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

Somboon Advance Technology P / Equity Bottom-Up

<ul><li>We maintain an Outperform rating.</li><li>The stock is attractive in terms of the valuation, with the share price having dropped by over 38% YTD to trade near the average earnings yield +2 S.D., factoring in the moderate long-term earnings growth prospects.</li><li>Meanwhile, the tactical downside risk is very limited.</li></ul>

We maintain an Outperform rating.The stock is attractive in terms of the valuation, with the share price having dropped by over 38% YTD to trade near the average earnings yield +2 S.D., factoring in the moderate long-term earnings growth prospects.Meanwhile, the tactical downside risk is very limited.

Sat Tb - 2Q24 Profit Slowdown as Expected; Hope for Recovery in 2H24E

<ul><li>We maintain an Outperform rating, as earnings for this year should have bottomed out in 2Q24E.</li><li>The stock price has 7% upside to our new fair value following the downward earnings revision to reflect the weaker-than-expected auto market, while the tactical view also shows very limited downside.</li><li>In addition, long-term earnings are expected to grow more steadily given the low base in 2024E.</li></ul>

We maintain an Outperform rating, as earnings for this year should have bottomed out in 2Q24E.The stock price has 7% upside to our new fair value following the downward earnings revision to reflect the weaker-than-expected auto market, while the tactical view also shows very limited downside.In addition, long-term earnings are expected to grow more steadily given the low base in 2024E.

Somboon Advance Technology - Nearing the Turning Point

<ul><li>We maintain a Neutral rating. The limited tactical downside risk to the share price is offset by the fact that it is fully valued in terms of the fundamentals.</li><li>The long-term earnings growth is likely to hover around the low single digits.</li><li>Meanwhile, the expected dividend yield of 9% for the 2024E performance remains an attractive point for SAT.</li></ul>

We maintain a Neutral rating. The limited tactical downside risk to the share price is offset by the fact that it is fully valued in terms of the fundamentals.The long-term earnings growth is likely to hover around the low single digits.Meanwhile, the expected dividend yield of 9% for the 2024E performance remains an attractive point for SAT.

Somboon Advance Technology - In-Line 1Q24 Earnings

<ul><li>Our valuation metrics still suggest a Neutral rating for SAT.</li><li>Although there is attractiveness from a tactical standpoint, this is offset by the perception of being fully valued in terms of the fundamentals.</li><li>Meanwhile, the earnings prospects are anticipated to remain steady, with growth likely to be in the low single digits.</li></ul>

Our valuation metrics still suggest a Neutral rating for SAT.Although there is attractiveness from a tactical standpoint, this is offset by the perception of being fully valued in terms of the fundamentals.Meanwhile, the earnings prospects are anticipated to remain steady, with growth likely to be in the low single digits.

Somboon Advance Technology -1Q24E Earnings Slowdown Amid Surrounding Pressure

<ul><li>We maintain a Neutral rating as the share price is fully valued in terms of the fundamentals, alongside very limited upside from the tactical view.</li><li>However, SAT is attractive as a dividend play, with an estimated yield of 6.6% for the 2H23 operating performance.</li><li>SAT posted a 4Q23 net profit of Bt218mn, 7.3% lower than our projection, mainly because sales fell short of our estimate by 10.2%.</li></ul>

We maintain a Neutral rating as the share price is fully valued in terms of the fundamentals, alongside very limited upside from the tactical view.However, SAT is attractive as a dividend play, with an estimated yield of 6.6% for the 2H23 operating performance.SAT posted a 4Q23 net profit of Bt218mn, 7.3% lower than our projection, mainly because sales fell short of our estimate by 10.2%.

Somboon Advance Technology - Weaker 4Q23 Results Both YoY and QoQ; a Dividend Play

Thailand

Somboon Advance Technology PCL manufactures and sells automotive parts for sale to automobile manufacturers. The Company's products include axle shafts, leaf springs, disk and drum brakes, manifold exhaust, fly wheels, stabilizer bars, and coil springs.

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Somboon Advance Technology P (SAT TB)

Sat Tb - 2Q24 Profit Slowdown as Expected; Hope for Recovery in 2H24E

The stock is attractive in terms of the valuation, with the share price having dropped by over 38% YTD to trade near the average earnings yield +2 S.D

Krungthai XSpring

Somboon Advance Technology - Nearing the Turning Point

We maintain an Outperform rating, as earnings for this year should have bottomed out in 2Q24E. The stock price has 7% upside to our new fair value...

Krungthai XSpring

Somboon Advance Technology - In-Line 1Q24 Earnings

We maintain a Neutral rating. The limited tactical downside risk to the share price is offset by the fact that it is fully valued in terms of the...

Krungthai XSpring

Somboon Advance Technology -1Q24E Earnings Slowdown Amid Surrounding Pressure

Although there is attractiveness from a tactical standpoint, this is offset by the perception of being fully valued in terms of the fundamentals.

Krungthai XSpring

Somboon Advance Technology - Weaker 4Q23 Results Both YoY and QoQ; a Dividend Play

SAT posted a 4Q23 net profit of Bt218mn, 7.3% lower than our projection, mainly because sales fell short of our estimate by 10.2%.

Krungthai XSpring

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