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.

Cross Asset Strategy

<ul><li>We expect economic growth in 2H24E to accelerate beyond the 1.9% YoY expansion seen in 1H24E, serving as a key driver in achieving the revised 2024E GDP growth forecast of 2.55% YoY (up from 2.5% previously).</li><li>This acceleration will also create positive sentiment for stocks benefiting from a top-down approach, particularly those related to government spending, tourism, and the banking sector.</li><li>Government spending is expected to rise thanks to accelerated budget disbursements, while the tourism sector should see strong gains, with tourist arrivals projected to hit 36.5mn by yearend (compared to 20.6mn for 7M24). </li></ul>

We expect economic growth in 2H24E to accelerate beyond the 1.9% YoY expansion seen in 1H24E, serving as a key driver in achieving the revised 2024E GDP growth forecast of 2.55% YoY (up from 2.5% previously).This acceleration will also create positive sentiment for stocks benefiting from a top-down approach, particularly those related to government spending, tourism, and the banking sector.Government spending is expected to rise thanks to accelerated budget disbursements, while the tourism sector should see strong gains, with tourist arrivals projected to hit 36.5mn by yearend (compared to 20.6mn for 7M24). 

Economic Update: 2Q24 GDP Growth - August 20, 2024

Thematic (Sector/Industry)

<ul><li>Recent meetings of major global central banks have revealed differing policy directions.</li><li>While the ECB decided to cut the policy interest rate for the first time in five years to mitigate economic slowdown pressures, the Fed maintained its strict tightening monetary policy to keep inflation within the target range.</li><li>These divergent policies have triggered short-term fund inflows toward the US. We recommend a trading buy on the SET and suggest CK, BEM and CPALL, which are benefitting from economic stimulus measures, including the acceleration of budget disbursement and the Digital Wallet project. </li></ul>

Recent meetings of major global central banks have revealed differing policy directions.While the ECB decided to cut the policy interest rate for the first time in five years to mitigate economic slowdown pressures, the Fed maintained its strict tightening monetary policy to keep inflation within the target range.These divergent policies have triggered short-term fund inflows toward the US. We recommend a trading buy on the SET and suggest CK, BEM and CPALL, which are benefitting from economic stimulus measures, including the acceleration of budget disbursement and the Digital Wallet project. 

Economic Update: Central Banks >>> FED & ECB

Podcast by Magellan Asset Management, Magellan Asset Management

MAGELLAN - IN THE KNOW

Podcast by Magellan Asset Management

Magellan Asset Management

‘In The Know’ is a new monthly investment podcast brought to you by Magellan Asset Management, one of Australia’s leading global equities investors. We seek to bring you timely, unique and thought-provoking insights to help you make sense of today’s investment landscape. From deep dives into the latest macroeconomic and geopolitical issues, to our analysis on sectors and stocks on global markets. Join Magellan, as they connect with a myriad of experts in their field, including CEOs of stocks we hold, global leaders and consultants in finance, investing, risk and politics, and key members of our investment team and business. ‘In The Know’ - a monthly podcast from Magellan is worth investing your time in! Magellan - Experts in global investing.

<ul>
<li>Gerald Stack, Ben McVicar, and Ofa Karlina discuss investing in infrastructure and the opportunities it offers</li>
<li>Infrastructure assets provide essential services like energy, water, and transport, leading to reliable and predictable long-term demand</li>
<li>Short-term problems or opportunities in infrastructure companies can impact share prices, creating investment opportunities for savvy investors</li>
</ul>
<p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>


Gerald Stack, Ben McVicar, and Ofa Karlina discuss investing in infrastructure and the opportunities it offers
Infrastructure assets provide essential services like energy, water, and transport, leading to reliable and predictable long-term demand
Short-term problems or opportunities in infrastructure companies can impact share prices, creating investment opportunities for savvy investors

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Lessons Learnt from Investing in Essential Services

<ul><li>The SET was volatile, moving in a narrow range after being pressured by shrinking March export figures and profit taking on DELTA.</li><li>But most large cap stocks were able to rise, while foreign investors turned to buy — this allowed the index to close up with light volume.</li><li>The index has moved sideways in a tight range and will probably have an upward direction toward the resistance at 1,367 points; standing above this level would lead the index to the major resistance at 1,380 points, and surpassing it would allow the index to run up to the 1,400-point area.</li></ul>

The SET was volatile, moving in a narrow range after being pressured by shrinking March export figures and profit taking on DELTA.But most large cap stocks were able to rise, while foreign investors turned to buy — this allowed the index to close up with light volume.The index has moved sideways in a tight range and will probably have an upward direction toward the resistance at 1,367 points; standing above this level would lead the index to the major resistance at 1,380 points, and surpassing it would allow the index to run up to the 1,400-point area.

<ul><li>The SET fell due to profit taking after rebounding for four consecutive days, but it still increased 2.09% from the previous week, with the market focusing on the 1Q24 earning results and foreign investors playing an important role in steering the market.</li><li>However, the trading atmosphere was sluggish, and volume remained light.</li><li>The index has been trading sideways recently, fluctuating within the range of 1,355-1,368 points in the short term. </li></ul>

The SET fell due to profit taking after rebounding for four consecutive days, but it still increased 2.09% from the previous week, with the market focusing on the 1Q24 earning results and foreign investors playing an important role in steering the market.However, the trading atmosphere was sluggish, and volume remained light.The index has been trading sideways recently, fluctuating within the range of 1,355-1,368 points in the short term. 

Thailand

Bangkok Expressway and Metro PCL is a transportation company. The Company combines toll and metro line networks. Bangkok Expressway and Metro is based in Thailand.

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Bangkok Expressway and Metro (BEM TB)

Economic Update: 2Q24 GDP Growth - August 20, 2024

We expect economic growth in 2H24E to accelerate beyond the 1.9% YoY expansion seen in 1H24E, serving as a key driver in achieving the revised...

Krungthai XSpring

Economic Update: Central Banks >>> FED & ECB

While the ECB decided to cut the policy interest rate for the first time in five years to mitigate economic slowdown pressures, the Fed maintained...

Krungthai XSpring

Lessons Learnt from Investing in Essential Services

The podcast explores the benefits of investing in infrastructure assets for reliable long-term cash flows and opportunities for growth.

MAGELLAN - IN THE KNOW

Technical Analysis - APRIL 30, 2024

The SET was volatile, moving in a narrow range after being pressured by shrinking March export figures and profit taking on DELTA.

Krungthai XSpring

Technical Analysis - April 29, 2024

The SET fell due to profit taking after rebounding for four consecutive days, but it still increased 2.09% from the previous week

Krungthai XSpring

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