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

<div><div><div><p><strong>2Q21 results beat forecast, upgrade rating to Buy</strong><br>SAT reversed to mark a sturdy profit in 1H21 thanks to the solid recovery of both auto and non-auto parts revenue. In light of the stronger margin achieved in 1H21, together with the continued auto recovery momentum, our 2021E earnings estimate is revised up by 23%. This prompts us to raise our target price to Bt25.60, pegged with an unchanged PER of 12x (+0.5 S.D.). With the wider gap to the target price, we upgrade our rating to Buy</p><div></div></div></div></div>

2Q21 results beat forecast, upgrade rating to Buy SAT reversed to mark a sturdy profit in 1H21 thanks to the solid recovery of both auto and non-auto parts revenue. In light of the stronger margin achieved in 1H21, together with the continued auto recovery momentum, our 2021E earnings estimate is revised up by 23%. This prompts us to raise our target price to Bt25.60, pegged with an unchanged PER of 12x (+0.5 S.D.). With the wider gap to the target price, we upgrade our rating to Buy

Company Update: Somboon Advance Technology Plc. (SAT)

<p>The confirmation of positive cases of COVID-19 among employees is not significantly impacting the company’s operation. The big leap YoY in 2Q21E earnings alongside the auto output recovery may create upside to our full-year forecast, causing us to leave our Hold rating unchanged.</p>

The confirmation of positive cases of COVID-19 among employees is not significantly impacting the company’s operation. The big leap YoY in 2Q21E earnings alongside the auto output recovery may create upside to our full-year forecast, causing us to leave our Hold rating unchanged.

Company Update: Somboon Advance Technology Plc.

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)

Company Update: Somboon Advance Technology Plc. (SAT)

2Q21 results beat forecast, upgrade rating to Buy, SAT reversed to mark a sturdy profit in 1H21 thanks to the solid recovery of both auto and non...

Krungthai XSpring

Company Update: Somboon Advance Technology Plc.

Big leap expected in 2Q21E earnings, the confirmation of positive cases of COVID-19 among employees is not significantly impacting the company’s...

Krungthai XSpring

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