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

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

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