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>We have revised down our Dubai crude oil price assumptions for 2024-26E to USD80, USD75, and USD73/bbl, respectively.</li><li>The downward trend in oil prices due to global risks (e.g., increased supply and slower demand amid the unrest in the Middle East) is expected to negatively impact PTTEP, as approximately 30% of its sales volume is exposed to crude oil prices, and the stock shows a high correlation of around 0.8 with crude oil prices.</li><li>For the refinery sector, we anticipate short-term negative effects, likely due to inventory losses in 3Q24E from the sharp decline in crude oil prices, against a neutral impact in the medium term given declining crude oil costs and crude premiums. </li></ul>

We have revised down our Dubai crude oil price assumptions for 2024-26E to USD80, USD75, and USD73/bbl, respectively.The downward trend in oil prices due to global risks (e.g., increased supply and slower demand amid the unrest in the Middle East) is expected to negatively impact PTTEP, as approximately 30% of its sales volume is exposed to crude oil prices, and the stock shows a high correlation of around 0.8 with crude oil prices.For the refinery sector, we anticipate short-term negative effects, likely due to inventory losses in 3Q24E from the sharp decline in crude oil prices, against a neutral impact in the medium term given declining crude oil costs and crude premiums. 

Industry Update: Energy (Oil) - SEPTEMBER 30, 2024

<ul><li>KTX expects that the sale of Type A investment units of the Vayupak 1 Fund (VAYU1), scheduled for September 16-20, will meet the target of Bt150bn, with Bt50bn from individual investors and Bt100bn from institutional investors. (Note: these proportions may vary slightly depending on the authorities' discretion.)</li><li>The fund guarantees the principal and offers a minimum annual return of 3% (up to a maximum of 9%) over 10 years.</li><li>This attractive return, combined with high liquidity, is expected to encourage individual investors to shift funds from bank deposits to VAYU1 for better returns. </li></ul>

KTX expects that the sale of Type A investment units of the Vayupak 1 Fund (VAYU1), scheduled for September 16-20, will meet the target of Bt150bn, with Bt50bn from individual investors and Bt100bn from institutional investors. (Note: these proportions may vary slightly depending on the authorities' discretion.)The fund guarantees the principal and offers a minimum annual return of 3% (up to a maximum of 9%) over 10 years.This attractive return, combined with high liquidity, is expected to encourage individual investors to shift funds from bank deposits to VAYU1 for better returns. 

Special Report – Vayupak Fund 1 (VAYU1)

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Seven stocks remain, seven new join the fray</li>
<li>Ince inception, it has gained 112% versus the SET 100 Index’s return of 24%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Seven stocks remain, seven new join the fray
Ince inception, it has gained 112% versus the SET 100 Index’s return of 24%


The Stocks to Own in Thailand – Vol. 46

Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Credit

<ul>
<li>Energy Absolute Public Company Limited (EA)’s negative headlines have gradually emerged since the beginning of the year.</li>
<li>The most negative news came on 12-July when Thailand’s Securities Exchange Commission (SEC) accused Mr. Ahunai together with his deputy CEO and his business partner of committing fraud during 2013-2015.</li>
<li>Our liquidity analysis of EA’s latest financial statements ending in March tells us EA does not necessarily have to resort to bankruptcy.</li>
</ul>


Energy Absolute Public Company Limited (EA)’s negative headlines have gradually emerged since the beginning of the year.
The most negative news came on 12-July when Thailand’s Securities Exchange Commission (SEC) accused Mr. Ahunai together with his deputy CEO and his business partner of committing fraud during 2013-2015.
Our liquidity analysis of EA’s latest financial statements ending in March tells us EA does not necessarily have to resort to bankruptcy.


Energy Absolute: Absolutely Negative Energy

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Five stocks remain, nine stocks added to our portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 255% versus MSCI ASEAN’s 30%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Five stocks remain, nine stocks added to our portfolio
Since its inception, the portfolio has generated a before-fee total return of 255% versus MSCI ASEAN’s 30%


Thailand

PTT Public Company Limited operates as an oil and gas company. The Company produces, transports, and sells natural gas, crude oil, lubricants, aviation and marine, and petrochemical products. PTT offers fleet cards, storage, electronic bill presentment, and other related services. PTT serves customers in Thailand.

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PTT PCL (PTT TB)

Industry Update: Energy (Oil) - SEPTEMBER 30, 2024

The downward trend in oil prices due to global risks (e.g., increased supply and slower demand amid the unrest in the Middle East) is expected to...

Krungthai XSpring

Special Report – Vayupak Fund 1 (VAYU1)

KTX expects that the sale of Type A investment units of the Vayupak 1 Fund (VAYU1), scheduled for September 16-20, will meet the target of Bt150bn

Krungthai XSpring

The Stocks to Own in Thailand – Vol. 46

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: Seven stocks remain, seven new...

A. Stotz Investment Research

Energy Absolute: Absolutely Negative Energy

Our liquidity analysis tells us EA does not have to resort to bankruptcy. Without a reliable bid-offer, we cannot assign our recommendation though...

Bondcritic

The Stocks to Own in ASEAN – Vol. 47

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Portfolio changes: Five stocks remain, nine stocks added.

A. Stotz Investment Research

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