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)

<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

Bangkok Expressway and Metro / Equity Bottom-Up

<ul>
<li>Maintain BUY recommendation for BEM with a target price of Bt9.50.We expect the company to report 2Q22 net profit at Bt577m,the highest level in the past 11 quarter, mainly supported</li>
<li>Strong recovery in earnings in2Q22 and 2H22 2Q22 Revenue shall be reported at Bt3.3bn (+36%YoY +6%QoQ) supported by solid rebound in daily average MRT ridership to 231k trips (+94%YoY +23%QoQ) </li>
<li>We anticipate average daily MRT ridership to recover substantially in 2H22 to around 310k trips by end of this year,the level last time we have seen in Nov’21. However, pre-COVID</li>
</ul>


Maintain BUY recommendation for BEM with a target price of Bt9.50.We expect the company to report 2Q22 net profit at Bt577m,the highest level in the past 11 quarter, mainly supported
Strong recovery in earnings in2Q22 and 2H22 2Q22 Revenue shall be reported at Bt3.3bn (+36%YoY +6%QoQ) supported by solid rebound in daily average MRT ridership to 231k trips (+94%YoY +23%QoQ) 
We anticipate average daily MRT ridership to recover substantially in 2H22 to around 310k trips by end of this year,the level last time we have seen in Nov’21. However, pre-COVID


BEM : Expect 2Q22 Earnings to Hit 11 Quarter High

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>HK reopening is debatable and seems to be very hard to predict as the Chinese government is keen to keep zero COVID stands although recent quarantine time reduction is positive. </li>
<li>The number of passengers remains weak although the shorter quarantine reduction could provide short-term relief to the share price. </li>
<li>Valuation looks undemanding compared to the peers although the outlook is more uncertain. Stay out for now. </li>
</ul>


HK reopening is debatable and seems to be very hard to predict as the Chinese government is keen to keep zero COVID stands although recent quarantine time reduction is positive. 
The number of passengers remains weak although the shorter quarantine reduction could provide short-term relief to the share price. 
Valuation looks undemanding compared to the peers although the outlook is more uncertain. Stay out for now. 


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)

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

BEM : Expect 2Q22 Earnings to Hit 11 Quarter High

Maintain BUY recommendation for BEM with a target price of Bt9.50. We expect the company to report 2Q22 net profit at Bt577m, the highest level in...

Pi Securities PCL, Thailand

MTR (66): Open or Closed?

The Chinese government is to reduce the quarantine period may bring some positive sentiment to MTR but the border between China and HK remains...

Henry Soediarko

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