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>We suggest selling MEGA (with there turn since it was first added at-0.50%), as the stock has fallen out of our top rankings.</li><li>Yesterday, our Big Cap portfolio generated a return of -0.03%, vs. the SET Index’s return of +0.25%, due to profit taking on stocks whose prices gained the day before, such as BDMS (-1.80%), MAJOR (-1.45%), BH (-0.81%), and MINT (-0.74%).</li><li><div><div><p>GULF is a holding company engaging in core businesses relating to the generation and distribution of power based on natural gas and alternative energy. The firm also invests in infrastructure and other related businesses.</p></div></div></li></ul>

We suggest selling MEGA (with there turn since it was first added at-0.50%), as the stock has fallen out of our top rankings.Yesterday, our Big Cap portfolio generated a return of -0.03%, vs. the SET Index’s return of +0.25%, due to profit taking on stocks whose prices gained the day before, such as BDMS (-1.80%), MAJOR (-1.45%), BH (-0.81%), and MINT (-0.74%).GULF is a holding company engaging in core businesses relating to the generation and distribution of power based on natural gas and alternative energy. The firm also invests in infrastructure and other related businesses.

<div><div><div><div><ul><li>Yesterday, our Big Cap portfolio generated a return of +0.33% vs. the SET Index’s return of +0.35%.</li><li>The share prices of stocks under the reopening theme showed healthy increases, namely BDMS (+2.78%), MAJOR (+1.47%) and CENTEL (+1.2%).</li><li><div><div><p>GULF is a holding company engaging in core businesses relating to the generation and distribution of power based on natural gas and alternative energy. </p></div></div></li></ul></div></div></div></div>

Yesterday, our Big Cap portfolio generated a return of +0.33% vs. the SET Index’s return of +0.35%.The share prices of stocks under the reopening theme showed healthy increases, namely BDMS (+2.78%), MAJOR (+1.47%) and CENTEL (+1.2%).GULF is a holding company engaging in core businesses relating to the generation and distribution of power based on natural gas and alternative energy. 

<ul><li>We recommend buying MEGA and MAJOR.</li><li>MEGA’s share price has rebounded by more than 5% over the past two weeks on the market’s expectations for a limited impact from Myanmar’s government ordering the suspension of loan repayments in foreign currencies.</li><li>The firm’s 2022E earnings are forecast to grow 8.68% YoY to Bt2,116mn, driven by the depreciation of the baht, the development of new projects and expansion to new markets with low competition.</li></ul>

We recommend buying MEGA and MAJOR.MEGA’s share price has rebounded by more than 5% over the past two weeks on the market’s expectations for a limited impact from Myanmar’s government ordering the suspension of loan repayments in foreign currencies.The firm’s 2022E earnings are forecast to grow 8.68% YoY to Bt2,116mn, driven by the depreciation of the baht, the development of new projects and expansion to new markets with low competition.

Cross Asset Strategy

<ul><li>We recommend selling KKP (with the return since it was added to the portfolio at 0.7%) after we added it for just one day, as the stock has fallen out of our top rankings.</li><li>However, long-term investors may consider holding it and stopping losses at Bt64.25.</li><li>We have added EA, as the stock is expected to benefit from the potential growth in the EV industry after it acquired a 23.63% share in BYD, which provides electric bus services.</li></ul>

We recommend selling KKP (with the return since it was added to the portfolio at 0.7%) after we added it for just one day, as the stock has fallen out of our top rankings.However, long-term investors may consider holding it and stopping losses at Bt64.25.We have added EA, as the stock is expected to benefit from the potential growth in the EV industry after it acquired a 23.63% share in BYD, which provides electric bus services.

Big Cap Tactical Picks - Highlights of the Day

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

<ul>
<li>We initiate coverage of TCAP with a HOLD rating and a target price of Bt39.00. We expect TCAP’s net profit will decline by 10% YoY in 2022 before turning </li>
<li>Positive lending growth intact despite uncertainties The Bank of Thailand (BOT) estimates Thailand’s economy will expand by 3.3% YoY in 2022 on the back of an improvement in domestic demand</li>
<li>We expect TCAP’s lending growth to continue rising by 10% YoY in 2022 (2021:+7% YoY), supported by higher demand for hire purchase lending via Ratchthani Leasing (THANI) and higher SME </li>
</ul>


We initiate coverage of TCAP with a HOLD rating and a target price of Bt39.00. We expect TCAP’s net profit will decline by 10% YoY in 2022 before turning 
Positive lending growth intact despite uncertainties The Bank of Thailand (BOT) estimates Thailand’s economy will expand by 3.3% YoY in 2022 on the back of an improvement in domestic demand
We expect TCAP’s lending growth to continue rising by 10% YoY in 2022 (2021:+7% YoY), supported by higher demand for hire purchase lending via Ratchthani Leasing (THANI) and higher SME 


Thailand

Thanachart Capital Public Company Limited provides financial services including consumer, corporate and mortgage financing.  Additionally the Company provides securities underwriting and investment advisory services.  Thanachart Capital also provides insurance services through its subsidiaries.

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Thanachart Capital (TCAP TB)

Big Cap Tactical Picks - August 5, 2022

We suggest selling MEGA (with there turn since it was first added at-0.50%), as the stock has fallen out of our top rankings.

Krungthai XSpring

Big Cap Tactical Picks - August 4, 2022

Yesterday, our Big Cap portfolio generated a return of +0.33% vs. the SET Index’s return of +0.35%. The share prices of stocks under the reopening...

Krungthai XSpring

Big Cap Tactical Picks - Aug 3, 2022

MEGA’s share price has rebounded by more than 5% over the past two weeks on the market’s expectations for a limited impact from Myanmar’s government

Krungthai XSpring

Big Cap Tactical Picks - Highlights of the Day

We recommend selling KKP (with the return since it was added to the portfolio at 0.7%) after we added it for just one day, as the stock has fallen...

Krungthai XSpring

TCAP : A Dividend Play

We initiate coverage of TCAP with a HOLD rating and a target price of Bt39.00. We expect TCAP’s net profit will decline by 10% YoY in 2022 before...

Pi Securities PCL, Thailand

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