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

PTT Exploration and Production Public Company Limited explores for crude oil and natural gas, develops fields for production, and produces oil and natural gas. The Company is a subsidiary of the Petroleum Authority of Thailand.

<ul><li>PTTEP has acquired an indirect 9.998% equity interest in Block SK408, a natural gas and condensate producing asset under a production sharing contract (PSC) located in shallow offshore waters in Malaysia.</li><li>The natural gas produced from the field has secured market outlets, supplying onshore LNG liquefaction complexes, while condensate is sold through a tender process.</li><li>The acquisition has completed in mid-December 2025, though the transaction value has not been disclosed due to confidentiality obligations.</li></ul>

PTTEP has acquired an indirect 9.998% equity interest in Block SK408, a natural gas and condensate producing asset under a production sharing contract (PSC) located in shallow offshore waters in Malaysia.The natural gas produced from the field has secured market outlets, supplying onshore LNG liquefaction complexes, while condensate is sold through a tender process.The acquisition has completed in mid-December 2025, though the transaction value has not been disclosed due to confidentiality obligations.

PTT Exploration and Production Plc: PTTEP Has Acquired An Indirect 9.998% Equity In Block SK408

PTT Oil & Retail Business  / Equity Bottom-Up

PTT Oil and Retail Business Public Company Limited distributes petroleum products. The Company offers oil, gas, fuels, LPG, lubricants, and other related items. PTT Oil and Retail Business serves customers in Thailand.

<ul><li>Five-year capex for 2026–30E has been cut by 4% from the previous plan (from Bt60.4bn in 2025–29E), mainly due to lower investment in the lifestyle and global segments.</li><li>2026E capex is projected at Bt18.7bn (about 32% of the five-year plan), including some deferred spending from 2025E.</li><li>We maintain a Neutral rating (2026 FV: Bt14.50), as our 2025–27E forecasts already reflect the Cambodia contraction and earnings remain unexciting versus peers (flat 2Y core EPS growth).</li></ul>

Five-year capex for 2026–30E has been cut by 4% from the previous plan (from Bt60.4bn in 2025–29E), mainly due to lower investment in the lifestyle and global segments.2026E capex is projected at Bt18.7bn (about 32% of the five-year plan), including some deferred spending from 2025E.We maintain a Neutral rating (2026 FV: Bt14.50), as our 2025–27E forecasts already reflect the Cambodia contraction and earnings remain unexciting versus peers (flat 2Y core EPS growth).

PTT Oil And Retail Business Plc. (OR): Five-Year Investment Plan (2026–30E)

Delta Electronics Thailand  / Equity Bottom-Up

Delta Electronics (Thailand) PCL designs and manufactures electronic equipment. The Company produces power systems for telecommunications, medical equipment, and industrial automation.  Delta also produces fans, electromagnetic interference filters, and solenoids.

<ul><li>In line with our previous note, DELTA’s share price has been unable to sustain a P/E above 85x for more than two months, and has fallen by more than 24% from its peak.</li><li>4Q25 profit is expected to reach an all-time high, while 2026 profit is projected to continue growing to Bt29bn (+23% YoY), supported by still-strong demand.</li><li>We upgrade our rating to Neutral from Underperform, maintaining our FV at Bt195 based on a P/E of 85x, which we see as the stock’s maximum justifiable valuation.</li></ul>

In line with our previous note, DELTA’s share price has been unable to sustain a P/E above 85x for more than two months, and has fallen by more than 24% from its peak.4Q25 profit is expected to reach an all-time high, while 2026 profit is projected to continue growing to Bt29bn (+23% YoY), supported by still-strong demand.We upgrade our rating to Neutral from Underperform, maintaining our FV at Bt195 based on a P/E of 85x, which we see as the stock’s maximum justifiable valuation.

