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>KTX anticipates that the Digital Wallet (DW) scheme, intended to distribute Bt10k in cash to 50mn individuals, which has been postponed since the beginning of 2024, will commence in 4Q24.</li><li>This timing aligns with the increased clarity surrounding the funding sources.</li><li>The funding structure has transitioned from the previously discussed Bt500bn Loan Bill, which raised legal concerns, to the expenditures budget for 2024-25 and the Bank for Agriculture and Agricultural Cooperatives (BAAC). </li></ul>

KTX anticipates that the Digital Wallet (DW) scheme, intended to distribute Bt10k in cash to 50mn individuals, which has been postponed since the beginning of 2024, will commence in 4Q24.This timing aligns with the increased clarity surrounding the funding sources.The funding structure has transitioned from the previously discussed Bt500bn Loan Bill, which raised legal concerns, to the expenditures budget for 2024-25 and the Bank for Agriculture and Agricultural Cooperatives (BAAC). 

Special Report: Digital Wallet to Start in 4Q24 - APRIL 11, 2024

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

Equity Bottom-Up

Osotspa Public Company Limited / Equity Bottom-Up

<ul>
<li>Analyst meeting came out with neutral tone,we believe OSP’s market share already hit the bottomed in 3Q22 at 48.2% from the highest level 54% in 2021 due to OSP introduced</li>
<li>Expect market share in 3Q22 should be the bottom After OSP deploys strategy on launching premium product (Bt12 per bottle) in March 2022,the energy drinks market in Thailand clearly divided </li>
<li>OSP aim to regain its market share in 2023 OSP targets profit growth of 30%YoY in 2023 driven by double-digit sales growth from regain its market share.Moreover, the company aim </li>
</ul>


Analyst meeting came out with neutral tone,we believe OSP’s market share already hit the bottomed in 3Q22 at 48.2% from the highest level 54% in 2021 due to OSP introduced
Expect market share in 3Q22 should be the bottom After OSP deploys strategy on launching premium product (Bt12 per bottle) in March 2022,the energy drinks market in Thailand clearly divided 
OSP aim to regain its market share in 2023 OSP targets profit growth of 30%YoY in 2023 driven by double-digit sales growth from regain its market share.Moreover, the company aim 


OSP : OSP Aim to Regain Its Market Share in 2023

<ul>
<li>Maintain HOLD recommendation for OSP with a target price of Bt28 (Previous TP: Bt32). We expect the company to report 3Q22 net profit at Bt340m (-41%YoY, -44%QoQ) on pressure </li>
<li>Expect 3Q22 earnings to drop YoY and QoQ We expect OSP to post 3Q22 net profit of Bt340m (-41%YoY, -44%QoQ), the lowest level since listed</li>
<li>Revenue in 3Q22 is expected to flat YoY at Bt6.1bn (-15%QoQ). This due to the benefit from a surge in revenue from personal care segment and OEM</li>
</ul>


Maintain HOLD recommendation for OSP with a target price of Bt28 (Previous TP: Bt32). We expect the company to report 3Q22 net profit at Bt340m (-41%YoY, -44%QoQ) on pressure 
Expect 3Q22 earnings to drop YoY and QoQ We expect OSP to post 3Q22 net profit of Bt340m (-41%YoY, -44%QoQ), the lowest level since listed
Revenue in 3Q22 is expected to flat YoY at Bt6.1bn (-15%QoQ). This due to the benefit from a surge in revenue from personal care segment and OEM


OSP : Expect the Lowest Earnings Since Listed in 3Q22

<ul>
<li>Last week analyst meeting came with negative tone on 2H22 earnings outlook. C-Vitt led OSP’s functional drinks portfolio to achieve the all-time high market share of 44.6% in 2Q22. </li>
<li>Maintain its premium products strategy Over the past three years, OSP enjoys a strong market position as the largest domestic energy drinks player with 54.6% market share in 2021 </li>
<li>After OSP deploys strategy on launching premium product (M150 of Bt12 per bottle) in late of 1Q22. OSP’s energy drinks market share in Thailand fall to 49.1% in 2Q22.</li>
</ul>


Last week analyst meeting came with negative tone on 2H22 earnings outlook. C-Vitt led OSP’s functional drinks portfolio to achieve the all-time high market share of 44.6% in 2Q22. 
Maintain its premium products strategy Over the past three years, OSP enjoys a strong market position as the largest domestic energy drinks player with 54.6% market share in 2021 
After OSP deploys strategy on launching premium product (M150 of Bt12 per bottle) in late of 1Q22. OSP’s energy drinks market share in Thailand fall to 49.1% in 2Q22.


