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 expect Thai inflation to continue easing from May to August, driven down by the high base effect and lower oil prices.</li><li>The Ministry of Commerce (MoC) anticipates 2023E inflation at a mean of +2.2% YoY (range of 1.7-2.7%), slowing considerably from +6.1% YoY in 2022.</li><li>We expect the MPC to continue raising the policy interest rate by 25 bps to 2.00% in the meeting on May 31, 2023, which should be the last rate hike in this upcycle. </li></ul>

We expect Thai inflation to continue easing from May to August, driven down by the high base effect and lower oil prices.The Ministry of Commerce (MoC) anticipates 2023E inflation at a mean of +2.2% YoY (range of 1.7-2.7%), slowing considerably from +6.1% YoY in 2022.We expect the MPC to continue raising the policy interest rate by 25 bps to 2.00% in the meeting on May 31, 2023, which should be the last rate hike in this upcycle. 

Special Report: Inflation Remains on a Downtrend

<ul><li>Greater clarity after the general election should ease worries over a possible coup and a delay in the formation of a coalition government, which we expect to consist of three parties, i.e., the Pheu Thai Party, the Palang Pracharath Party and the Bhumjaithai Party, in our base-case scenario; this would reduce the risk premium of the SET Index, pushing it up to our target of 1,607 points.</li><li>Historical data from the five most recent elections shows that the SET increased by an average of +3.47% in the month after they were held; and in the week before and after the general elections took place, the index rose by 1.87% and 3.81%, respectively.</li><li>The biggest gainers were the finance, property development and ICT sectors. We thus recommend speculating on SIRI, SC, SCB, KBANK, CPALL, INTUCH, ADVANC and MINT.</li></ul>

Greater clarity after the general election should ease worries over a possible coup and a delay in the formation of a coalition government, which we expect to consist of three parties, i.e., the Pheu Thai Party, the Palang Pracharath Party and the Bhumjaithai Party, in our base-case scenario; this would reduce the risk premium of the SET Index, pushing it up to our target of 1,607 points.Historical data from the five most recent elections shows that the SET increased by an average of +3.47% in the month after they were held; and in the week before and after the general elections took place, the index rose by 1.87% and 3.81%, respectively.The biggest gainers were the finance, property development and ICT sectors. We thus recommend speculating on SIRI, SC, SCB, KBANK, CPALL, INTUCH, ADVANC and MINT.

Special Report: Election Rally (History to Repeat Itself)

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: Five stocks remain, nine new join the fray</li>
<li>Since inception, it has gained 96% versus the SET 100 Index’s return of 29%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Five stocks remain, nine new join the fray
Since inception, it has gained 96% versus the SET 100 Index’s return of 29%


The Stocks to Own in Thailand – Vol. 40

Equity Bottom-Up

<ul><li>Record-high targets in 2023E. Focusing on low-rise premium market and regaining its leading position in condominium market</li><li>Delivered record-high profit in 2022E, with upside for earnings momentum in 2023E</li><li>High interest-bearing DER but at a manageable level</li></ul>

Record-high targets in 2023E. Focusing on low-rise premium market and regaining its leading position in condominium marketDelivered record-high profit in 2022E, with upside for earnings momentum in 2023EHigh interest-bearing DER but at a manageable level

Sansiri - Targeting Another Record Year in 2023E

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In this insight, we take a look at the potential ADDs/DELs for the SET50 index rebalance in June 2023.</li>
<li>Based on the latest available data, I expect 3 ADDs/DELs but there are multiple names lurking close to the border.</li>
<li>
<a href="https://www.smartkarma.com/entities/srisawad-corp-pcl" target="_blank" data-smartkarma-citation="entities:9480:1" rel="noopener">Srisawad (SAWAD TB)</a>  and <a href="https://www.smartkarma.com/entities/sansiri-public-co-ltd" target="_blank" data-smartkarma-citation="entities:12201:1" rel="noopener">Sansiri Public (SIRI TB)</a> are leading the SET50 and SET100 Reserve Lists respectively and could become intra-review ADDs if the DTAC-TRUE merger closes in 1H 2023.</li>
</ul>


In this insight, we take a look at the potential ADDs/DELs for the SET50 index rebalance in June 2023.
Based on the latest available data, I expect 3 ADDs/DELs but there are multiple names lurking close to the border.

Srisawad (SAWAD TB)  and Sansiri Public (SIRI TB) are leading the SET50 and SET100 Reserve Lists respectively and could become intra-review ADDs if the DTAC-TRUE merger closes in 1H 2023.


Quiddity Leaderboard for Thailand SET50 Jun 23:Ramkhamhaeng Hospital Is an Interesting Case

Thailand

MBK Public Company Limited operates property business.  The Company owns Mah Boon Krong Center building complex located in downtown Bangkok.  The complex consists of shopping malls, an office building and the Patumwan Princess Hotel. Through its subsidiaries, the Company mills and distributes rice, other grain products and operates power generation and distribution business.

