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

Bangkok Expressway and Metro / Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to move sideways, with the resistance at 1,540/1,545 points (75-day EMA) and the support at 1,519/1,515 points (10-day and 25-day EMA).</li><li>KTX has a negative outlook on the SET this week due to three key domestic factors.</li><li>We recommend contrarian investing; investors may sell to take profit first before waiting to buy back when the SET Index weakens to below 1,482 points (12M MRP at 4.15%).</li></ul>

Technically, the SET Index is expected to move sideways, with the resistance at 1,540/1,545 points (75-day EMA) and the support at 1,519/1,515 points (10-day and 25-day EMA).KTX has a negative outlook on the SET this week due to three key domestic factors.We recommend contrarian investing; investors may sell to take profit first before waiting to buy back when the SET Index weakens to below 1,482 points (12M MRP at 4.15%).

<ul><li>Technically, the SET Index is expected to move sideways while awaiting the results of the vote for the prime minister, with the support at 1,492/1,485 points and the resistance at 1,505/1,520 points.</li><li>The highlight today is domestic politics.</li><li>We recommend the banking sector, i.e., TTB and SCB, given the expected strong 2Q23E earnings growth on a YoY and QoQ basis, as well as WHA, as it is a defensive stock without any risk to its fundamentals despite some political risks.</li></ul>

Technically, the SET Index is expected to move sideways while awaiting the results of the vote for the prime minister, with the support at 1,492/1,485 points and the resistance at 1,505/1,520 points.The highlight today is domestic politics.We recommend the banking sector, i.e., TTB and SCB, given the expected strong 2Q23E earnings growth on a YoY and QoQ basis, as well as WHA, as it is a defensive stock without any risk to its fundamentals despite some political risks.

Krungthai XSpring Zoom Eng. July 11, 2023

<ul><li>We add WHA to the portfolio.</li><li>The consensus estimate for its 2023E earnings is likely to be revised up from Bt3,705mn (-8.42% YoY) after the analyst meeting last quarter to reflect the possible relocation of production bases from China due to geopolitical tensions.</li><li>SAWAD is also added to the portfolio.</li></ul>

We add WHA to the portfolio.The consensus estimate for its 2023E earnings is likely to be revised up from Bt3,705mn (-8.42% YoY) after the analyst meeting last quarter to reflect the possible relocation of production bases from China due to geopolitical tensions.SAWAD is also added to the portfolio.

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

<ul>
<li>We maintain BUY rating with a target price of Bt4.54,derived from 18.0xPE’23,its 5 year trading average .BUY rating reflects positive outlook for  higher land sales and rising revenue from utility </li>
<li>Positive outlook from analyst meeting Management have positive view to overall business in 2022 and 2023.</li>
<li>Industrial estate business: WHA can sell land at  1,512 rai in 9M22 (1,412 rai in thailand and 100 rai in vietnam),accouting for 92% of 22 target at 1,650 rai. Meanwhiles,</li>
</ul>


We maintain BUY rating with a target price of Bt4.54,derived from 18.0xPE’23,its 5 year trading average .BUY rating reflects positive outlook for  higher land sales and rising revenue from utility 
Positive outlook from analyst meeting Management have positive view to overall business in 2022 and 2023.
Industrial estate business: WHA can sell land at  1,512 rai in 9M22 (1,412 rai in thailand and 100 rai in vietnam),accouting for 92% of 22 target at 1,650 rai. Meanwhiles,


WHA : Positive Outlook for 2022-23 Performance

<ul>
<li>We maintain BUY rating with new target price of Bt4.54,derived from 18.0xPE’23, its 5 year trading average,to reflect higher revenue recognition of land sales.</li>
<li>3Q22 earnings enhanced  YoY WHA reported  3Q22’s net profit of Bt259m (+61%YoY, -11% QoQ),lower than market expectation  by 43%.</li>
<li>The YoY expansion  of net profit drivened  by  rising revenue  to Bt1.9bn (+78%YoY) due to (1)Higher revenue of land sales to Bt961m(+612%YoY)from increasing  transfers of land in domestic and vietnam</li>
</ul>


We maintain BUY rating with new target price of Bt4.54,derived from 18.0xPE’23, its 5 year trading average,to reflect higher revenue recognition of land sales.
3Q22 earnings enhanced  YoY WHA reported  3Q22’s net profit of Bt259m (+61%YoY, -11% QoQ),lower than market expectation  by 43%.
The YoY expansion  of net profit drivened  by  rising revenue  to Bt1.9bn (+78%YoY) due to (1)Higher revenue of land sales to Bt961m(+612%YoY)from increasing  transfers of land in domestic and vietnam


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)

Today's Dominant Ideas

Technically, the SET Index is expected to move sideways, with the resistance at 1,540/1,545 points (75-day EMA) and the support at 1,519/1,515...

Krungthai XSpring

Krungthai XSpring Zoom Eng. July 11, 2023

Technically, the SET Index is expected to move sideways while awaiting the results of the vote for the prime minister, with the support at...

Krungthai XSpring

Big Cap Tactical Picks

We add WHA to the portfolio. The consensus estimate for its 2023E earnings is likely to be revised up from Bt3,705mn (-8.42% YoY) after the...

Krungthai XSpring

WHA : Positive Outlook for 2022-23 Performance

We maintain BUY rating with a target price of Bt4.54,derived from 18.0xPE’23, its 5 year trading average . BUY rating reflects positive outlook for...

Pi Securities PCL, Thailand

WHA : 3Q22 Results Expanded YoY

We maintain BUY rating with new target price of Bt4.54,derived from 18.0xPE’23, its 5 year trading average,to reflect higher revenue recognition of...

Pi Securities PCL, Thailand

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