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)

<div><div><div><div><ul><li>We propose a new set of global plays in accordance with the de- globalization trend, shifting the allocation toward Asia-based companies with better growth prospects than those that generate the bulk of their revenue in Western markets.</li><li>Our recommended stocks are CBG and SCGP.</li><li><div><div><p>The global economy is less synchronized than in the past, meaning that a global plays strategy should be more area focused to enhance the growth potential.</p></div></div></li></ul></div></div></div></div>

We propose a new set of global plays in accordance with the de- globalization trend, shifting the allocation toward Asia-based companies with better growth prospects than those that generate the bulk of their revenue in Western markets.Our recommended stocks are CBG and SCGP.The global economy is less synchronized than in the past, meaning that a global plays strategy should be more area focused to enhance the growth potential.

Changing Landscape for Global Plays - Shifting the Allocation of Global Plays Toward Asia

Equity Bottom-Up

<p><strong>Acquisition of Intan Group completed as planned</strong><br>We have a positive view on the acquisition of Intan to expand to the food and beverage packaging business in Indonesia. The acquisition is part of SCGP’s plan to spend the proceeds from the IPO to enhance internal integration as well as its strategy to continue increasing sales and margins. Its earnings are expected to achieve a two-year CAGR of 31% thanks to capacity expansion and acquisitions to support growth in the client base of big producers of large consumer goods. We maintain a Buy and the target price of Bt69.50 (DCF, WACC 6.9%, LT growth 2%).</p>

Acquisition of Intan Group completed as planned We have a positive view on the acquisition of Intan to expand to the food and beverage packaging business in Indonesia. The acquisition is part of SCGP’s plan to spend the proceeds from the IPO to enhance internal integration as well as its strategy to continue increasing sales and margins. Its earnings are expected to achieve a two-year CAGR of 31% thanks to capacity expansion and acquisitions to support growth in the client base of big producers of large consumer goods. We maintain a Buy and the target price of Bt69.50 (DCF, WACC 6.9%, LT growth 2%).

Thailand

SCG Packaging Public Company Limited provides packaging services and solutions. The Company offers fiber-based packaging, performance and polymer packaging, and food service products, as well as designing and printing services. SCG Packaging serves customers worldwide.

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SCG Packaging (SCGP TB)

Changing Landscape for Global Plays - Shifting the Allocation of Global Plays Toward Asia

The global economy is less synchronized than in the past, meaning that a global plays strategy should be more area focused to enhance the growth...

Krungthai XSpring

Company Update Scg Packaging Plc. (SCGP)

We have a positive view on the acquisition of Intan to expand to the food and beverage packaging business in Indonesia, We maintain a Buy and the...

Krungthai XSpring

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