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>The SET fluctuated in a narrow range and closed up for a third day, but it was weaker than other Asian bourses, which surged sharply, with tech stocks taking the lead.</li><li>Furthermore, volume decreased, large cap stocks showed mixed movement, and foreign investors turned to sell, which indicated that the index would face selling pressure.</li><li>The index approached the 1/2 Fibonacci resistance at 1,369 points before retreating, revealing the upward adjustment to be hindered by selling pressure. </li></ul>

The SET fluctuated in a narrow range and closed up for a third day, but it was weaker than other Asian bourses, which surged sharply, with tech stocks taking the lead.Furthermore, volume decreased, large cap stocks showed mixed movement, and foreign investors turned to sell, which indicated that the index would face selling pressure.The index approached the 1/2 Fibonacci resistance at 1,369 points before retreating, revealing the upward adjustment to be hindered by selling pressure. 

<ul><li>Although the baht depreciated, the SET rose for a second consecutive day, bolstered by two days of foreign investor buying and robust 1Q24 earnings.</li><li>This fueled increased buying momentum, particularly in energy, commerce, food, tourism, petrol and finance stocks.</li><li>Consequently, the index hit 1,362.53 points before retreating from profit taking.</li></ul>

Although the baht depreciated, the SET rose for a second consecutive day, bolstered by two days of foreign investor buying and robust 1Q24 earnings.This fueled increased buying momentum, particularly in energy, commerce, food, tourism, petrol and finance stocks.Consequently, the index hit 1,362.53 points before retreating from profit taking.

<ul><li>The Energy Regulatory Commission (ERC) resolved to set the electricity tariff at Bt4.18/unit and Ft at Bt0.3972/unit for May to August 2024, flat from the previous period.</li><li>These rates align with the Case 3 scenario, representing the lowest figures, and are in line with our 2024E projections, supported by the declining trend in gas costs, including lower LNG prices and increased G1/61 gas volume.</li><li>The decision is expected to facilitate effective management of electricity tariffs and enhance the opportunities and continuity for EGAT's reclamation of the Ft subsidy, which is nearing Bt100bn. </li></ul>

The Energy Regulatory Commission (ERC) resolved to set the electricity tariff at Bt4.18/unit and Ft at Bt0.3972/unit for May to August 2024, flat from the previous period.These rates align with the Case 3 scenario, representing the lowest figures, and are in line with our 2024E projections, supported by the declining trend in gas costs, including lower LNG prices and increased G1/61 gas volume.The decision is expected to facilitate effective management of electricity tariffs and enhance the opportunities and continuity for EGAT's reclamation of the Ft subsidy, which is nearing Bt100bn. 

Energy (Power) - Flat Electricity Tariff and Ft for May to August

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

Gulf Energy Development  / Equity Bottom-Up

<ul>
<li>We maintain the BUY call with a TP of Bt62.0. Excluding FX and other extraordinary items, the recurring profit was at Bt2.1bn (-6% YoY, -30% QoQ).</li>
<li>Weak earnings in 3Q22 GULF posted their 3Q22 net profit of Bt1.1bn (-32%YoY, -29% QoQ). The QoQ drop in the net profit was dragged by an FX loss of Bt740m </li>
<li>Excluding FX and other extraordinary items the recurring profit was at Bt2.1bn (-6% YoY, -30% QoQ).The YoY and QoQ earnings drop were caused mainly due to a significantly higher natural </li>
</ul>


We maintain the BUY call with a TP of Bt62.0. Excluding FX and other extraordinary items, the recurring profit was at Bt2.1bn (-6% YoY, -30% QoQ).
Weak earnings in 3Q22 GULF posted their 3Q22 net profit of Bt1.1bn (-32%YoY, -29% QoQ). The QoQ drop in the net profit was dragged by an FX loss of Bt740m 
Excluding FX and other extraordinary items the recurring profit was at Bt2.1bn (-6% YoY, -30% QoQ).The YoY and QoQ earnings drop were caused mainly due to a significantly higher natural 


GULF : Strong 4Q22 Outlook After Weak Results in 3Q22

<ul>
<li>We reiterate our BUY call with a TP of Bt62.0. We maintain our positive outlook on GULF’s strong EPS growth of 31% in 2023,underpinned by 1.5GWe projects expected to recognize </li>
<li>Weak earnings expected in 3Q22 We expect GULF to post a net profit of Bt1.1bn (-30% YoY, -27% QoQ) in 3Q22. The QoQ and YoY drop in the net profit</li>
<li>GULF's recurring profit is also expected to drop 25% QoQ to Bt2.4bn (+2% YoY), caused by weak operations from IPP powerplants on account of weak electricity dispatch as EGAT prioritized</li>
</ul>


We reiterate our BUY call with a TP of Bt62.0. We maintain our positive outlook on GULF’s strong EPS growth of 31% in 2023,underpinned by 1.5GWe projects expected to recognize 
Weak earnings expected in 3Q22 We expect GULF to post a net profit of Bt1.1bn (-30% YoY, -27% QoQ) in 3Q22. The QoQ and YoY drop in the net profit
GULF's recurring profit is also expected to drop 25% QoQ to Bt2.4bn (+2% YoY), caused by weak operations from IPP powerplants on account of weak electricity dispatch as EGAT prioritized


Thailand

Gulf Energy Development Public Company Limited produces and sells electricity and steam. The Company manages a portfolio of gas-fired and renewable power projects, as well as supplies steam and chilled water. Gulf Energy Development serves customers in Thailand.

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Gulf Energy Development (GULF TB)

Technical Analysis - APRIL 25, 2024

The SET fluctuated in a narrow range and closed up for a third day, but it was weaker than other Asian bourses, which surged sharply, with tech...

Krungthai XSpring

Technical Analysis - APRIL 24, 2024

Although the baht depreciated, the SET rose for a second consecutive day, bolstered by two days of foreign investor buying and robust 1Q24 earnings.

Krungthai XSpring

Energy (Power) - Flat Electricity Tariff and Ft for May to August

The Energy Regulatory Commission (ERC) resolved to set the electricity tariff at Bt4.18/unit and Ft at Bt0.3972/unit for May to August 2024, flat...

Krungthai XSpring

GULF : Strong 4Q22 Outlook After Weak Results in 3Q22

We maintain the BUY call with a TP of Bt62.0. Excluding FX and other extraordinary items, the recurring profit was at Bt2.1bn (-6% YoY, -30% QoQ)....

Pi Securities PCL, Thailand

GULF : Weak 3Q22 Earnings Expected

We reiterate our BUY call with a TP of Bt62.0. We maintain our positive outlook on GULF’s strong EPS growth of 31% in 2023, underpinned by 1.5GWe...

Pi Securities PCL, Thailand

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