Amata Corporation Public Company Limited develops industrial estates primarily served for manufacturing plants and factories. The Company acquires land and develops essential infrastructure and facilities ready for industrialized operations. Ameta also has overseas investments in Vietnam.

Supalai Public Company Limited is a property development company which has operations in Bangkok metropolis as well as other leading provincial markets. The Company develops all types of residential products, including detached houses, townhouses and condominiums.

AP Thailand PCL is a property development company. The Company develops residential property projects in Bangkok areas as well as manufactures and distributes precast concrete products.

Frasers Property (Thailand) Public Company Limited operates as a real estate developer. The Company acquires, develops, owns, and manages hotels, residential, and commercial properties. Frasers Property serves customers in Thailand.

Saha Pathana Inter-Holding PCL is a holding company for the Saha Group of companies.  The Company provides management and consulting services to its affiliated companies which operate various consumer product businesses such as apparel, cosmetics, food and daily products.  The Company also develops industrial park projects.

Quality Houses Public Company Limited is a property development company. The Company specializes in single-house, apartment, and condominium development projects.

Pruksa Holding Public Company Limited operates as a holding company. The Company, through its subsidiaries, invests in property developing and recurring income businesses. Pruksa Holding serves customers in Thailand.

Principal Capital PCL is a property development company. The Company's primary objective is to develop property projects with a focus on the Central Business District (CBD) and prime area.

SC Asset Corporation Public Company Limited develops real estate properties for sale and rental.  The Company owns and manages Shinawatra Tower III office building. Additionally, SC Asset and its subsidiaries own Shinawatra Tower I and Shinawatra Tower II office buildings, develop single house, condominium and office building projects, and provide management consultant services.

China Overseas Grand Oceans Group Ltd. is a property development and sales company. The Compnay'ss operations include the entire property development process, comprising land acquisition and investment, construction planning, design and execution, sales and marketing, after-sales service as well as property management.

HEIWA REAL ESTATE CO., LTD. develops, constructs, sells, and leases real estate properties.  The Company also provides brokerage services on residential and commercial buildings as well as maintenance services.  Heiwa Real Estate provides consulting services on real estate and develops and operates resort places and facilities.

Da-Li Development Co., Ltd. is primarily involved in outsourced construction, leasing and distribution businesses. The Company develops residential buildings, including houses, suites and parking spaces.

Fujian Start Group Co., Ltd. manufactures and markets personal computers, computer peripheral equipment, and networking products.  The Company also develops computer software.

China Dalian International Cooperation (Group) Holdings, Ltd. provides import and export services, undertakes international and domestic construction contracts, develops real estate properties, and operates deep sea fishing.  The Company also offers water transportation and international labor consulting services.

Shanghai AJ Group Co Ltd is an investment holding company.  Through its subsidiaries, the Company operates in import and export trading, trust and investment businesses, chemicals manufacturing, real estate development, building construction, as well as travel and food services.

Redco Group operates as a real estate development company. The Company develops and markets residential areas, office buildings, hotels, restaurants, and other related areas. Redco Group also provides property management and hotel operating services.

CCCG Real Estate Corporation Limited provides real estate services. The Company provides property asset management and related real estate services.

CCCG Real Estate Corporation Limited (000736 CH)

Advancetek Enterprise Co., Ltd. develops and invests in real estate properties. The Company also manufactures and markets disposable diapers as well as adult incontinence products.

TOSEI CORPORATION develops and sells residential properties and leases office facilities in central Tokyo.  The Company also invests in real estate and manages investment trust funds such as the Argo Fund.

Sansiri Public Company Limited develops real estate projects for sales and rentals.  Its projects include resort condominiums, residential and office buildings.  The Company also provides property and project management services.

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Sansiri Public (SIRI TB)

Special Report: Inflation Remains on a Downtrend

The Ministry of Commerce (MoC) anticipates 2023E inflation at a mean of +2.2% YoY (range of 1.7-2.7%), slowing considerably from +6.1% YoY in 2022.

Krungthai XSpring

Special Report: Election Rally (History to Repeat Itself)

The biggest gainers were the finance, property development and ICT sectors. We thus recommend speculating on SIRI, SC, SCB, KBANK, CPALL, INTUCH,...

Krungthai XSpring

The Stocks to Own in Thailand – Vol. 40

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

A. Stotz Investment Research

Sansiri - Targeting Another Record Year in 2023E

Record-high targets in 2023E. Focusing on low-rise premium market and regaining its leading position in condominium market

Krungthai XSpring

Quiddity Leaderboard for Thailand SET50 Jun 23:Ramkhamhaeng Hospital Is an Interesting Case

There could be 15 days of volume to buy in Ramkhamhaeng Hospital (RAM TB) if the name achieves a 15% relative gain vs other names and becomes a...

Janaghan Jeyakumar, CFA

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