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 initiate coverage on AOT with a Buy rating and a 12-month fair value (FV) of Bt72.00, based on an earnings yield of 2.3%.</li><li>The valuation metrics indicate upside potential of +21%, with core EPS for FY24-26E expected to grow at a CAGR of +24%, driven by revenue and profits surpassing pre-COVID levels.</li><li>The tactical downside risk is limited, as the recent declines in the share price have already factored in the impact of returning commercial areas and the closing of inbound duty-free operations.</li></ul>

We initiate coverage on AOT with a Buy rating and a 12-month fair value (FV) of Bt72.00, based on an earnings yield of 2.3%.The valuation metrics indicate upside potential of +21%, with core EPS for FY24-26E expected to grow at a CAGR of +24%, driven by revenue and profits surpassing pre-COVID levels.The tactical downside risk is limited, as the recent declines in the share price have already factored in the impact of returning commercial areas and the closing of inbound duty-free operations.

Airports of Thailand - Revenue and Earnings to Exceed Pre-COVID Levels

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>What you need to know about the SG market #whatstrending feat. #whatstrending is a series addressing some of the most trending questions/topics on the markets for investors.</li><li>What’s Trending: How Airports of Thailand (AOT) Could Benefit From The Nation Waiving Visa Requirements for Chinese Tourists #2 - Increasing tourist arrivals.</li></ul>

What you need to know about the SG market #whatstrending feat. #whatstrending is a series addressing some of the most trending questions/topics on the markets for investors.What’s Trending: How Airports of Thailand (AOT) Could Benefit From The Nation Waiving Visa Requirements for Chinese Tourists #2 - Increasing tourist arrivals.

What’s Trending: How Airports of Thailand May Benefit From Visa Arrangements

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>Chinese tourists are back, and the Thai government has launched a series of initiatives to woo them back.</li>
<li>Discounts to airlines offered by <a href="https://www.smartkarma.com/entities/airports-of-thailand-pcl" target="_blank" data-smartkarma-citation="entities:239:1" rel="noopener">Airports of Thailand (AOT TB)</a> will not hurt earnings much, although if extended for &gt;12 months,  AOT earnings could lag their peers.</li>
<li>Valuation is still expensive, although it is expected to normalize once earnings are back. Collapse the RV trade against <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports Holdings (MAHB MK)</a> and buy for the short term.</li>
</ul>


Chinese tourists are back, and the Thai government has launched a series of initiatives to woo them back.
Discounts to airlines offered by Airports of Thailand (AOT TB) will not hurt earnings much, although if extended for &gt;12 months,  AOT earnings could lag their peers.
Valuation is still expensive, although it is expected to normalize once earnings are back. Collapse the RV trade against Malaysia Airports Holdings (MAHB MK) and buy for the short term.


Airport of Thailand (AOT): Near Term Gain

<ul>
<li>The Thai government plans to scrap pre-travel COVID-19 to boost tourism, and visitors will only be tested on arrival in Thailand - expect to have more tourists in Thailand.</li>
<li>Q4 2021 revenue started to bounce higher YoY although still 50% of pre-COVID level but shows some promise. </li>
<li>
<a href="https://www.smartkarma.com/entities/platinum-group-pcl" target="_blank" data-smartkarma-citation="entities:27170:1" rel="noopener">Platinum Group PCL (PLAT TB)</a>  share price went up by 24%within a year, with a 0.7x PBR to 1.02x PBR. Still early but why wait longer? </li>
</ul>


The Thai government plans to scrap pre-travel COVID-19 to boost tourism, and visitors will only be tested on arrival in Thailand - expect to have more tourists in Thailand.
Q4 2021 revenue started to bounce higher YoY although still 50% of pre-COVID level but shows some promise. 

Platinum Group PCL (PLAT TB)  share price went up by 24%within a year, with a 0.7x PBR to 1.02x PBR. Still early but why wait longer? 


Platinum (PLAT): The Shoppers Coming Back

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Dec 13th.We estimate that they had an aggregated short interest worth USD2.1bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in PTT Global Chemical, Bangkok Bank.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Dec 13th.We estimate that they had an aggregated short interest worth USD2.1bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in PTT Global Chemical, Bangkok Bank.


Thailand Short Interest Weekly (Dec 13th): PTT Global Chemical, Bangkok Bank

Thailand

Airports of Thailand Public Company Ltd. operates the Bangkok International Airport (Don Muang) and the New Bangkok International Airport (Suvarnabhumi).. The Company also operates provincial airports in Chiang Mai, Chiang Rai, Hat Yai, and Phuket.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Airports of Thailand (AOT TB)

Airports of Thailand - Revenue and Earnings to Exceed Pre-COVID Levels

We initiate coverage on AOT with a Buy rating and a 12-month fair value (FV) of Bt72.00, based on an earnings yield of 2.3%.

Krungthai XSpring

Airport of Thailand (AOT): Near Term Gain

AOT looks interesting right now, as there have been a few initiatives by both the management and the local authority to win tourism market share in...

Henry Soediarko

Platinum (PLAT): The Shoppers Coming Back

The revenue has bounced in Q4 2021 YoY but still, at 50% level to pre COVID era coincides with the travel restriction easing. It shows that...

Henry Soediarko

Thailand Short Interest Weekly (Dec 13th): PTT Global Chemical, Bangkok Bank

We analyzed SET short interest report for the past week and highlighted short interest changes in PTT Global Chemical, Bangkok Bank.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Airports of Thailand - Revenue and Earnings to Exceed Pre-COVID Levels

We initiate coverage on AOT with a Buy rating and a 12-month fair value (FV) of Bt72.00, based on an earnings yield of 2.3%.

Krungthai XSpring

What’s Trending: How Airports of Thailand May Benefit From Visa Arrangements

What you need to know about the SG market #whatstrending feat. #whatstrending is a series addressing some of the most trending questions/topics on...

Singapore Exchange Ltd (SGX)

Airport of Thailand (AOT): Near Term Gain

AOT looks interesting right now, as there have been a few initiatives by both the management and the local authority to win tourism market share in...

Henry Soediarko

Platinum (PLAT): The Shoppers Coming Back

The revenue has bounced in Q4 2021 YoY but still, at 50% level to pre COVID era coincides with the travel restriction easing. It shows that...

Henry Soediarko

Thailand Short Interest Weekly (Dec 13th): PTT Global Chemical, Bangkok Bank

We analyzed SET short interest report for the past week and highlighted short interest changes in PTT Global Chemical, Bangkok Bank.

Ke Yan, CFA, FRM