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

<ul><li>We maintain our Outperform rating with a new fair value (FV) of Bt20.00 (previously Bt13.75), representing an increase of approximately 45%.</li><li>Of this increase, 20% is due to an upward revision of the profit estimates, 13% from adjusting the required rate of return to 6.0% (previously 6.8%), and 11% from a rolling adjustment of the FV.</li><li>The valuation metrics indicate limited upside of 7% for the stock price, following a roughly 90% increase since our report released on August 2024.</li></ul>

We maintain our Outperform rating with a new fair value (FV) of Bt20.00 (previously Bt13.75), representing an increase of approximately 45%.Of this increase, 20% is due to an upward revision of the profit estimates, 13% from adjusting the required rate of return to 6.0% (previously 6.8%), and 11% from a rolling adjustment of the FV.The valuation metrics indicate limited upside of 7% for the stock price, following a roughly 90% increase since our report released on August 2024.

Jmt Network Services - Revise Earnings Projections to Reflect Lower Provision Outlook

<ul><li>We have put our estimates, recommendation, and fair value under review vs. the previous Outperform rating with a 12M fair value of Bt13.75.</li><li>The improving cash collection trend, driven by accelerated debt collection and legal processes, presents upside to ECL provisioning, positively impacting the profit estimates for 2024-26E.</li><li>We will revisit our earnings estimates, fair value, and rating after meeting with management this afternoon.</li></ul>

We have put our estimates, recommendation, and fair value under review vs. the previous Outperform rating with a 12M fair value of Bt13.75.The improving cash collection trend, driven by accelerated debt collection and legal processes, presents upside to ECL provisioning, positively impacting the profit estimates for 2024-26E.We will revisit our earnings estimates, fair value, and rating after meeting with management this afternoon.

Jmt Network Services - Cash Collections Recovered QoQ in 3Q24

<ul><li>We switch our rating to Outperform (from Buy) and revise the fair value to Bt13.75, down from Bt24.31, following the downward revisions to our 2024-26E earnings forecasts and an increase in the required return to 6.8% (from 4.7% previously).</li><li>The valuation metrics indicate that the current share price still implies upside of 39%, even after the recent share price increase.</li><li>The long-term earnings outlook remains strong, and the tactical downside risk is limited.</li></ul>

We switch our rating to Outperform (from Buy) and revise the fair value to Bt13.75, down from Bt24.31, following the downward revisions to our 2024-26E earnings forecasts and an increase in the required return to 6.8% (from 4.7% previously).The valuation metrics indicate that the current share price still implies upside of 39%, even after the recent share price increase.The long-term earnings outlook remains strong, and the tactical downside risk is limited.

Jmt Network Services - Weak 2 Q24 Earnings; Profit Forecasts Revised Down to Reflect Slow Recovery

<ul><li>We maintain our Buy call, with a new fair value of Bt24.31 vs. Bt26.39 previously, following the downward revisions of our 2024-26E earnings forecasts.</li><li>Our fair value is based on a required rate of return of 4.7%.</li><li>The valuation metrics indicate that the stock is fundamentally attractive, both in terms of the valuation and the strong long-term growth prospects, alongside limited tactical downside risk.</li></ul>

We maintain our Buy call, with a new fair value of Bt24.31 vs. Bt26.39 previously, following the downward revisions of our 2024-26E earnings forecasts.Our fair value is based on a required rate of return of 4.7%.The valuation metrics indicate that the stock is fundamentally attractive, both in terms of the valuation and the strong long-term growth prospects, alongside limited tactical downside risk.

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>Can benefit from years of strong growth in banks' debt collection</li>
<li>Returns remain exceptional at over 7% during last twelve months</li>
<li>Book value growth is astonishing from THB121m to THB5,755m in past 10 years</li>
</ul>


Can benefit from years of strong growth in banks' debt collection
Returns remain exceptional at over 7% during last twelve months
Book value growth is astonishing from THB121m to THB5,755m in past 10 years


JMT Network Services - Near Infinite Debt Collection Supply?

Thailand

JMT Network Services PCL is involved in the debt collection business in Thailand.

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JMT Network Services (JMT TB)

Jmt Network Services - Revise Earnings Projections to Reflect Lower Provision Outlook

We maintain our Outperform rating with a new fair value (FV) of Bt20.00 (previously Bt13.75), representing an increase of approximately 45%.

Krungthai XSpring

Jmt Network Services - Cash Collections Recovered QoQ in 3Q24

We have put our estimates, recommendation, and fair value under review vs. the previous Outperform rating with a 12M fair value of Bt13.75.

Krungthai XSpring

Jmt Network Services - Weak 2 Q24 Earnings; Profit Forecasts Revised Down to Reflect Slow Recovery

We switch our rating to Outperform (from Buy) and revise the fair value to Bt13.75, down from Bt24.31, following the downward revisions to our 2024...

Krungthai XSpring

COMPANY UPDATE - JMT Network Services

We maintain our Buy call, with a new fair value of Bt24.31 vs. Bt26.39 previously, following the downward revisions of our 2024-26E earnings...

Krungthai XSpring

JMT Network Services - Near Infinite Debt Collection Supply?

JMT focuses on debt collection for banks and finance companies, where the flow of business can be especially strong for years, and where returns...

Daniel Tabbush

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