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

Aeon Thana Sinsap Thailand / Equity Bottom-Up

<ul><li>We initiate coverage on AEONTS with an “Outperform” call and a 12-month fair value of Bt119.50, based on the earnings yield method using a 10.6% required return.</li><li>Valuation metrics indicate 25% upside with limited tactical downside risk. However, long-term growth remains below the industry, with profit expected to grow only 2.5% CAGR in 2026–27E due to household deleveraging and tighter asset-quality standards.</li><li>AEONTS still benefits from conservative provisions covering Stage 2–3 (NPLs) and offers a 6% dividend yield.</li></ul>

We initiate coverage on AEONTS with an “Outperform” call and a 12-month fair value of Bt119.50, based on the earnings yield method using a 10.6% required return.Valuation metrics indicate 25% upside with limited tactical downside risk. However, long-term growth remains below the industry, with profit expected to grow only 2.5% CAGR in 2026–27E due to household deleveraging and tighter asset-quality standards.AEONTS still benefits from conservative provisions covering Stage 2–3 (NPLs) and offers a 6% dividend yield.

AEON Thana Sinsap Plc. (AEONTS): Low Industry Growth But Strong Provisions...

Thematic (Sector/Industry)

<ul><li>KTX anticipates that the stock market will likely react positively to the appointment of the new Governor of the Bank of Thailand (BoT).</li><li>This optimism stems either from expectations of policy continuity if Dr. Roong Poshyananda Mallikamas is selected, or from the prospect of greater openness to interest rate cuts if Mr. Vitai Ratanakorn is appointed.</li><li>Amid challenging external factors, the Minister of Finance may place more weight on smooth collaboration and opt to appoint Mr. Vitai as the BoT Governor, which would be positive for interest rate-sensitive stocks. </li></ul>

KTX anticipates that the stock market will likely react positively to the appointment of the new Governor of the Bank of Thailand (BoT).This optimism stems either from expectations of policy continuity if Dr. Roong Poshyananda Mallikamas is selected, or from the prospect of greater openness to interest rate cuts if Mr. Vitai Ratanakorn is appointed.Amid challenging external factors, the Minister of Finance may place more weight on smooth collaboration and opt to appoint Mr. Vitai as the BoT Governor, which would be positive for interest rate-sensitive stocks. 

Special Report: Selecting Stocks to Welcome the New Governor of the Bank of Thailand.

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The June 2024 index changes for Thailand's SET 50 index were announced after market close yesterday (17th June 2024).</li>
<li>Initially we <a href="https://www.smartkarma.com/insights/quiddity-leaderboard-set50-jun-24-3-changes-likely-banpu-still-not-safe-from-deletion" target="_blank" rel="noopener">expected only three changes</a> but after the index methodology was revised in May 2024, we <a href="https://www.smartkarma.com/insights/quiddity-leaderboard-set50-jun-24-banpu-vs-sawad-has-to-be-monitored-closely" target="_blank" rel="noopener">revised our expectations</a> and we had 4 expected ADDs/DELs.</li>
<li>All 4 expected ADDs/DELs turned out to correct. In this insight, we take a look at our estimation of expected flows and potential trade ideas based on the flow dynamics.</li>
</ul>


The June 2024 index changes for Thailand's SET 50 index were announced after market close yesterday (17th June 2024).
Initially we expected only three changes but after the index methodology was revised in May 2024, we revised our expectations and we had 4 expected ADDs/DELs.
All 4 expected ADDs/DELs turned out to correct. In this insight, we take a look at our estimation of expected flows and potential trade ideas based on the flow dynamics.


Quiddity SET 50 Jun 24 Rebal: 4 Changes Confirmed; LONGs up 5.2% Vs SHORTs in a Month

<ul>
<li>The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).</li>
<li>In this insight, we take a look at the potential ADDs/DELs for SET during the index rebal event in June 2024.</li>
<li>Although 80% of the 3-month reference period is now complete, it is still possible for the rankings to change.</li>
</ul>


The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
In this insight, we take a look at the potential ADDs/DELs for SET during the index rebal event in June 2024.
Although 80% of the 3-month reference period is now complete, it is still possible for the rankings to change.


Quiddity Leaderboard SET50 Jun 24: BANPU Vs SAWAD Has to Be Monitored Closely

<ul>
<li>The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).</li>
<li>In this insight, we take a look at the potential ADDs/DELs for SET during the index rebal event in June 2024.</li>
<li>With roughly half of the 3-month reference period now complete, I see three changes for the SET 50 index but one of those names is still close to the border.</li>
</ul>


The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
In this insight, we take a look at the potential ADDs/DELs for SET during the index rebal event in June 2024.
With roughly half of the 3-month reference period now complete, I see three changes for the SET 50 index but one of those names is still close to the border.


Quiddity Leaderboard SET50 Jun 24: 3 Changes Likely; Banpu Still Not Safe from Deletion

Thailand

AEON Thana Sinsap (Thailand) Public Company Limited provides consumer financial services.  The Company offers hire purchase loans for household products such as appliances, electronic equipment, and furniture, as well as other unsecured personal loans for general purposes.  It also issues locally accepted AEON credit cards, and internationally accepted Mastercards and JCB credit cards.

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Aeon Thana Sinsap Thailand (AEONTS TB)

AEON Thana Sinsap Plc. (AEONTS): Low Industry Growth But Strong Provisions...

We initiate coverage on AEONTS with an “Outperform” call and a 12-month fair value of Bt119.50, based on the earnings yield method using a 10.6%...

Krungthai XSpring

Special Report: Selecting Stocks to Welcome the New Governor of the Bank of Thailand.

KTX anticipates that the stock market will likely react positively to the appointment of the new Governor of the Bank of Thailand (BoT).

Krungthai XSpring

Quiddity SET 50 Jun 24 Rebal: 4 Changes Confirmed; LONGs up 5.2% Vs SHORTs in a Month

Our sector-neutral trade ideas have generated a long-short return of 5.2% in a month which was significantly better than being LONG 4 Expected ADDs...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard SET50 Jun 24: BANPU Vs SAWAD Has to Be Monitored Closely

After considering the recent methodology changes (relaxing the liquidity criteria), we believe BJC will be added in June 2024 and that could cause...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard SET50 Jun 24: 3 Changes Likely; Banpu Still Not Safe from Deletion

Srisawad is currently an expected DEL. However, the gap between 51st-ranked Srisawad and 50th-ranked Banpu is very small and it is still possible...

Janaghan Jeyakumar, CFA

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