DELTA ELECTRONICS (THAILAND) Plc. (DELTA): Back To A More Appropriate Level

Thematic (Sector/Industry)

<ul><li>The US 10Y bond yield edged down slightly from 4.19% to 4.18% after the New York Fed President commented that the US economy is likely to continue expanding in 2026, while inflation is expected to slow from 3% this year to 2.5% and 2.0% in 2026–27, respectively, though he remained cautious ahead of the FOMC meeting on January 2026.</li><li>The Bank of Thailand (BoT) has instructed financial institutions to tighten scrutiny over forward foreign-exchange selling transactions by gold traders, which could increase baht volatility.</li><li>The PTT group confirmed that it has not exported oil to Cambodia, in line with its policy to suspend exports since June 2025, which has been strictly adhered to throughout the ongoing situation.</li></ul>

The US 10Y bond yield edged down slightly from 4.19% to 4.18% after the New York Fed President commented that the US economy is likely to continue expanding in 2026, while inflation is expected to slow from 3% this year to 2.5% and 2.0% in 2026–27, respectively, though he remained cautious ahead of the FOMC meeting on January 2026.The Bank of Thailand (BoT) has instructed financial institutions to tighten scrutiny over forward foreign-exchange selling transactions by gold traders, which could increase baht volatility.The PTT group confirmed that it has not exported oil to Cambodia, in line with its policy to suspend exports since June 2025, which has been strictly adhered to throughout the ongoing situation.

Krungthai XSpring Zoom Eng. December 16, 2025

<ul><li>If the MPC keeps the policy rate unchanged, the baht is likely to appreciate against the US dollar (Figure 3), driven by a wider yield differential between Thailand and the US as the US cuts rates while Thailand holds steady.</li><li>We therefore recommend ‘trading’, focusing on high-dividend stocks as a buffer against valuation-driven corrections, namely THANI (KTX fair price: Bt2.30), supported by a strong balance sheet, low D/E of around 2x, and a dividend yield of about 5.2%, and ADVANC (KTX fair price: Bt346), a defensive stock with a dividend yield of around 5.0%.</li><li>The MPC meeting on December 17 reflects a close balance between supporting vulnerable groups and preserving monetary policy effectiveness.</li></ul>

If the MPC keeps the policy rate unchanged, the baht is likely to appreciate against the US dollar (Figure 3), driven by a wider yield differential between Thailand and the US as the US cuts rates while Thailand holds steady.We therefore recommend ‘trading’, focusing on high-dividend stocks as a buffer against valuation-driven corrections, namely THANI (KTX fair price: Bt2.30), supported by a strong balance sheet, low D/E of around 2x, and a dividend yield of about 5.2%, and ADVANC (KTX fair price: Bt346), a defensive stock with a dividend yield of around 5.0%.The MPC meeting on December 17 reflects a close balance between supporting vulnerable groups and preserving monetary policy effectiveness.

KTX AHEAD: MPC Rate Cut/Hold Odds Are Close, With A Slight Bias Toward A Hold

Krungthai XSpring
A full service Thai brokerage

PTT Exploration and Production Plc: PTTEP Has Acquired An Indirect 9.998% Equity In Block SK408

PTTEP has acquired an indirect 9.998% equity interest in Block SK408, a natural gas and condensate producing asset under a production sharing...

Krungthai XSpring

PTT Oil And Retail Business Plc. (OR): Five-Year Investment Plan (2026–30E)

Five-year capex for 2026–30E has been cut by 4% from the previous plan (from Bt60.4bn in 2025–29E), mainly due to lower investment in the lifestyle...

Krungthai XSpring

DELTA ELECTRONICS (THAILAND) Plc. (DELTA): Back To A More Appropriate Level

In line with our previous note, DELTA’s share price has been unable to sustain a P/E above 85x for more than two months, and has fallen by more...

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 16, 2025

The Bank of Thailand (BoT) has instructed financial institutions to tighten scrutiny over forward foreign-exchange selling transactions by gold...

Krungthai XSpring

KTX AHEAD: MPC Rate Cut/Hold Odds Are Close, With A Slight Bias Toward A Hold

The MPC meeting on December 17 reflects a close balance between supporting vulnerable groups and preserving monetary policy effectiveness.

Krungthai XSpring