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 expects the index to move in a sideways up pattern, with resistance at 1,472/1,494 points and support at 1,423/1,405 points.</li><li>Highlights impacting the market include: i) the 3Q24E earnings results (US and Thai banks); ii) US election on November 5 (Harris or Trump?); iii) results of the Bank of Thailand’s MPC meeting (first signal of a rate cut?), and iv) the Pheu Thai government gradually rolling out additional economic stimulus measures.</li><li>Risks include geopolitical tensions in the Middle East, global financial market volatility leading up to the US election, and profit taking by foreign investors after the support from the Vayupak Fund fades</li></ul>

KTX expects the index to move in a sideways up pattern, with resistance at 1,472/1,494 points and support at 1,423/1,405 points.Highlights impacting the market include: i) the 3Q24E earnings results (US and Thai banks); ii) US election on November 5 (Harris or Trump?); iii) results of the Bank of Thailand’s MPC meeting (first signal of a rate cut?), and iv) the Pheu Thai government gradually rolling out additional economic stimulus measures.Risks include geopolitical tensions in the Middle East, global financial market volatility leading up to the US election, and profit taking by foreign investors after the support from the Vayupak Fund fades

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

3BB Internet Infrastructure Fund / Equity Bottom-Up

<ul>
<li>Maintain HOLD rating with TP of Bt8.80 derived from DCF(WACC=8.02%, g=0%). JASIF’s 2Q22 core profit was Bt2.2bn(Flat YoY, Flat QoQ)due to the flat revenue based on the contract with TTTBB.</li>
<li>2Q22 core profit remains flat in-line with our expectation   2Q22 net profit was Bt1.4b (-32% YoY, -13% QoQ) due to asset revaluation losses.</li>
<li>Excluding unrealized losses from asset revaluation of Bt800m,2Q22 core profit remained flat both YoY and QoQ at Bt2.2bn,in line with our forecast due to flat YoY and QoQ revenue atBt2.5bn.</li>
</ul>


Maintain HOLD rating with TP of Bt8.80 derived from DCF(WACC=8.02%, g=0%). JASIF’s 2Q22 core profit was Bt2.2bn(Flat YoY, Flat QoQ)due to the flat revenue based on the contract with TTTBB.
2Q22 core profit remains flat in-line with our expectation   2Q22 net profit was Bt1.4b (-32% YoY, -13% QoQ) due to asset revaluation losses.
Excluding unrealized losses from asset revaluation of Bt800m,2Q22 core profit remained flat both YoY and QoQ at Bt2.2bn,in line with our forecast due to flat YoY and QoQ revenue atBt2.5bn.


<ul>
<li>Downgrade to HOLD fom BUY and cut TP by 28% to Bt8.80 derived form DCF (WACC=8.02%, g=0%) to factor in significant reduction in revenue and dividend from 2023 </li>
<li>A non-attractive deal for JASIF shareholders: On July 4th 2022, JAS informed SET that, ADVANC is considering purchase of 99.99% of TTTBB and 19% of total JASIF units at Bt8.5 </li>
<li>In that case,The Amended Rental Assurance agreement that generates a superior rental rate of770/km/month will be cancelled which will cause a dip of 30%in the revenue generation of JASIF in2023onwards.</li>
</ul>


Downgrade to HOLD fom BUY and cut TP by 28% to Bt8.80 derived form DCF (WACC=8.02%, g=0%) to factor in significant reduction in revenue and dividend from 2023 
A non-attractive deal for JASIF shareholders: On July 4th 2022, JAS informed SET that, ADVANC is considering purchase of 99.99% of TTTBB and 19% of total JASIF units at Bt8.5 
In that case,The Amended Rental Assurance agreement that generates a superior rental rate of770/km/month will be cancelled which will cause a dip of 30%in the revenue generation of JASIF in2023onwards.


