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 in a sideways-down pattern, with the support at 1,175/1,165 points and the resistance at 1,190/1,195 points, pressured by the FTSE Index rebalancing at today’s market close.</li><li>In the medium term, the index remains in a zig-zag down downtrend, seeking the bottom within the 1,100-1,506-point range.</li><li>Meanwhile, the short-term outlook is bearish, with the index retesting the previous support after generating a sell signal late in yesterday’s session. </li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,175/1,165 points and the resistance at 1,190/1,195 points, pressured by the FTSE Index rebalancing at today’s market close.In the medium term, the index remains in a zig-zag down downtrend, seeking the bottom within the 1,100-1,506-point range.Meanwhile, the short-term outlook is bearish, with the index retesting the previous support after generating a sell signal late in yesterday’s session. 

KTX Zoom: FTSE Rebalancing - MARCH 21, 2025

Equity Bottom-Up

WHA Premium Growth Freehold & Leasehold Real Estate Investment Trust / Equity Bottom-Up

WHA Premium Growth Freehold & Leasehold Real Estate Investment Trust

<ul><li>We switch to a Neutral rating (vs. Outperform previously).</li><li>The share price is currently fully valued compared with our fair value of Bt10 (based on a required return of 7.7%) after rallying by over 28% since our initiation in the middle of July 2024.</li><li>The short-term tactical upside risk is very limited while the long- term earnings prospects remain unchanged.</li></ul>

We switch to a Neutral rating (vs. Outperform previously).The share price is currently fully valued compared with our fair value of Bt10 (based on a required return of 7.7%) after rallying by over 28% since our initiation in the middle of July 2024.The short-term tactical upside risk is very limited while the long- term earnings prospects remain unchanged.

Whart Tb - In-Line 2Q24 Earnings; Share Price Fully Valued

<ul><li>KTX expects the MPC to maintain the policy interest rate at 2.5% at the meeting on August 21, 2024, despite inflation expanding for the fourth consecutive month in July.</li><li>The inflation trend in August is expected to mirror that of July, driven by increases in diesel and fruit prices compared to the same period last year.</li><li>However, factors such as the high base price of crude oil from last year and lower electricity prices due to government subsidies are expected to exert a drag on inflation. </li></ul>

KTX expects the MPC to maintain the policy interest rate at 2.5% at the meeting on August 21, 2024, despite inflation expanding for the fourth consecutive month in July.The inflation trend in August is expected to mirror that of July, driven by increases in diesel and fruit prices compared to the same period last year.However, factors such as the high base price of crude oil from last year and lower electricity prices due to government subsidies are expected to exert a drag on inflation. 

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

Relative strength for MSCI EM is bottoming vs. MSCI EAFE despite continued global equity market weakness.  Although the MSCI EM's price index remains in a downtrend, we are seeing signs of outperformance ona a relative strength basis and would add incremental exposure. In this report we highlight attractive and actionable themes within EM.

Relative strength for MSCI EM is bottoming vs. MSCI EAFE despite continued global equity market weakness.  Although the MSCI EM's price index remains in a downtrend, we are seeing signs of outperformance ona a relative strength basis and would add incremental exposure. In this report we highlight attractive and actionable themes within EM.

EM Relative Strength Is Bottoming: Overweight

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Recently, MCorp Review listened to a talk by E8 Consulting on open source and its applications in building fintech platforms and developing investing strategies and found it quite interesting. Firstly, they defined open source and explained why it was so useful. Typically, open source is free and bound by certain license terms; it allows various users to change the source code and develop commercial applications for it. Probably, the best example of this is how Bloomberg terminals, a highly…

Recently, MCorp Review listened to a talk by E8 Consulting on open source and its applications in building fintech platforms and developing investing strategies and found it quite interesting. Firstly, they defined open source and explained why it was so useful. Typically, open source is free and bound by certain license terms; it allows various users to change the source code and develop commercial applications for it. Probably, the best example of this is how Bloomberg terminals, a highly…

Thailand

WHA Premium Growth Freehold & Leasehold Real Estate Investment Trust is a real estate investment trust.

WHA Premium Growth Freehold & Leasehold Real Estate Investment Trust (WHART TB)

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WHA Premium Growth Freehold & Leasehold Real Estate Investment Trust (WHART TB)

KTX Zoom: FTSE Rebalancing - MARCH 21, 2025

In the medium term, the index remains in a zig-zag down downtrend, seeking the bottom within the 1,100-1,506-point range.

Krungthai XSpring

Economic Update: Inflation in July 2024

KTX expects the MPC to maintain the policy interest rate at 2.5% at the meeting on August 21, 2024, despite inflation expanding for the fourth...

Krungthai XSpring

EM Relative Strength Is Bottoming: Overweight

Relative strength for MSCI EM is bottoming vs. MSCI EAFE despite continued global equity market weakness. Although the MSCI EM's price index...

Vermilion Research

EB on Open Source & Investing

Recently, MCorp Review listened to a talk by E8 Consulting on open source and its applications in building fintech platforms and developing...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KTX Zoom: FTSE Rebalancing - MARCH 21, 2025

In the medium term, the index remains in a zig-zag down downtrend, seeking the bottom within the 1,100-1,506-point range.

Krungthai XSpring

Whart Tb - In-Line 2Q24 Earnings; Share Price Fully Valued

The share price is currently fully valued compared with our fair value of Bt10 (based on a required return of 7.7%) after rallying by over 28%...

Krungthai XSpring

Economic Update: Inflation in July 2024

KTX expects the MPC to maintain the policy interest rate at 2.5% at the meeting on August 21, 2024, despite inflation expanding for the fourth...

Krungthai XSpring

EM Relative Strength Is Bottoming: Overweight

Relative strength for MSCI EM is bottoming vs. MSCI EAFE despite continued global equity market weakness. Although the MSCI EM's price index...

Vermilion Research

EB on Open Source & Investing

Recently, MCorp Review listened to a talk by E8 Consulting on open source and its applications in building fintech platforms and developing...

Athaporn Arayasantiparb, CFA