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

One Enterprise Public Co Ltd / Equity Bottom-Up

<ul>
<li>Our Buy call is maintained, with a new fair value of Bt5.52 (from Bt9.24 previously) after having revised down the 2023-2025E earnings forecasts to reflect the slower-than-expected recovery in TV advertising expenditures, discounted by the higher required rate of return of 6.1% (from 4.8%).</li>
<li>Our valuation metrics also suggest that ONEE is attractive in terms of both its fundamental value and the tactical view.</li>
<li>The long-term growth should be strong on the back of the improvement in its performance from 2Q23E onward.</li>
</ul>


Our Buy call is maintained, with a new fair value of Bt5.52 (from Bt9.24 previously) after having revised down the 2023-2025E earnings forecasts to reflect the slower-than-expected recovery in TV advertising expenditures, discounted by the higher required rate of return of 6.1% (from 4.8%).
Our valuation metrics also suggest that ONEE is attractive in terms of both its fundamental value and the tactical view.
The long-term growth should be strong on the back of the improvement in its performance from 2Q23E onward.


The One Enterprise (ONEE) - Continued Pressure on 1Q23E Earnings

<div><div><div><div><ul><li>Leading content creator in Thailand</li><li>Vertically integrated service provider model helps to balance sources of revenue</li><li>Introducing Thai content to the international stage. Unexciting 4Q22E earnings but strong recovery expected in 2023E</li></ul></div></div></div></div>

Leading content creator in ThailandVertically integrated service provider model helps to balance sources of revenueIntroducing Thai content to the international stage. Unexciting 4Q22E earnings but strong recovery expected in 2023E

The One Enterprise ONEE - Preparing to Take Off

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

<ul>
<li>The company reports 3Q22 net profit at Bt164m, which is its eight quarter low. The result came in-line with our estimate.Disappointed earnings   pressured gross profit margin that hit lowest since </li>
<li>3Q22 earnings contracted QoQ and YoY as expected The company reports 3Q22 net profit at Bt164m (-2%YoY -8%QoQ).QoQ and YoY drops were dragged down by contraction in gross profit margin </li>
<li>Concert and artist management(20% of revenue in 3Q22)are the main revenue boosters as there were number of fan meetup and concert events took place after easing all social-distance restrictions. However</li>
</ul>


The company reports 3Q22 net profit at Bt164m, which is its eight quarter low. The result came in-line with our estimate.Disappointed earnings   pressured gross profit margin that hit lowest since 
3Q22 earnings contracted QoQ and YoY as expected The company reports 3Q22 net profit at Bt164m (-2%YoY -8%QoQ).QoQ and YoY drops were dragged down by contraction in gross profit margin 
Concert and artist management(20% of revenue in 3Q22)are the main revenue boosters as there were number of fan meetup and concert events took place after easing all social-distance restrictions. However


ONEE : 3Q22 Earnings Dipped QoQ and YoY as Expected

<ul>
<li>Maintain BUY for ONEE but cut target price to Bt11.50. (Previous TP: 11.60) after revised down earnings by 5% in 2023E due to higher-than-expected operating cost.</li>
<li>We expect the company to report 3Q22 net profit at Bt162m(-3%YoY -9%QoQ). Disappointed earnings should be pressured by contraction in gross profit margin to the lowest level since listed at40.8%</li>
<li>Concert and artist management (20% of revenue in 3Q22E) are the key revenue drivers as there were number of fan meetup and concert events held after easing all COVID-19</li>
</ul>


Maintain BUY for ONEE but cut target price to Bt11.50. (Previous TP: 11.60) after revised down earnings by 5% in 2023E due to higher-than-expected operating cost.
We expect the company to report 3Q22 net profit at Bt162m(-3%YoY -9%QoQ). Disappointed earnings should be pressured by contraction in gross profit margin to the lowest level since listed at40.8%
Concert and artist management (20% of revenue in 3Q22E) are the key revenue drivers as there were number of fan meetup and concert events held after easing all COVID-19


ONEE : Reaccumulate on Weak 3Q22 Earnings

<ul>
<li>The company continues to gain make share in zero-growth digital TV industry as its TV rating climbed to 3rd place in terms of all-day rating in 2Q22.In addition,channel ONE(n0. 31) </li>
<li>2Q22 earnings drop to three-quarter low The company report 2Q22 net profit at Bt179m (-32%YoY -29%QoQ). QoQ and YoY drop in earnings pressured by contraction in gross profit </li>
<li>QoQ drop in revenue mainly dragged by content sales that normalized from high base in 1Q22 to Bt339m (-26%QoQ)in 2Q22 while revenue from production services fell by 18% to Bt101m</li>
</ul>


The company continues to gain make share in zero-growth digital TV industry as its TV rating climbed to 3rd place in terms of all-day rating in 2Q22.In addition,channel ONE(n0. 31) 
2Q22 earnings drop to three-quarter low The company report 2Q22 net profit at Bt179m (-32%YoY -29%QoQ). QoQ and YoY drop in earnings pressured by contraction in gross profit 
QoQ drop in revenue mainly dragged by content sales that normalized from high base in 1Q22 to Bt339m (-26%QoQ)in 2Q22 while revenue from production services fell by 18% to Bt101m


ONEE : Accumulate on Weakening Earnings Outlook

Thailand

The One Enterprise Public Company Limited operates as an entertainment company. The Company focuses on copyright management, media production, and related related businesses. One Enterprise serves customers worldwide.

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One Enterprise Public Co Ltd (ONEE TB)

The One Enterprise (ONEE) - Continued Pressure on 1Q23E Earnings

Our valuation metrics also suggest that ONEE is attractive in terms of both its fundamental value and the tactical view.

Krungthai XSpring

The One Enterprise ONEE - Preparing to Take Off

The ONEE Group is a holding company that engages in media and entertainment businesses as a vertically integrated service provider, ranging from...

Krungthai XSpring

ONEE : 3Q22 Earnings Dipped QoQ and YoY as Expected

The company reports 3Q22 net profit at Bt164m, which is its eight quarter low. The result came in-line with our estimate. Disappointed earnings ...

Pi Securities PCL, Thailand

ONEE : Reaccumulate on Weak 3Q22 Earnings

Maintain BUY for ONEE but cut target price to Bt11.50.(Previous TP:11.60)after revised down earnings by5% in 2023E due to higher-than-expected...

Pi Securities PCL, Thailand

ONEE : Accumulate on Weakening Earnings Outlook

The company continues to gain make share in zero-growth digital TV industry as its TV rating climbed to 3rd place in terms of all-day rating in...

Pi Securities PCL, Thailand

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