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 US stock markets rebounded following the Fed's indication of two rate cuts this year, Asian markets showed mixed movements.</li><li>The Hang Seng dropped after China kept its interest rates unchanged, which negatively impacted China DR stocks and triggered profit-taking.</li><li>Despite the SET briefly reaching 1,200 points in intraday trading, it ultimately declined as foreign investors turned to selling.</li></ul>

Although US stock markets rebounded following the Fed's indication of two rate cuts this year, Asian markets showed mixed movements.The Hang Seng dropped after China kept its interest rates unchanged, which negatively impacted China DR stocks and triggered profit-taking.Despite the SET briefly reaching 1,200 points in intraday trading, it ultimately declined as foreign investors turned to selling.

<ul><li>The SET surged the most among Asian bourses while awaiting the Fed meeting results, supported by UBS upgrading its outlook on Thai equities and a technical rebound signal.</li><li>This attracted buying activity in large-cap stocks, including AOT, ADVANC, power plants, finance, commerce, and petroleum stocks.</li><li>However, trading volume remained light, and foreign investors returned to net selling.</li></ul>

The SET surged the most among Asian bourses while awaiting the Fed meeting results, supported by UBS upgrading its outlook on Thai equities and a technical rebound signal.This attracted buying activity in large-cap stocks, including AOT, ADVANC, power plants, finance, commerce, and petroleum stocks.However, trading volume remained light, and foreign investors returned to net selling.

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 BUY rating for MAJOR with a target price of Bt21.40. The company report 3Q22 net profit at Bt21m in 3Q22,(-99%YoY,-84%QoQ), The result came out below market and our expectation. </li>
<li>3Q22 core earnings fell 42%QoQ The company report 3Q22 net profit at Bt21m. (-99%YoY -84%QoQ) Stripping out extra items </li>
<li>Revenue hit 11-quarter high at Bt1.7bn (+5%QoQ +951%YoY) QoQ increase supported by high-margin advertising segment, bowling and concession revenue. YoY surge in revenue will be supported by an increase </li>
</ul>


Maintain BUY rating for MAJOR with a target price of Bt21.40. The company report 3Q22 net profit at Bt21m in 3Q22,(-99%YoY,-84%QoQ), The result came out below market and our expectation. 
3Q22 core earnings fell 42%QoQ The company report 3Q22 net profit at Bt21m. (-99%YoY -84%QoQ) Stripping out extra items 
Revenue hit 11-quarter high at Bt1.7bn (+5%QoQ +951%YoY) QoQ increase supported by high-margin advertising segment, bowling and concession revenue. YoY surge in revenue will be supported by an increase 


MAJOR : Accumulate on Weakening 3Q22 Earnings

<ul>
<li>Maintain BUY rating for MAJOR but cut target price to Bt21.40 (Previous TP:Bt23.70) after cut 2023E earnings by 20% as we factor in revenue sharing model and higher-than-expected operating cost. </li>
<li>3Q22 core earnings is expected to drop 7%QoQ Expect the company to report 3Q22 net profit at Bt81m. (-38%QoQ -96%YoY) Stripping out extra items from; 1.) divestment of Thai Ticket </li>
<li>Revenue is expected to hit 11-quarter high at Bt1.7bn (+3%QoQ +935%YoY) QoQ increase should be driven by high-margin advertising segment (+23%QoQ to Bt173m), bowling (+35%QoQ to Bt99m)</li>
</ul>


Maintain BUY rating for MAJOR but cut target price to Bt21.40 (Previous TP:Bt23.70) after cut 2023E earnings by 20% as we factor in revenue sharing model and higher-than-expected operating cost. 
3Q22 core earnings is expected to drop 7%QoQ Expect the company to report 3Q22 net profit at Bt81m. (-38%QoQ -96%YoY) Stripping out extra items from; 1.) divestment of Thai Ticket 
Revenue is expected to hit 11-quarter high at Bt1.7bn (+3%QoQ +935%YoY) QoQ increase should be driven by high-margin advertising segment (+23%QoQ to Bt173m), bowling (+35%QoQ to Bt99m)


<ul>
<li>Maintain BUY rating for MAJOR with target price of Bt23.70. The company report 2Q22 net profit at Bt131m. Stripping out extra items on fair value adjustment and fire insurance claim</li>
<li>Impressive recovery in profit in 2Q22 Revenue reached 10-quarter high at Bt1.6bn following an increase in traffic at theatres(estimated at around 5.5 million vs.2.8 million in 1Q22and 0.9million in 2Q21)</li>
<li>Well-Managed cost from operation to be remained, resulted in improvement in gross profit margin to 26.8% compared with 11.1% in 1Q22 and -30.7% in 2Q21.</li>
</ul>


Maintain BUY rating for MAJOR with target price of Bt23.70. The company report 2Q22 net profit at Bt131m. Stripping out extra items on fair value adjustment and fire insurance claim
Impressive recovery in profit in 2Q22 Revenue reached 10-quarter high at Bt1.6bn following an increase in traffic at theatres(estimated at around 5.5 million vs.2.8 million in 1Q22and 0.9million in 2Q21)
Well-Managed cost from operation to be remained, resulted in improvement in gross profit margin to 26.8% compared with 11.1% in 1Q22 and -30.7% in 2Q21.


MAJOR : Entering Low Season in 3Q22 Before Hitting High in 4Q22

Thailand

Major Cineplex Group Public Company Limited operates movie theater chain under Major Cineplex name, and bowling alley chain under Major Bowl name. The Company also provides theater advertising services and concession stand rentals in its movie and bowling complexes.

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Major Cineplex Group (MAJOR TB)

Technical Analysis - MARCH 21, 2025

Although US stock markets rebounded following the Fed's indication of two rate cuts this year, Asian markets showed mixed movements.

Krungthai XSpring

Technical Analysis - MARCH 20, 2025

The SET surged the most among Asian bourses while awaiting the Fed meeting results, supported by UBS upgrading its outlook on Thai equities and a...

Krungthai XSpring

MAJOR : Accumulate on Weakening 3Q22 Earnings

Maintain BUY rating for MAJOR with a target price of Bt21.40. The company report 3Q22 net profit at Bt21m in 3Q22, (-99%YoY,-84%QoQ), The result...

Pi Securities PCL, Thailand

MAJOR : Accumulate on Weakening Earnings

Maintain BUY rating for MAJOR but cut target price to Bt21.40 (Previous TP: Bt23.70) after cut 2023E earnings by 20% as we factor in revenue...

Pi Securities PCL, Thailand

MAJOR : Entering Low Season in 3Q22 Before Hitting High in 4Q22

Maintain BUY rating for MAJOR with target price of Bt23.70. The company report 2Q22 net profit at Bt131m. Stripping out extra items on fair value...

Pi Securities PCL, Thailand

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