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.

A full service Thai brokerage

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

Thematic (Sector/Industry)

Thailand Financials / Thematic (Sector/Industry)

<ul><li>With improved 4Q24 QTD SSSG momentum both YoY and QoQ, driven by demand for repairs post-flood, increased purchasing power from government economic stimulus, and the post-harvest agricultural season, the 4Q24E outlook for the construction and decoration materials retail sector is expected to see a QoQ profit recovery and a stable YoY performance.</li><li>We maintain a Neutral investment weight for the sector. Although our study indicates that HMPRO's sales have the strongest correlation with five macroeconomic factors (which are expected to improve in 2Q-1Q) among peers, the valuation metrics suggest that HMPRO’s and GLOBAL's share prices are above the fair values, with profit growth expected at a 10% and 6% CAGR over the next two years.</li><li>Conversely, DOHOME's profit growth is projected at a CAGR of 30%, and its share price still presents 16% upside from its fair value. We thus select DOHOME as the top pick (Outperform; FV: Bt11.56).</li></ul>

With improved 4Q24 QTD SSSG momentum both YoY and QoQ, driven by demand for repairs post-flood, increased purchasing power from government economic stimulus, and the post-harvest agricultural season, the 4Q24E outlook for the construction and decoration materials retail sector is expected to see a QoQ profit recovery and a stable YoY performance.We maintain a Neutral investment weight for the sector. Although our study indicates that HMPRO's sales have the strongest correlation with five macroeconomic factors (which are expected to improve in 2Q-1Q) among peers, the valuation metrics suggest that HMPRO’s and GLOBAL's share prices are above the fair values, with profit growth expected at a 10% and 6% CAGR over the next two years.Conversely, DOHOME's profit growth is projected at a CAGR of 30%, and its share price still presents 16% upside from its fair value. We thus select DOHOME as the top pick (Outperform; FV: Bt11.56).

Commerce: Home Improvement - NOVEMBER 28, 2024