OSP : Maintain Its Premium Products Strategy

<ul>
<li>Maintain HOLD recommendation for OSP with a target price of Bt32. OSP’s 2Q22 net profit came in at Bt604m (-26%YoY,-20%QoQ) in-line our forecast but below BB consensus estimated by 10%.</li>
<li>2Q22 earnings fall both YoY and QoQ OSP delivered a net profit of Bt604m in 2Q22 (-26%YoY, -20%QoQ).</li>
<li>2Q22 revenue was at Bt7.2bn (+4%YoY, +4%QoQ),driven by international beverage sales growth of 6.3%YoY and solid sales growth in functional drinks (2Q22 market share at 44.6% from 37% in 2Q21).</li>
</ul>


Maintain HOLD recommendation for OSP with a target price of Bt32. OSP’s 2Q22 net profit came in at Bt604m (-26%YoY,-20%QoQ) in-line our forecast but below BB consensus estimated by 10%.
2Q22 earnings fall both YoY and QoQ OSP delivered a net profit of Bt604m in 2Q22 (-26%YoY, -20%QoQ).
2Q22 revenue was at Bt7.2bn (+4%YoY, +4%QoQ),driven by international beverage sales growth of 6.3%YoY and solid sales growth in functional drinks (2Q22 market share at 44.6% from 37% in 2Q21).


OSP : OSP Is Losing Market Share in Thailand

Thailand

Osotspa Public Company Limited produces and distributes non-alcoholic beverages. The Company offers energy drinks and candies. Osotspa also provides personal and health care products, including shampoos, deodorant, soaps, herbal medicines, and creams. Osotspa serves customers in Thailand.

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Osotspa Public Company Limited (OSP TB)

Special Report: Digital Wallet to Start in 4Q24 - APRIL 11, 2024

KTX anticipates that the Digital Wallet (DW) scheme, intended to distribute Bt10k in cash to 50mn individuals, which has been postponed since the...

Krungthai XSpring

OSP : Expect the Lowest Earnings Since Listed in 3Q22

Maintain HOLD recommendation for OSP with a target price of Bt28 (Previous TP: Bt32). We expect the company to report 3Q22 net profit at Bt340m (...

Pi Securities PCL, Thailand

OSP : Maintain Its Premium Products Strategy

Last week analyst meeting came with negative tone on 2H22 earnings outlook. C-Vitt led OSP’s functional drinks portfolio to achieve the all-time...

Pi Securities PCL, Thailand

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Special Report: Digital Wallet to Start in 4Q24 - APRIL 11, 2024

KTX anticipates that the Digital Wallet (DW) scheme, intended to distribute Bt10k in cash to 50mn individuals, which has been postponed since the...

Krungthai XSpring

OSP : OSP Aim to Regain Its Market Share in 2023

Analyst meeting came out with neutral tone, we believe OSP’s market share already hit the bottomed in 3Q22 at 48.2% from the highest level 54% in...

Pi Securities PCL, Thailand

OSP : Expect the Lowest Earnings Since Listed in 3Q22

Maintain HOLD recommendation for OSP with a target price of Bt28 (Previous TP: Bt32). We expect the company to report 3Q22 net profit at Bt340m (...

Pi Securities PCL, Thailand

OSP : Maintain Its Premium Products Strategy

Last week analyst meeting came with negative tone on 2H22 earnings outlook. C-Vitt led OSP’s functional drinks portfolio to achieve the all-time...

Pi Securities PCL, Thailand

OSP : OSP Is Losing Market Share in Thailand

Maintain HOLD recommendation for OSP with a target price of Bt32. OSP’s 2Q22 net profit came in at Bt604m (-26%YoY, -20%QoQ), in-line our forecast...

Pi Securities PCL, Thailand