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>Weak domestic demand pressured 1H24 auto production downward by 17% YoY to 760k units.</li><li>Accordingly, we have reduced our 2024E auto production forecast to 1.60mn units, down 13% YoY.</li><li>We view that sector share prices have largely priced in this negative factor, while auto production may have bottomed out in 2Q24. </li></ul>

Weak domestic demand pressured 1H24 auto production downward by 17% YoY to 760k units.Accordingly, we have reduced our 2024E auto production forecast to 1.60mn units, down 13% YoY.We view that sector share prices have largely priced in this negative factor, while auto production may have bottomed out in 2Q24. 

Automotive - 2024E Auto Production Forecast Cut to 1.60mn Units

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: Six stocks remain, eight new join the fray</li>
<li>Since inception, it has gained 121% versus the SET 100 Index’s return of 20%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Six stocks remain, eight new join the fray
Since inception, it has gained 121% versus the SET 100 Index’s return of 20%


The Stocks to Own in Thailand – Vol. 45

<ul><li>Auto production in March 2024 continued to slow down YoY for the eighth consecutive month, dragging overall production in 1Q24 down by 18% YoY.</li><li>This will act as a negative catalyst for the 1Q24E earnings outlooks of auto parts makers.</li><li>The sluggish near-term outlook has caused the auto sector to underperform the market YTD, resulting in limited downside risks in terms of the tactical view.</li></ul>

Auto production in March 2024 continued to slow down YoY for the eighth consecutive month, dragging overall production in 1Q24 down by 18% YoY.This will act as a negative catalyst for the 1Q24E earnings outlooks of auto parts makers.The sluggish near-term outlook has caused the auto sector to underperform the market YTD, resulting in limited downside risks in terms of the tactical view.

Automotive - Auto Production Fell 18% YoY in 1Q24

<ul><li>Thai auto production continued to weaken in February 2024, with 2M24 auto output contracting by 15.9% YoY.</li><li>This implies a negative catalyst for the 1Q24E earnings outlooks of auto parts manufacturers.</li><li>We have revised down our 2024E auto output target by 2.0% to 1.85mn units (+0.7% YoY) to reflect weaker-than-expected domestic demand. </li></ul>

Thai auto production continued to weaken in February 2024, with 2M24 auto output contracting by 15.9% YoY.This implies a negative catalyst for the 1Q24E earnings outlooks of auto parts manufacturers.We have revised down our 2024E auto output target by 2.0% to 1.85mn units (+0.7% YoY) to reflect weaker-than-expected domestic demand. 

Automotive. - Auto Output Remained Weak in February 2024

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Six stocks remain, eight new join the fray</li>
<li>Since inception, it has gained 118% versus the SET 100 Index’s return of 23%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Six stocks remain, eight new join the fray
Since inception, it has gained 118% versus the SET 100 Index’s return of 23%


The Stocks to Own in Thailand – Vol. 44

Thailand

Thai Stanley Electric Public Company Limited manufactures automotive bulbs including headlight bulbs, taillight bulbs, stop taillight bulbs, and meter bulbs. The Company also manufactures lighting equipment, as well as molds and dies for automobile and home appliance parts.

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Thai Stanley Electric Pub Co (STANLY TB)

Automotive - 2024E Auto Production Forecast Cut to 1.60mn Units

Weak domestic demand pressured 1H24 auto production downward by 17% YoY to 760k units. Accordingly, we have reduced our 2024E auto production...

Krungthai XSpring

The Stocks to Own in Thailand – Vol. 45

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

A. Stotz Investment Research

Automotive - Auto Production Fell 18% YoY in 1Q24

Auto production in March 2024 continued to slow down YoY for the eighth consecutive month, dragging overall production in 1Q24 down by 18% YoY.

Krungthai XSpring

Automotive. - Auto Output Remained Weak in February 2024

We have revised down our 2024E auto output target by 2.0% to 1.85mn units (+0.7% YoY) to reflect weaker-than-expected domestic demand.

Krungthai XSpring

The Stocks to Own in Thailand – Vol. 44

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

A. Stotz Investment Research

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