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>Although Asian bourses were able to rebound on the back of tech stocks, alongside the jump in US markets after bond yields decreased, the SET only managed to edge up due to a lack of new factors to boost it.</li><li>Meanwhile, ADVANC and banking stocks fell, and foreign investors kept selling for a third day amid continued thin volume.</li><li>The index has an unclear direction after continuing to swing sideways in a narrow range, but we expect upward movement because it attempted to rise despite facing selling pressure.</li></ul>

Although Asian bourses were able to rebound on the back of tech stocks, alongside the jump in US markets after bond yields decreased, the SET only managed to edge up due to a lack of new factors to boost it.Meanwhile, ADVANC and banking stocks fell, and foreign investors kept selling for a third day amid continued thin volume.The index has an unclear direction after continuing to swing sideways in a narrow range, but we expect upward movement because it attempted to rise despite facing selling pressure.

Technical Analysis - The Trend - Feb 16, 2024

<ul><li>The SET traded within a narrow range throughout the day, reflecting subdued sentiment attributed to the Chinese New Year festival.</li><li>Furthermore, with most Asian bourses closed, trading activity remained sluggish.</li><li>Large cap stocks experienced limited fluctuations, resulting in an index outlook devoid of clear signals. However, foreign investors turned to buy slightly.</li></ul>

The SET traded within a narrow range throughout the day, reflecting subdued sentiment attributed to the Chinese New Year festival.Furthermore, with most Asian bourses closed, trading activity remained sluggish.Large cap stocks experienced limited fluctuations, resulting in an index outlook devoid of clear signals. However, foreign investors turned to buy slightly.

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

<ul>
<li>Maintain the BUY call with a target price of Bt58.0. We like IVL for its recession proof downstream petrochemical portfolio having 3 to 4% CAGR demand growth outlook for 2022-25.</li>
<li>Margin pressure dragged 3Q22 profit QoQ Excluding one-time items,the recurring profit stood at Bt10.3bn (+74% YoY, -22% QoQ).The YoY earnings growth was supported by strong performance of C-PET from steady</li>
<li>While,a marginal decline of sales and product margin of combined PET segment as a result of lower demand in Europe,and declined operating rates due to lower MEG production under IOD </li>
</ul>


Maintain the BUY call with a target price of Bt58.0. We like IVL for its recession proof downstream petrochemical portfolio having 3 to 4% CAGR demand growth outlook for 2022-25.
Margin pressure dragged 3Q22 profit QoQ Excluding one-time items,the recurring profit stood at Bt10.3bn (+74% YoY, -22% QoQ).The YoY earnings growth was supported by strong performance of C-PET from steady
While,a marginal decline of sales and product margin of combined PET segment as a result of lower demand in Europe,and declined operating rates due to lower MEG production under IOD 


IVL : Positive 2023 Outlook from Softening Energy Cost

<div><div><div><div><ul><li>We propose a new set of global plays in accordance with the de- globalization trend, shifting the allocation toward Asia-based companies with better growth prospects than those that generate the bulk of their revenue in Western markets.</li><li>Our recommended stocks are CBG and SCGP.</li><li><div><div><p>The global economy is less synchronized than in the past, meaning that a global plays strategy should be more area focused to enhance the growth potential.</p></div></div></li></ul></div></div></div></div>

We propose a new set of global plays in accordance with the de- globalization trend, shifting the allocation toward Asia-based companies with better growth prospects than those that generate the bulk of their revenue in Western markets.Our recommended stocks are CBG and SCGP.The global economy is less synchronized than in the past, meaning that a global plays strategy should be more area focused to enhance the growth potential.

Changing Landscape for Global Plays - Shifting the Allocation of Global Plays Toward Asia

<ul>
<li>We maintain the BUY call with a new target price of Bt58.0,(6% up from previous, factoring in the 58%upward 2022E earnings revision).The 2Q22 net profit rose+143% YoY and +44% QoQ</li>
<li>Strong IOD performance drove 2Q22 profit The 2Q22 net profit rose to an all-time high of Bt20.3bn(+143%YoY,+44%QoQ),The result came out better than our expectation and beat the consensus by 83%.</li>
<li>Excluding onetime items, the recurring profit stood at Bt13.2bn (+99% YoY, +25% QoQ).The earnings growth was supported by the solid IOD (Integrated Oxides and Derivates) segment performance from newly contribution </li>
</ul>


We maintain the BUY call with a new target price of Bt58.0,(6% up from previous, factoring in the 58%upward 2022E earnings revision).The 2Q22 net profit rose+143% YoY and +44% QoQ
Strong IOD performance drove 2Q22 profit The 2Q22 net profit rose to an all-time high of Bt20.3bn(+143%YoY,+44%QoQ),The result came out better than our expectation and beat the consensus by 83%.
Excluding onetime items, the recurring profit stood at Bt13.2bn (+99% YoY, +25% QoQ).The earnings growth was supported by the solid IOD (Integrated Oxides and Derivates) segment performance from newly contribution 


IVL : Strong IOD Performance Drove 2Q22 Profit to New High

Thailand

Indorama Ventures PCL manufactures and distributes polyethylene terephthalate ("PET"), purified terephthalic acid ("PTA") and related products, polyester fibers and yarns, and wool products.

Price Gauge
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Indorama Ventures (IVL-R TB)

Technical Analysis - The Trend - Feb 16, 2024

The index has an unclear direction after continuing to swing sideways in a narrow range, but we expect upward movement because it attempted to rise...

Krungthai XSpring

Technical Analysis - FEBRUARY 13, 2024

The SET traded within a narrow range throughout the day, reflecting subdued sentiment attributed to the Chinese New Year festival.

Krungthai XSpring

IVL : Positive 2023 Outlook from Softening Energy Cost

Maintain the BUY call with a target price of Bt58.0. We like IVL for its recession proof downstream petrochemical portfolio having 3 to 4% CAGR...

Pi Securities PCL, Thailand

Changing Landscape for Global Plays - Shifting the Allocation of Global Plays Toward Asia

The global economy is less synchronized than in the past, meaning that a global plays strategy should be more area focused to enhance the growth...

Krungthai XSpring

IVL : Strong IOD Performance Drove 2Q22 Profit to New High

We maintain the BUY call with a new target price of Bt58.0, (6% up from previous, factoring in the 58% upward 2022E earnings revision). The 2Q22...

Pi Securities PCL, Thailand

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52-week Range

Market Cap (USDm)

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