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>Yesterday, our Small Cap portfolio generated a return of -0.73% vs. the SET Index at -0.26%.</li>
<li>Most stocks in the portfolio declined in line with the market’s movement after the index was unable to surpass the resistance at 1,600 points.</li>
<li>The stocks with the biggest price declines were DOHOME (-3.77%), DOD (-2.46%), (WICE -2.46%) and RS (-1.89%).</li>
</ul>


Yesterday, our Small Cap portfolio generated a return of -0.73% vs. the SET Index at -0.26%.
Most stocks in the portfolio declined in line with the market’s movement after the index was unable to surpass the resistance at 1,600 points.
The stocks with the biggest price declines were DOHOME (-3.77%), DOD (-2.46%), (WICE -2.46%) and RS (-1.89%).


Cross Asset Strategy

<ul><li>We suggest taking profit on BAFS, M, SIS and LST (with the returns since they were added at +7.7%, +1.5%, +6.6% and +1.0%, respectively) because they have fallen out of our top rankings.</li><li>We recommend replacing them with AMANAH and KSL.</li><li>AMANAH’s 2022E net profit is expected to remain flat YoY at Bt309mn, based on our conservative assumption for loan portfolio growth of +10.0% YoY.</li></ul>

We suggest taking profit on BAFS, M, SIS and LST (with the returns since they were added at +7.7%, +1.5%, +6.6% and +1.0%, respectively) because they have fallen out of our top rankings.We recommend replacing them with AMANAH and KSL.AMANAH’s 2022E net profit is expected to remain flat YoY at Bt309mn, based on our conservative assumption for loan portfolio growth of +10.0% YoY.

Small Cap Top Picks - Changes in Recommended List

Equity Bottom-Up

<p>AH’s earnings picked up solidly in 1H21 thanks to the auto market recovery. While the domestic momentum remains intact, the overseas performance looks more challenging. But with the stronger-than- expected GPM in 1H21, our 2021E earnings estimate is revised up by 13%. We retain our Buy rating, with the new 2021E target price of Bt31 (from Bt27.90 previously), pegged with a PER of 11x (LT average +0.25 S.D.)</p>

AH’s earnings picked up solidly in 1H21 thanks to the auto market recovery. While the domestic momentum remains intact, the overseas performance looks more challenging. But with the stronger-than- expected GPM in 1H21, our 2021E earnings estimate is revised up by 13%. We retain our Buy rating, with the new 2021E target price of Bt31 (from Bt27.90 previously), pegged with a PER of 11x (LT average +0.25 S.D.)

Thailand

Aapico Hitech Public Company Limited manufactures car assembly jigs and stamping dies used for manufacturing automobiles in assembly plants. The Company also manufactures OEM automotive parts and operates automobile dealership business.

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Aapico Hitech (AH TB)

Small Cap Top Picks - August 3, 2022

Most stocks in the portfolio declined in line with the market’s movement after the index was unable to surpass the resistance at 1,600 points.

Krungthai XSpring

Small Cap Top Picks - Changes in Recommended List

We suggest taking profit on BAFS, M, SIS and LST (with the returns since they were added at +7.7%, +1.5%, +6.6% and +1.0%, respectively) because...

Krungthai XSpring

Company Update: Aapico Hitech Plc. (AH)

2Q21 earnings bounced solidly, while the domestic momentum remains intact, the overseas performance looks more challenging

Krungthai XSpring

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