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 sideways up, with the resistance at 1,395 points (50-day EMA)/1,400 points and the support at 1,380/1,372 points.</li><li>The index may rebound to 1,416/1,438 points again after it was able to reverse and breach the resistance at 1,390 points, forming a higher high and higher low pattern.</li><li>There is risk of the index returning to a downward direction again if it closes below the key support at 1,380 points.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,395 points (50-day EMA)/1,400 points and the support at 1,380/1,372 points.The index may rebound to 1,416/1,438 points again after it was able to reverse and breach the resistance at 1,390 points, forming a higher high and higher low pattern.There is risk of the index returning to a downward direction again if it closes below the key support at 1,380 points.

Wait for Thailand’s 4Q23 GDP (Monday Morning) And U. Of Michigan Survey in US Tonight

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

<ul>
<li>We maintain BUY rating with a target price of Bt4.54,derived from 18.0xPE’23,its 5 year trading average .BUY rating reflects positive outlook for  higher land sales and rising revenue from utility </li>
<li>Positive outlook from analyst meeting Management have positive view to overall business in 2022 and 2023.</li>
<li>Industrial estate business: WHA can sell land at  1,512 rai in 9M22 (1,412 rai in thailand and 100 rai in vietnam),accouting for 92% of 22 target at 1,650 rai. Meanwhiles,</li>
</ul>


We maintain BUY rating with a target price of Bt4.54,derived from 18.0xPE’23,its 5 year trading average .BUY rating reflects positive outlook for  higher land sales and rising revenue from utility 
Positive outlook from analyst meeting Management have positive view to overall business in 2022 and 2023.
Industrial estate business: WHA can sell land at  1,512 rai in 9M22 (1,412 rai in thailand and 100 rai in vietnam),accouting for 92% of 22 target at 1,650 rai. Meanwhiles,


WHA : Positive Outlook for 2022-23 Performance

<ul>
<li>We maintain BUY rating with new target price of Bt4.54,derived from 18.0xPE’23, its 5 year trading average,to reflect higher revenue recognition of land sales.</li>
<li>3Q22 earnings enhanced  YoY WHA reported  3Q22’s net profit of Bt259m (+61%YoY, -11% QoQ),lower than market expectation  by 43%.</li>
<li>The YoY expansion  of net profit drivened  by  rising revenue  to Bt1.9bn (+78%YoY) due to (1)Higher revenue of land sales to Bt961m(+612%YoY)from increasing  transfers of land in domestic and vietnam</li>
</ul>


We maintain BUY rating with new target price of Bt4.54,derived from 18.0xPE’23, its 5 year trading average,to reflect higher revenue recognition of land sales.
3Q22 earnings enhanced  YoY WHA reported  3Q22’s net profit of Bt259m (+61%YoY, -11% QoQ),lower than market expectation  by 43%.
The YoY expansion  of net profit drivened  by  rising revenue  to Bt1.9bn (+78%YoY) due to (1)Higher revenue of land sales to Bt961m(+612%YoY)from increasing  transfers of land in domestic and vietnam


<ul>
<li>We maintain BUY rating with new target price of Bt4.20 (+11% from previous TP) ,derived from 18.0xPE’22, to reflect higher revenue recognition of land sales and asset monetarization. BUY rating</li>
<li>2Q22 earnings grew YoY WHA reported  2Q22’s net profit of Bt290m(+11%YoY,-56% QoQ),lower than market expectation by 7%.The YoY increasing of net profit  was driven by rising revenue  to  Bt1.8bn (+21%YoY)</li>
<li>3Q22 earnings remain strong We expect 3Q22’s earnings to grow YoY and QoQ due to (1) higher lands tranfers in 3Q22 supported by high presales in  2Q22 at 477 rai </li>
</ul>


We maintain BUY rating with new target price of Bt4.20 (+11% from previous TP) ,derived from 18.0xPE’22, to reflect higher revenue recognition of land sales and asset monetarization. BUY rating
2Q22 earnings grew YoY WHA reported  2Q22’s net profit of Bt290m(+11%YoY,-56% QoQ),lower than market expectation by 7%.The YoY increasing of net profit  was driven by rising revenue  to  Bt1.8bn (+21%YoY)
3Q22 earnings remain strong We expect 3Q22’s earnings to grow YoY and QoQ due to (1) higher lands tranfers in 3Q22 supported by high presales in  2Q22 at 477 rai 


<ul>
<li>We maintain the BUY call and a target price of Bt3.80 derived from 18.0xPE’22  (5-year average) or implies 10% discount to Thai real estate sector. BUY rating reflects positive outlook </li>
<li>Expect Industrial estate business’s revenue (15% of total revenue in 2021) to grow 50% in 2022E supported by 1.) higher land transfer along with increasing investor traffic at site-visit, and, </li>
<li>Maintain positive outlook for utility business under WHAUP(BUY: Bt4.60)in 2022E driven by an increase in water sales volume, solar roof portfolio expansion (target to hit 300MW by 2023 from 60MW </li>
</ul>


We maintain the BUY call and a target price of Bt3.80 derived from 18.0xPE’22  (5-year average) or implies 10% discount to Thai real estate sector. BUY rating reflects positive outlook 
Expect Industrial estate business’s revenue (15% of total revenue in 2021) to grow 50% in 2022E supported by 1.) higher land transfer along with increasing investor traffic at site-visit, and, 
Maintain positive outlook for utility business under WHAUP(BUY: Bt4.60)in 2022E driven by an increase in water sales volume, solar roof portfolio expansion (target to hit 300MW by 2023 from 60MW 


WHA: Positive Outlook for Three Key Businesses in 2022

Thailand

WHA Corp PCL is a built-to-suit distribution center and factory developer in Thailand.

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WHA Corp Pcl (WHA TB)

Wait for Thailand’s 4Q23 GDP (Monday Morning) And U. Of Michigan Survey in US Tonight

Technically, the SET Index is expected to move sideways up, with the resistance at 1,395 points (50-day EMA)/1,400 points and the support at 1,380...

Krungthai XSpring

WHA : Positive Outlook for 2022-23 Performance

We maintain BUY rating with a target price of Bt4.54,derived from 18.0xPE’23, its 5 year trading average . BUY rating reflects positive outlook for...

Pi Securities PCL, Thailand

WHA : 3Q22 Results Expanded YoY

We maintain BUY rating with new target price of Bt4.54,derived from 18.0xPE’23, its 5 year trading average,to reflect higher revenue recognition of...

Pi Securities PCL, Thailand

WHA : 2Q22 Results Expanded YoY

We maintain BUY rating with new target price of Bt4.20 (+11% from previous TP) ,derived from 18.0xPE’22, to reflect higher revenue recognition of...

Pi Securities PCL, Thailand

WHA: Positive Outlook for Three Key Businesses in 2022

We maintain the BUY call and a target price of Bt3.80 derived from 18.0xPE’22 (5-year average) or implies 10% discount to Thai real estate sector....

Pi Securities PCL, Thailand

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52-week Range

Market Cap (USDm)

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