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

Dohome Public Company Limited engages in the retailing and wholesaling of construction materials, office equipment, and household products, including steel sections, skirting boards, cement, tools, agricultural and gardening equipment, electrical appliances, and home furniture, in Thailand. The company also produces and distributes electricity and is involved in property investment activities, as well as providing training services. Dohome was founded in 1983 and is headquartered in Pathum Thani, Thailand.

<ul><li>Despite higher 3Q26E sales YoY, lower GPM should limit profit growth to 12% YoY, with a 63% QoQ decline.</li><li>Rolling forward the ERP estimation period, using 2027E earnings and updating macro assumptions (Rf: 2.39%; MRP: 4.43%) yield a revised 12M FV of Bt3.56 at a 6.7% required return (previously Bt3.32/6.4%).</li><li>We upgrade our rating to Neutral from Sell as the share price has fallen close to the revised 12M forward FV.</li></ul>

Despite higher 3Q26E sales YoY, lower GPM should limit profit growth to 12% YoY, with a 63% QoQ decline.Rolling forward the ERP estimation period, using 2027E earnings and updating macro assumptions (Rf: 2.39%; MRP: 4.43%) yield a revised 12M FV of Bt3.56 at a 6.7% required return (previously Bt3.32/6.4%).We upgrade our rating to Neutral from Sell as the share price has fallen close to the revised 12M forward FV.

DOHOME Plc. 3Q26E Profit +12% YoY, -63% QoQ; GPM Down YoY/QoQ

TISCO Financial Group Public Co. Ltd. is a Thai financial services company operating through commercial banking, securities, asset management, and support businesses. It offers a wide range of products including retail and corporate loans, deposit products, investment services, and insurance. The company also provides investment banking, private banking, and wealth management services. Headquartered in Bangkok, Thailand, TISCO was established in 1969 as Thailand's first investment bank.

<ul><li>We maintain our Neutral rating and a 12M forward fair value of Bt126.50, based on 2.27x PBV.</li><li>3Q26 profit met expectations.</li><li>The bank remains confident in asset quality, with provisioning at its 1% target and a high coverage ratio of 192% providing a buffer against uncertainty.</li></ul>

We maintain our Neutral rating and a 12M forward fair value of Bt126.50, based on 2.27x PBV.3Q26 profit met expectations.The bank remains confident in asset quality, with provisioning at its 1% target and a high coverage ratio of 192% providing a buffer against uncertainty.

In-Line Earnings; Improving Asset Quality

Com7 Public Company Limited is a Thai retailer primarily engaged in selling IT products, mobile phones, and accessories, including desktop computers, laptops, and various lifestyle devices. The company also offers repair services for IT gadgets and financial services for mobiles. Founded in 2004, its headquarters are in Bangkok, Thailand.

<ul><li>We expect COM7's 3Q26E profit at a record Bt1.29bn (+53% YoY, +0.3% QoQ), driven by strong Apple product growth and better-than-expected iPhone 18 Pro/Pro Max sales.</li><li>Profit should reach another record in 4Q26E on the iPhone Duo launch and high season. We raise 2026E profit by 15% to Bt5.1bn (+24% YoY), with further growth of 5% expected in 2027E.</li><li>Strong 2026E earnings growth and a solid 2027E outlook lift fair value to Bt38 from Bt34, based on a 6.2% required return. We maintain an Outperform rating and COM7 as the sector's top pick, supported by strong business fundamentals and substantial Ufund growth potential as product prices rise.</li></ul>

We expect COM7's 3Q26E profit at a record Bt1.29bn (+53% YoY, +0.3% QoQ), driven by strong Apple product growth and better-than-expected iPhone 18 Pro/Pro Max sales.Profit should reach another record in 4Q26E on the iPhone Duo launch and high season. We raise 2026E profit by 15% to Bt5.1bn (+24% YoY), with further growth of 5% expected in 2027E.Strong 2026E earnings growth and a solid 2027E outlook lift fair value to Bt38 from Bt34, based on a 6.2% required return. We maintain an Outperform rating and COM7 as the sector's top pick, supported by strong business fundamentals and substantial Ufund growth potential as product prices rise.

Record Profits Expected in 3Q26E and 4Q26E

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Supermom provides data and consumer insights for over 200 consumer brands, including mother & child, education, FMCG, fashion, and beauty

<ul>
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<a href="https://smartkarma.com/entities/supermom">Supermom</a> has transitioned from an event-led parenting network into Southeast Asia's leading AI-powered consumer data and crowd-influencing platform, orchestrating an ecosystem of over 10 million parents and 6,000 distinct online communities.</li>
 <li>The successful completion of an S$18 million (US$14 million) Series B funding round led by Granite Asia positions the firm to aggressively expand its proprietary Knowledge of Moms (KOM) AI graph, onboard enterprise clientele across Indonesia and Vietnam, and capitalize on secular third-party cookie deprecation.</li>
 <li>Despite top-line expansion exceeding 100% year-on-year, operating sustainability remains pressured by widening pre-tax losses, elevated R&amp;D and regional customer acquisition costs, and cross-border data sovereignty compliance overhead, making the transition to high-margin recurring SaaS data subscriptions vital.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Supermom has transitioned from an event-led parenting network into Southeast Asia's leading AI-powered consumer data and crowd-influencing platform, orchestrating an ecosystem of over 10 million parents and 6,000 distinct online communities.
  The successful completion of an S$18 million (US$14 million) Series B funding round led by Granite Asia positions the firm to aggressively expand its proprietary Knowledge of Moms (KOM) AI graph, onboard enterprise clientele across Indonesia and Vietnam, and capitalize on secular third-party cookie deprecation.
  Despite top-line expansion exceeding 100% year-on-year, operating sustainability remains pressured by widening pre-tax losses, elevated R&amp;D and regional customer acquisition costs, and cross-border data sovereignty compliance overhead, making the transition to high-margin recurring SaaS data subscriptions vital.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Supermom (SUPER123D SP) - Oct 2026

Secretlab is a Singaporean furniture company known globally for designing and manufacturing ergonomic gaming chairs and magnetic metal desks

<ul>
 <li>
<a href="https://smartkarma.com/entities/secretlab">Secretlab</a> has evolved from a bootstrap gaming furniture startup into a globally scaled, highly cash-generative direct-to-consumer (DTC) ergonomic brand with cumulative sales exceeding 3 million chairs across more than 50 countries.</li>
 <li>Following significant post-pandemic freight rate inflation and inventory absorption challenges in FY22–FY23, the company has stabilized unit economics and rebuilt operating margins via disciplined supply chain re-negotiations and pricing resilience.</li>
 <li>Strategic horizontal diversification into commercial workspace solutions—spearheaded by the MAGNUS metal standing desk ecosystem and the newly launched ATLAS task chair—materially expands <a href="https://smartkarma.com/entities/secretlab">Secretlab</a>'s addressable market beyond core gaming demographics into premium enterprise productivity.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Secretlab has evolved from a bootstrap gaming furniture startup into a globally scaled, highly cash-generative direct-to-consumer (DTC) ergonomic brand with cumulative sales exceeding 3 million chairs across more than 50 countries.
  Following significant post-pandemic freight rate inflation and inventory absorption challenges in FY22–FY23, the company has stabilized unit economics and rebuilt operating margins via disciplined supply chain re-negotiations and pricing resilience.
  Strategic horizontal diversification into commercial workspace solutions—spearheaded by the MAGNUS metal standing desk ecosystem and the newly launched ATLAS task chair—materially expands Secretlab's addressable market beyond core gaming demographics into premium enterprise productivity.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Secretlab (SECRETLAB SP) - Oct 2026