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 reaffirm our Neutral rating. The valuation metrics suggest that the share price is fully valued in terms of the fundamentals, while the tactical perspective is neutral.</li><li>However, the long-term growth prospects are strong, with EPS growth expected at a CAGR of 22.6% in 2024-2026E.</li><li>MTC reported a 4Q23 net profit at Bt1,351mn, in line with our projection.</li></ul>

We reaffirm our Neutral rating. The valuation metrics suggest that the share price is fully valued in terms of the fundamentals, while the tactical perspective is neutral.However, the long-term growth prospects are strong, with EPS growth expected at a CAGR of 22.6% in 2024-2026E.MTC reported a 4Q23 net profit at Bt1,351mn, in line with our projection.

Muangthai Capital - 4Q23 Earnings in Line; Better Asset Quality

<ul><li>We have downgraded our rating to Neutral (vs. Outperform previously).</li><li>The fair price has also been revised down to Bt35.18 (vs. Bt35.61 previously), based on the earnings yield, with a required return of 8.4% (vs. 8.0% previously), as the risk-free return, based on the Thai 10Y bond yield, was raised by 60 bps from the previous estimate.</li><li>Our valuation metrics suggest that the share price is fundamentally fully valued, while the tactical view is neutral. </li></ul>

We have downgraded our rating to Neutral (vs. Outperform previously).The fair price has also been revised down to Bt35.18 (vs. Bt35.61 previously), based on the earnings yield, with a required return of 8.4% (vs. 8.0% previously), as the risk-free return, based on the Thai 10Y bond yield, was raised by 60 bps from the previous estimate.Our valuation metrics suggest that the share price is fundamentally fully valued, while the tactical view is neutral. 

Muangthai Capital - Improving Asset Quality

Thematic (Sector/Industry)

<ul><li>KTX expects sideways-up movement with the resistance at 1,455/1,472 points and the support at 1,412/1,400 points.</li><li>Key highlights impacting the market include: I) December effect – increased domestic fund purchases from TESG, SSF, RMF, along with the Vayupak Fund; ii) foreign selling pressure expected to ease due to a pause in investments ahead of the Christmas and New Year holidays; and iii) gradual implementation of government measures aimed at boosting confidence in economic growth.</li><li>Risks include a potential reduction in investment in Asian and Thai stock markets in favor of USD assets (e.g., US equities, Russell 2000 Index, US Dollar Index), which are expected to benefit from the policies of President Trump, who will officially take office on January 20, 2025.</li></ul>

KTX expects sideways-up movement with the resistance at 1,455/1,472 points and the support at 1,412/1,400 points.Key highlights impacting the market include: I) December effect – increased domestic fund purchases from TESG, SSF, RMF, along with the Vayupak Fund; ii) foreign selling pressure expected to ease due to a pause in investments ahead of the Christmas and New Year holidays; and iii) gradual implementation of government measures aimed at boosting confidence in economic growth.Risks include a potential reduction in investment in Asian and Thai stock markets in favor of USD assets (e.g., US equities, Russell 2000 Index, US Dollar Index), which are expected to benefit from the policies of President Trump, who will officially take office on January 20, 2025.

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 6th.We estimate that they had an aggregated short interest worth USD2.2bn.</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 Carabao, Delta Electronics, SCC, SCG Packaging.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Dec 6th.We estimate that they had an aggregated short interest worth USD2.2bn.
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 Carabao, Delta Electronics, SCC, SCG Packaging.


Thailand Short Interest Weekly (Dec 6th): Carabao, Delta Electronics, SCC, SCG Packaging

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Nov 29th.We estimate that they had an aggregated short interest worth USD2.2bn.</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 Bumrungrad Hospital, Energy Absolute, Delta Electronics, Banpu, SCC, PTT Global Chemical.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Nov 29th.We estimate that they had an aggregated short interest worth USD2.2bn.
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 Bumrungrad Hospital, Energy Absolute, Delta Electronics, Banpu, SCC, PTT Global Chemical.


Thailand Short Interest Weekly (Nov 29th): Bumrungrad, Energy Absolute, Delta Electronics, Banpu

Thailand

Muangthai Capital Public Company Limited operates as a commercial lending company. The Company provides car title, personal, agricultural vehicle, land title, and other loan products. Muangthai Capital serves customers in Thailand.

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Muangthai Capital (MTC TB)

Muangthai Capital - 4Q23 Earnings in Line; Better Asset Quality

We reaffirm our Neutral rating. The valuation metrics suggest that the share price is fully valued in terms of the fundamentals, while the tactical...

Krungthai XSpring

Muangthai Capital - Improving Asset Quality

We have downgraded our rating to Neutral (vs. Outperform previously). The fair price has also been revised down to Bt35.18 (vs. Bt35.61...

Krungthai XSpring

Monthly Report: December 2024

Key highlights impacting the market include: I) December effect – increased domestic fund purchases from TESG, SSF, RMF, along with the Vayupak Fund

Krungthai XSpring

Thailand Short Interest Weekly (Dec 6th): Carabao, Delta Electronics, SCC, SCG Packaging

We analyzed SET short interest report for the past week and highlighted short interest changes in Carabao, Delta Electronics, SCC, SCG Packaging.

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Nov 29th): Bumrungrad, Energy Absolute, Delta Electronics, Banpu

We analyzed SET short interest report for the past week and highlighted short interest changes in Bumrungrad Hospital, Energy Absolute, Delta...

Ke Yan, CFA, FRM

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