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.

Quantitative Analysis

<ul><li>No changes were made to the portfolio today.</li><li>The portfolio rose 0.7% on average, helped in part by a rebound in refinery stocks, outperforming the SET (-0.25%), which was weighed down by electronics stocks, particularly DELTA.</li><li>Stock inclusion and exclusion are based on forward earnings outlooks and relative price movements versus KTX's assessed fair value.</li></ul>

No changes were made to the portfolio today.The portfolio rose 0.7% on average, helped in part by a rebound in refinery stocks, outperforming the SET (-0.25%), which was weighed down by electronics stocks, particularly DELTA.Stock inclusion and exclusion are based on forward earnings outlooks and relative price movements versus KTX's assessed fair value.

Equity Bottom-Up

Bangkok Dusit Medical Services / Equity Bottom-Up

Bangkok Dusit Medical Services Public Company Limited (BDMS) is Thailand's largest private hospital group, operating a network of hospitals and wellness clinics across Thailand and Cambodia under multiple brands, including Bangkok Hospital, Samitivej Hospital, and Phyathai Hospital. The company offers a wide range of healthcare services, from preventive care to tertiary and super-tertiary treatments, and also engages in related businesses such as medical laboratories, pharmaceutical production, and medical equipment distribution. BDMS was established in 1969 and is headquartered in Bangkok, Thailand.

<ul><li>We expect 3Q26E core profit to rise YoY and QoQ on high-season demand, with no significant impact from Bangkok flooding.</li><li>Rolling forward the ERP estimation period, updating macro assumptions (Rf: 2.39%) and shifting to a 2027E target yield a revised fair value (FV) of Bt22.80 at a 4.6% required return (previously 1.87%/Bt21.80/4.7%).</li><li>The share price has fallen 5% since our September 8 report, widening upside to 19%.</li></ul>

We expect 3Q26E core profit to rise YoY and QoQ on high-season demand, with no significant impact from Bangkok flooding.Rolling forward the ERP estimation period, updating macro assumptions (Rf: 2.39%) and shifting to a 2027E target yield a revised fair value (FV) of Bt22.80 at a 4.6% required return (previously 1.87%/Bt21.80/4.7%).The share price has fallen 5% since our September 8 report, widening upside to 19%.

3Q26E Seasonal Growth; Limited Flood Impact

Cross Asset Strategy

<ul><li>(-) US September core CPI is expected to rise to 2.50% from 2.40% in August, weighing on stock market sentiment today.</li><li>(-)Brent remains elevated amid concerns over tight oil supply due to Middle East tensions, supporting PTTEP, SPRC and BCP.</li><li>(+)The IMF raised its 2026 Thailand GDP growth forecast to 2.1%, reflecting indirect benefits through technology supply chains.</li></ul>

(-) US September core CPI is expected to rise to 2.50% from 2.40% in August, weighing on stock market sentiment today.(-)Brent remains elevated amid concerns over tight oil supply due to Middle East tensions, supporting PTTEP, SPRC and BCP.(+)The IMF raised its 2026 Thailand GDP growth forecast to 2.1%, reflecting indirect benefits through technology supply chains.

Technical Analysis

Kiatnakin Phatra Bank / Technical Analysis

Kiatnakin Phatra Bank Public Company Limited is a full-service commercial bank based in Thailand, offering a wide range of financial products and services to individual, business, corporate, and institutional clients. Its offerings include deposits, various types of loans (auto, personal, home, SME), investment products, and digital banking services. The company is headquartered in Bangkok, Thailand, and was founded in 1971.

<ul><li>The SET faced profit-taking despite gains in US stocks as oil prices and US bond yields eased.</li><li>We maintain our recommendation for selective buying as market leadership continues to rotate among leading stocks.</li><li>The MACD histogram could also turn positive.</li></ul>

The SET faced profit-taking despite gains in US stocks as oil prices and US bond yields eased.We maintain our recommendation for selective buying as market leadership continues to rotate among leading stocks.The MACD histogram could also turn positive.

Thai Oil is Thailand's largest integrated petroleum refining and petrochemical company, operating one of Asia's most complex single-site refineries with a crude distillation capacity of 275,000 barrels per day. The company produces a wide range of refined petroleum products, petrochemicals, and lube base oil, alongside engaging in power generation and other supporting businesses. Thai Oil was founded in 1961 and is headquartered in Bangkok, Thailand.

<ul>
<li>We recommend selling TOP to limit losses at a holding-period return of -5.8%.</li>
<li>KKP has fallen out of the rankings with a holding-period return of -1.5%.</li>
<li>GPSC, ITC and SPRC are being added to the portfolio.</li>
</ul>


We recommend selling TOP to limit losses at a holding-period return of -5.8%.
KKP has fallen out of the rankings with a holding-period return of -1.5%.
GPSC, ITC and SPRC are being added to the portfolio.


KTX Tactical Picks - October 12, 2026 (Eng.)

Thailand
Insights on Thailand

KTX Tactical Picks

No changes were made to the portfolio today. The portfolio rose 0.7% on average, helped in part by a rebound in refinery stocks, outperforming the...

Krungthai XSpring

3Q26E Seasonal Growth; Limited Flood Impact

We expect 3Q26E core profit to rise YoY and QoQ on high-season demand, with no significant impact from Bangkok flooding. Rolling forward the ERP...

Krungthai XSpring

SET Index Outlook

(-) US September core CPI is expected to rise to 2.50% from 2.40% in August, weighing on stock market sentiment today. (-)Brent remains elevated...

Krungthai XSpring

Recommendation: Selective Buy

The SET faced profit-taking despite gains in US stocks as oil prices and US bond yields eased. We maintain our recommendation for selective buying...

Krungthai XSpring

KTX Tactical Picks - October 12, 2026 (Eng.)

We recommend selling TOP to limit losses at a holding-period return of -5.8%. KKP has fallen out of the rankings with a holding-period return of...

Krungthai XSpring