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 a Neutral rating with a new fair value (12M FV) of Bt52.00 (from Bt47.00 previously), based on the earnings yield method with a required return of 12%.</li><li>The valuation metrics indicate that the short-term stock price is fully valued, largely reflecting the profit recovery, while the tactical risk remains neutral.</li><li>The recovery in asset quality and the low base in 2024E are expected to support net profit growth to achieve a CAGR of 17% in 2025-26E.</li></ul>

We maintain a Neutral rating with a new fair value (12M FV) of Bt52.00 (from Bt47.00 previously), based on the earnings yield method with a required return of 12%.The valuation metrics indicate that the short-term stock price is fully valued, largely reflecting the profit recovery, while the tactical risk remains neutral.The recovery in asset quality and the low base in 2024E are expected to support net profit growth to achieve a CAGR of 17% in 2025-26E.

Kiatnakin Phatra Bank - Upward Earnings Revision; Lower-Than-Expected Provisions

<ul><li>We maintain a Neutral rating with a 12M FV of Bt47.00, based on the earnings yield method with a required return of 15.7%.</li><li>The valuation metrics indicate that the stock is fully valued at the current price.</li><li>Additionally, the tactical risk is neutral, and long- term growth is expected to be moderate.</li></ul>

We maintain a Neutral rating with a 12M FV of Bt47.00, based on the earnings yield method with a required return of 15.7%.The valuation metrics indicate that the stock is fully valued at the current price.Additionally, the tactical risk is neutral, and long- term growth is expected to be moderate.

Kiatnakin Phatra Bank - Lower Provision Led to Upbeat Earnings by 41%

<ul><li>We initiate coverage on KKP with a Neutral rating and a 12-month fair value (12M FV) of Bt47.00, based on the earnings yield method with a required return of 12%.</li><li>The valuation metrics indicate that the stock is currently fully valued in the short term, reflecting much of the expected recovery.</li><li>Meanwhile, the tactical risks are neutral. The recovery of asset quality and the low base in 2024E are expected to foster average net profit growth at a CAGR of 14% in 2025-26E.</li></ul>

We initiate coverage on KKP with a Neutral rating and a 12-month fair value (12M FV) of Bt47.00, based on the earnings yield method with a required return of 12%.The valuation metrics indicate that the stock is currently fully valued in the short term, reflecting much of the expected recovery.Meanwhile, the tactical risks are neutral. The recovery of asset quality and the low base in 2024E are expected to foster average net profit growth at a CAGR of 14% in 2025-26E.

Kiatnakin Phatra Bank - Expected Recovery Largely Priced In

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Dec 13th.We estimate that they had an aggregated short interest worth USD2.1bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in PTT Global Chemical, Bangkok Bank.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Dec 13th.We estimate that they had an aggregated short interest worth USD2.1bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in PTT Global Chemical, Bangkok Bank.


Thailand Short Interest Weekly (Dec 13th): PTT Global Chemical, Bangkok Bank

Thematic (Sector/Industry)

<ul><li>The latest debt relief measure, literally translated as 'You Fight, We Help,' is expected to benefit all parties involved.</li><li>Vulnerable debtors will have the opportunity to reduce installment payments and ease interest burdens, while banks will see improvements in asset quality.</li><li>Ultimately, this measure aims to help alleviate the overall household debt burden. We estimate that small and medium-sized banks are likely to benefit more significantly, although the extent will depend on the number of debtors registering for the program. </li></ul>

The latest debt relief measure, literally translated as 'You Fight, We Help,' is expected to benefit all parties involved.Vulnerable debtors will have the opportunity to reduce installment payments and ease interest burdens, while banks will see improvements in asset quality.Ultimately, this measure aims to help alleviate the overall household debt burden. We estimate that small and medium-sized banks are likely to benefit more significantly, although the extent will depend on the number of debtors registering for the program. 

Banking DECEMBER 13, 2024 - Small and Medium-Sized Banks to Benefit from New Debt Relief Measure

Thailand

Kiatnakin Bank Public Company Limited provides commercial banking services including commercial, developmental, consumer, hire-purchase, and mortgage financing to its customers in Thailand. The Company also provides securities brokerage and investment advisory services.

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Kiatnakin Bank (KKP TB)

Kiatnakin Phatra Bank - Upward Earnings Revision; Lower-Than-Expected Provisions

We maintain a Neutral rating with a new fair value (12M FV) of Bt52.00 (from Bt47.00 previously), based on the earnings yield method with a...

Krungthai XSpring

Kiatnakin Phatra Bank - Lower Provision Led to Upbeat Earnings by 41%

We maintain a Neutral rating with a 12M FV of Bt47.00, based on the earnings yield method with a required return of 15.7%.

Krungthai XSpring

Kiatnakin Phatra Bank - Expected Recovery Largely Priced In

We initiate coverage on KKP with a Neutral rating and a 12-month fair value (12M FV) of Bt47.00, based on the earnings yield method with a required...

Krungthai XSpring

Thailand Short Interest Weekly (Dec 13th): PTT Global Chemical, Bangkok Bank

We analyzed SET short interest report for the past week and highlighted short interest changes in PTT Global Chemical, Bangkok Bank.

Ke Yan, CFA, FRM

Banking DECEMBER 13, 2024 - Small and Medium-Sized Banks to Benefit from New Debt Relief Measure

Vulnerable debtors will have the opportunity to reduce installment payments and ease interest burdens, while banks will see improvements in asset...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)