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

Regional Container Line / Equity Bottom-Up

<ul><li>We reinitiate our coverage on RCL with a Neutral rating and a 12M FV of Bt27.60, based on a required return of 18.58%.</li><li>We believe investors can trade the stock throughout the rate upcycle until mid-August, as this period marks a crucial point to determine if a seasonal pivot could potentially pause the current freight rate upswing.</li><li>RCL’s valuation is quite attractive compared to its Thai and global peers. </li></ul>

We reinitiate our coverage on RCL with a Neutral rating and a 12M FV of Bt27.60, based on a required return of 18.58%.We believe investors can trade the stock throughout the rate upcycle until mid-August, as this period marks a crucial point to determine if a seasonal pivot could potentially pause the current freight rate upswing.RCL’s valuation is quite attractive compared to its Thai and global peers. 

Regional Container Lines - Freight Rate Spike Due to Red Sea Events Not Sustainable

Thailand

Precious Shipping Public Company Limited is a ship owner providing regional marine shipping services. The Company operates in the tramp freight market sector where its vessels are employed on a time charter as well as voyage charter basis.  Precious Shipping has a network of shipping agents worldwide.

Thoresen Thai Agencies PCL is a maritime and commodity-focused business group with Transport, Energy, and Infrastructure businesses in the Asia-Pacific region. The Group's businesses include dry bulk shipping, inter-island petroleum and gas tankering, offshore oil and gas services, coal mining, fertilizer production and distribution, and integrated port and logistics services.

Asia Aviation PCL owns a budget airline.  The airline offers low fare flights, online booking, hospitality packages, and courier and cargo services. Asia Aviation serves travelers throughout Asia, the Middle East, and Europe.

Jutha Maritime Public Company Limited operates freight transportation services. The Company provides cargo shipping services on the route between Thailand-Japan-South Korea-Thailand, and Thailand-Malaysia-Japan-South Korea-Thailand.  Its vessels can also be employed on a tramp basis with no fixed route or timetable.

BTS Rail Mass Transit Growth Infrastructure Fund is a closed-end fund incorporated in Thailand. The Fund's objective is to achieve income. The Fund invests in the Core BTS Sky Train System from BTSC, which includes the Core Sukhumvit Line & the Core Silom Line.

BTS Rail Mass Transit Growth I (BTSGIF TB)

JWD Infologistics PCL is an information technology company. The Company focuses on maximizing the benefits of managing supply chains and fully integrated logistics solutions. JWD Infologistics operates in Southeast Asia

Bangkok Aviation Fuel Services Public Company Limited is provider of aviation fuel services including aviation depot and aircraft refueling services at the Bangkok International Airport (Donmuang) and the New Bangkok International Airport at Suvarnabhumi.

Thai Airways International Public Company Limited is Thailand's national airline providing air transportation, freight and mail services on domestic and international routes including Asia, Europe, North America, Africa and South West Pacific.  The Company is a state enterprise which is controlled by the government and partly owned by the public.

Namyong Terminal PCL is a roll on roll off terminal operator. The Company offers terminal services, car storage areas and warehousing services in Thailand.

Nok Airlines PCL operates as an airline carrier in the aviation industry. The Company provides air transportation services for passengers, baggage, and cargo.

Korea Line Corporation (KLC) owns and operates a fleet of vessels that carry bulk cargo, such as iron core, coal, hot coils, and liquefied natural gas (LNG). The Company provides exclusive lines for Pohang Iron & Steel, Korea Gas, and Korea Electric under long term contracts.  KLC also offers tramp services, and transports grain, sugar, logs, minerals, and steel products.

PT Pelayaran Tempuran Emas Tbk provides sea transportation services. The company has network of branches and agents throughout Indonesia and Singapore. Pelayaran Tempuran Emas also offers logistic supports for cargo movements.

Bohai Ferry Company Limited is a passenger liner transportation enterprise. The Company mainly operates passenger vessel transport for the Yantai-Dalian and Penglai-Dalian sea routes.

Safe Bulkers Inc. is an international provider of marine drybulk transportation services transporting bulk cargoes particularly grain, iron ore, and coal. The Company has a fleet of panamax, kamsarmax, and post-panamax class vessels.

2GO Group, Inc., together with its subsidiaries, provides shipping and logistics services in the Philippines and internationally. It engages in the domestic and international delivery of documents and parcels, money remittances, cash, certificate and visas, pouches and boxes, full container and loose cargo, and supply chain services; and warehousing and distribution, asset maintenance, and relocation services. The company also provides project management and consultancy services, such as transportation of heavy and bulk-sized equipment; and logistics services, such as ambient and temperature controlled distribution centers, forward stock locations, ambient and temperature controlled cross-docking, domestic freight forwarding and land transport, bundling and kitting, control tower solutions, and logistics solutions design and consultancy services. In addition, it provides passenger travel services; and operates ferry vessels. Further, the company offers international and domestic air and sea freight forwarding services, cargo consolidation, dangerous goods handling, customs brokerage, and building and exhibition logistics; and FMCG trading and distribution, food servicing, and catering services, as well as liquid transport services. Additionally, it provides manpower, security, trucking, forwarding services, water barging, tugboat assistance, and arrastre and stevedoring services. The company operates a fleet of 23 passenger and freight vessels. It also operates 15,000 containers, 35 cross-dock warehouses, 550 trucks, 1,200 trailers, 250 motorcycles, 70,000 square meters of distribution center operations, and approximately 185 branches and outlets. The company formerly known as ATS Consolidated (ATSC), Inc. and changed its name to 2GO Group, Inc. in March 2012. The company was founded in 1949 and is headquartered in Manila, the Philippines.

MMA Offshore Limited provides diversified marine services. The Company operates mainly in the Dampier and North West Shelf in Western Australia and also in the Northern Territory. MMA Offshore operates crew vessel charters, vessel manning, management and logistics along with operating supply base facilities.

Ningbo Marine Co., Ltd. provides freight transportation on the inland waters, as well as between the ports of Ningbo and Southeast Asian countries and Japan. The Company also invests in the transportation facility construction business and processes steel product.

Eagle Bulk Shipping Inc. owns a fleet of dry bulk vessels and transports a range of major and minor bulk cargoes.  The Company transports iron ore, coal, grain, cement, and fertilizer along worldwide shipping routes.

Taiwan Navigation Co., Ltd. provides marine transportation services.

Sincere Navigation Corporation is a major international shipping company listed on the Taiwan Stock Exchange and based in Taipei, Taiwan. The company is one of the largest dry bulk shipping company in Taiwan. Founded more than 40 years ago, the company endured volatile industry conditions, owns and operates a fleet of vessels. An experienced management team continues to contribute to its strong operational growth. Based upon this solid foundation, we hope to continue to develop the company’s operations and work towards a prosperous future.

Regional Container Lines Public Company Limited provides ocean freight transportation services. The Company owns and operates a fleet of container vessels covering more than 70 destinations in Asia, Australia, and the Middle East.

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Regional Container Line (RCL TB)

Regional Container Lines - Freight Rate Spike Due to Red Sea Events Not Sustainable

The stock is currently trading at a 2024-25E PER of 4.1x and 8.1x, respectively, below its peers at 10.5x and 30.2x, respectively.

Krungthai XSpring

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