JASIF : Contract Cancellation Will Affect Dividend Payment

<ul>
<li>Maintain BUY with target price of Bt12.10, derived from DCF methodology (WACC=9.6%, g=0%), implying 1.1xPBV’22E.</li>
<li>1Q22 net profit was Bt1.6bn(-9% YoY, -36% QoQ) due to asset revaluation losses.</li>
<li>Excluding unrealized loss from asset revaluation of Bt600m,1Q22 core profit remained flat both YoY and QoQ at Bt2.2bn,in line with our forecast due to flat YoY and QoQ revenue atBt2.5bn.</li>
</ul>


Maintain BUY with target price of Bt12.10, derived from DCF methodology (WACC=9.6%, g=0%), implying 1.1xPBV’22E.
1Q22 net profit was Bt1.6bn(-9% YoY, -36% QoQ) due to asset revaluation losses.
Excluding unrealized loss from asset revaluation of Bt600m,1Q22 core profit remained flat both YoY and QoQ at Bt2.2bn,in line with our forecast due to flat YoY and QoQ revenue atBt2.5bn.


JASIF: 1Q22 Core Profit Remains Flat, In-Line with Our Expectation

<ul>
<li>Maintain BUY with target price of Bt12.10, derived from DCF methodology (WACC=9.6%, g=0%), implying 1.1xPBV’22E.</li>
<li>Excluding gain from asset revaluation of Bt300m, 4Q21 core profit remained flat both YoY and QoQ, in line with our forecast due to flat revenue at Bt2.5bn.</li>
<li>2021 core profit grew slightly at Bt8.7bn (+1.5%YoY) while NAV increased slightly to Bt11.127</li>
</ul>


Maintain BUY with target price of Bt12.10, derived from DCF methodology (WACC=9.6%, g=0%), implying 1.1xPBV’22E.
Excluding gain from asset revaluation of Bt300m, 4Q21 core profit remained flat both YoY and QoQ, in line with our forecast due to flat revenue at Bt2.5bn.
2021 core profit grew slightly at Bt8.7bn (+1.5%YoY) while NAV increased slightly to Bt11.127


JASIF: 4Q21 Core Profit Remains Flat, In-Line with Our Expectation

Thailand

3BB Internet Infrastructure Fund operates as a closed-end infrastructure fund. The Company invests primarily in the telecommunication network infrastructure projects. 3BB Internet Infrastructure Fund serves clients in Thailand.

3BB Internet Infrastructure Fund (3BBIF TB)

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3BB Internet Infrastructure Fund (3BBIF TB)

Monthly Report: October 2024

KTX expects the index to move in a sideways up pattern, with resistance at 1,472/1,494 points and support at 1,423/1,405 points.

Krungthai XSpring

JASIF : 2Q22 Core Profit Remains Flat

Maintain HOLD rating with TP of Bt8.80 derived from DCF (WACC=8.02%, g=0%). JASIF’s 2Q22 core profit was Bt2.2bn (Flat YoY, Flat QoQ) due to the...

Pi Securities PCL, Thailand

JASIF : Contract Cancellation Will Affect Dividend Payment

Downgrade to HOLD fom BUY and cut TP by 28% to Bt8.80 derived form DCF (WACC=8.02%, g=0%) to factor in significant reduction in revenue and...

Pi Securities PCL, Thailand

JASIF: 1Q22 Core Profit Remains Flat, In-Line with Our Expectation

Maintain BUY with target price of Bt12.10, derived from DCF methodology (WACC=9.6%, g=0%), implying 1.1xPBV’22E. •1Q22 net profit was Bt1.6bn(-9%...

Pi Securities PCL, Thailand

JASIF: 4Q21 Core Profit Remains Flat, In-Line with Our Expectation

Maintain BUY with target price of Bt12.10, derived from DCF methodology (WACC=9.6%, g=0%), implying 1.1xPBV’22E. •Excluding gain from asset...

Pi Securities PCL, Thailand

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