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>Technically, the SET Index is expected to move downward, with the support at 1,365/1,356 points and the resistance at 1,378/1,384 points (10-day EMA/50-day EMA).</li><li>As for the overall picture, the index is still moving within the downchannel range of 1,330-1,396 points.</li><li>Regarding the short-term picture, the index is tending to move in a downtrend direction toward testing the support of the range, with the minor support at 1,365/1,356 points, respectively. </li></ul>

Technically, the SET Index is expected to move downward, with the support at 1,365/1,356 points and the resistance at 1,378/1,384 points (10-day EMA/50-day EMA).As for the overall picture, the index is still moving within the downchannel range of 1,330-1,396 points.Regarding the short-term picture, the index is tending to move in a downtrend direction toward testing the support of the range, with the minor support at 1,365/1,356 points, respectively. 

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

Supalai Public Company / Equity Bottom-Up

<ul>
<li>Maintain our BUY rating with  a new  TP of Bt27.5, based on 6.8xPE23, or its 5-year trading average, to reflect strong real estate sales of both low-rise and condominium segment.</li>
<li>3Q22 earning grew YoY and QoQ SPALI reported 3Q22’s net profit of Bt2.7bn (+60%YoY, +33% QoQ),better than our forecast and market expectation.</li>
<li>The YoY growth of net profit supported by (1) rising revenue recognition of real estate sales to Bt11bn (+50%YoY) backed by transfer of 7 condominium project in 9M22</li>
</ul>


Maintain our BUY rating with  a new  TP of Bt27.5, based on 6.8xPE23, or its 5-year trading average, to reflect strong real estate sales of both low-rise and condominium segment.
3Q22 earning grew YoY and QoQ SPALI reported 3Q22’s net profit of Bt2.7bn (+60%YoY, +33% QoQ),better than our forecast and market expectation.
The YoY growth of net profit supported by (1) rising revenue recognition of real estate sales to Bt11bn (+50%YoY) backed by transfer of 7 condominium project in 9M22


SPALI : 3Q22 Results Higher than Our Forecast

<ul>
<li>Maintain our BUY rating with  a  TP of Bt24.0, based on 6.8xPE23, or its 5-year trading average.  Our rating reflects strong expected annual earnings in 22E-24E of around Bt7bn</li>
<li>Positive view from analyst meetingReal estate sales grewYoYin both low-rise and high rise segment and management expect real estate transfers value will be the new high level in this year</li>
<li>SPALI plan to launch new projects in 4Q22 worth Bt10.7bn,including 10 low-rise projects and 1 condominium project. Low-rise presales growth in Bangkok should  increase in 4Q22  from high projects launch.</li>
</ul>


Maintain our BUY rating with  a  TP of Bt24.0, based on 6.8xPE23, or its 5-year trading average.  Our rating reflects strong expected annual earnings in 22E-24E of around Bt7bn
Positive view from analyst meetingReal estate sales grewYoYin both low-rise and high rise segment and management expect real estate transfers value will be the new high level in this year
SPALI plan to launch new projects in 4Q22 worth Bt10.7bn,including 10 low-rise projects and 1 condominium project. Low-rise presales growth in Bangkok should  increase in 4Q22  from high projects launch.


SPALI : 3Q22 Result Will Expand YoY and QoQ

<ul>
<li>We initiate coverage of SPALI with a BUY rating at a TP of Bt24.0, based on 6.8xPE23, or its 5-year trading average.  Our rating reflects strong expected annual earnings </li>
<li>Expect strong earnings in the next three years SPALI should deliver sustained strong earnings of Bt7bn per year in the next three years (22-24E) backed by strong presales momentum, especially </li>
<li>Potential growth from provincial markets SPALI is one of the leading property developers to have established a brand in provincial markets, especially in the middle-income low-rise segment.</li>
</ul>


We initiate coverage of SPALI with a BUY rating at a TP of Bt24.0, based on 6.8xPE23, or its 5-year trading average.  Our rating reflects strong expected annual earnings 
Expect strong earnings in the next three years SPALI should deliver sustained strong earnings of Bt7bn per year in the next three years (22-24E) backed by strong presales momentum, especially 
Potential growth from provincial markets SPALI is one of the leading property developers to have established a brand in provincial markets, especially in the middle-income low-rise segment.


SPALI : Cheap Valuation with Attractive Yield

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

<ul><li><a href="https://www.smartkarma.com/entities/frasers-logistics-commercial-trust" target="_blank" data-smartkarma-citation="entities:22748" rel="noopener">Frasers Logistics &amp; Commercial Trust (FLT SP)</a> 1H22 DPU +1.3% YoY; Healthy reversions with ample debt headroom for next inorganic moves </li><li><a href="https://www.smartkarma.com/entities/aims-amp-capital-industrial" target="_blank" data-smartkarma-citation="entities:933" rel="noopener">AIMS APAC REIT (AAREIT SP)</a> is in exclusive due diligence with Avaya House in AUS, but no binding agreement yet</li><li>Sino-Ocean has exercised options to purchase Dasin Retail Trust (DASIN SP)</li></ul>

Frasers Logistics &amp; Commercial Trust (FLT SP) 1H22 DPU +1.3% YoY; Healthy reversions with ample debt headroom for next inorganic moves AIMS APAC REIT (AAREIT SP) is in exclusive due diligence with Avaya House in AUS, but no binding agreement yetSino-Ocean has exercised options to purchase Dasin Retail Trust (DASIN SP)

ASEAN Builder's Scoop (6May22) - FLT Ample Debt Headroom for Inorganic Moves

Thailand

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.

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Supalai Public Company (SPALI TB)

KTX Zoom - MARCH 29, 2024

Technically, the SET Index is expected to move downward, with the support at 1,365/1,356 points and the resistance at 1,378/1,384 points (10-day...

Krungthai XSpring

SPALI : 3Q22 Results Higher than Our Forecast

Maintain our BUY rating with a new TP of Bt27.5, based on 6.8xPE23, or its 5-year trading average, to reflect strong real estate sales of both...

Pi Securities PCL, Thailand

SPALI : 3Q22 Result Will Expand YoY and QoQ

Maintain our BUY rating with a TP of Bt24.0, based on 6.8xPE23, or its 5-year trading average. Our rating reflects strong expected annual...

Pi Securities PCL, Thailand

SPALI : Cheap Valuation with Attractive Yield

We initiate coverage of SPALI with a BUY rating at a TP of Bt24.0,based on 6.8xPE23,or its 5-year trading average. Our rating reflects strong...

Pi Securities PCL, Thailand

ASEAN Builder's Scoop (6May22) - FLT Ample Debt Headroom for Inorganic Moves

AAREIT in talks with Avaya House; Sino-Ocean exercised options to buy DASIN; SEC greenlights VREIT IPO; BKK office oversupply

SCCM Asia Research

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