in 2Q25E, which are expected to have remained weak and pressured core profit to have declined both YoY and QoQ, despite partial revenue recognition from asset sales to the WHART fund during the quarter.However, we maintain our view that presales will improve in 3Q25E, supported by two major clients, while transfers should pick up in 4Q25E from the recognition of sales to a data center (DC) customer on the third land plot.As a result, the long-term average performance is expected to decline by 6%, in line with the industry.

Wha Corporation - Expect Low Presales and Transfers in 2Q25E

Thailand

WHA Corporation is a leading Thai company engaged in logistics, industrial development, utilities and power, digital services, and mobility businesses. It develops and manages industrial estates, ready-built factories and warehouses, and provides comprehensive solutions including water and wastewater management, and power generation. The company was founded in 2003 and is headquartered in Samut Prakan, Thailand.

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WHA Corporation (WHA TB)

Wait for Thailand’s 4Q23 GDP (Monday Morning) And U. Of Michigan Survey in US Tonight

Technically, the SET Index is expected to move sideways up, with the resistance at 1,395 points (50-day EMA)/1,400 points and the support at 1,380...

Krungthai XSpring

ASEAN Builder's Scoop (10Jun21) - Condo/HDB Rents Continue to Rise in May21

Condo/HDB rents continue to rise in May21; LHN on the lookout for more Co-living properties; WHA bets on Phuket reopening; ALI/AREIT property/share...

SCCM Asia Research

WHA CORPORATION Plc. (WHA): The 2H25E Outlook Remains In Line With Expectations

The company reaffirmed its 2025E targets of land presales at 2,350 rai, an additional 200,000 sqm of rental space, and the sale of 70,000 sqm of...

Krungthai XSpring

Wha Corporation - 2Q25 Earnings Weak as Expected

For 2026E, presales are expected to decline from a high base, pressuring long-term EPS to contract at a CAGR of -6%, in line with the industry.

Krungthai XSpring

Wha Corporation - Expect Low Presales and Transfers in 2Q25E

We take a negative view on the outlook for presales and transfers in 2Q25E, which are expected to have remained weak and pressured core profit to...

Krungthai XSpring

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