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

<ul>
<li>Cut loss on SCGP, BAY, and IRPC with returns since recommendation of -5.0%, -6.0%, and -8.1%, respectively, as their negative returns exceeded the defined threshold.</li>
<li>The portfolio's average return declined by 2.3%, moving in tandem with the SET Index (-2.4%), driven by profit-taking across the entire portfolio.</li>
<li>The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.</li>
</ul>


Cut loss on SCGP, BAY, and IRPC with returns since recommendation of -5.0%, -6.0%, and -8.1%, respectively, as their negative returns exceeded the defined threshold.
The portfolio's average return declined by 2.3%, moving in tandem with the SET Index (-2.4%), driven by profit-taking across the entire portfolio.
The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.


KTX Tactical Picks - July 30, 2026 (Eng.)

<ul>
<li>The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.</li>
<li>We recommend taking profit on BAY, with a holding-period return of 23.2%, while adding KCE to the portfolio to increase portfolio's technology exposure.</li>
<li>Gains in KKP (+1.9%) and SCB (+1.1%) lifted the portfolio's average return by 0.5%, outperforming the SET's 0.1% gain.</li>
</ul>


The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.
We recommend taking profit on BAY, with a holding-period return of 23.2%, while adding KCE to the portfolio to increase portfolio's technology exposure.
Gains in KKP (+1.9%) and SCB (+1.1%) lifted the portfolio's average return by 0.5%, outperforming the SET's 0.1% gain.


KTX Tactical Picks - July 13, 2026 (Eng.)

<ul>
<li>There have been no changes to portfolio holdings today.</li>
<li>Profit-taking in energy stocks dragged the portfolio's average return down by 0.87%, underperforming the SET (+0.1%), which was supported by the rebound in technology stocks.</li>
<li>The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.</li>
</ul>


There have been no changes to portfolio holdings today.
Profit-taking in energy stocks dragged the portfolio's average return down by 0.87%, underperforming the SET (+0.1%), which was supported by the rebound in technology stocks.
The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.


<ul>
<li>The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.</li>
<li>There have been no changes to the portfolio holdings today.</li>
<li>The outperformance of banking stocks in the portfolio helped limit the portfolio's average return decline to 0.25%, outperforming the SET's 0.80% decline, as the index was weighed down by selling pressure in the electronic components and tourism sectors.</li>
</ul>


The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.
There have been no changes to the portfolio holdings today.
The outperformance of banking stocks in the portfolio helped limit the portfolio's average return decline to 0.25%, outperforming the SET's 0.80% decline, as the index was weighed down by selling pressure in the electronic components and tourism sectors.


<ul><li>According to the personal Facebook account of Mr. Suraphon Ophasathien, general manager of the Credit Bureau, credit card loans classified as special mention (SM) accelerated after the increase in the minimum payment rate to 8% in early 2024.</li><li>Total credit card debts classified as NPLs (overdue for more than 90 days) amounted to Bt64bn, with over 1mn cards, up 14.6% YoY.</li><li>For banks, we assess that the impact of this issue should be relatively limited.</li></ul>

According to the personal Facebook account of Mr. Suraphon Ophasathien, general manager of the Credit Bureau, credit card loans classified as special mention (SM) accelerated after the increase in the minimum payment rate to 8% in early 2024.Total credit card debts classified as NPLs (overdue for more than 90 days) amounted to Bt64bn, with over 1mn cards, up 14.6% YoY.For banks, we assess that the impact of this issue should be relatively limited.

Large Commercial Banks to See Limited Impact From Increase in Minimum Payment Rate for Credit Cards From 5% to 8%

Thailand

Bank of Ayudhya Public Co., Ltd., also known as Krungsri, is a leading commercial bank in Thailand providing a comprehensive range of universal banking services. It offers personal, corporate, and SME banking services, including auto loans, home loans, transaction accounts, investment banking, and treasury services. The bank is headquartered in Bangkok, Thailand, and was established in 1945.

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Bank of Ayudhya (BAY TB)

KTX Tactical Picks - July 30, 2026 (Eng.)

Cut loss on SCGP, BAY, and IRPC with returns since recommendation of -5.0%, -6.0%, and -8.1%, respectively, as their negative returns exceeded the...

Krungthai XSpring

KTX Tactical Picks - July 13, 2026 (Eng.)

The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts. We recommend...

Krungthai XSpring

KTX TACTICAL PICKS - July 9, 2026 (Eng.)

There have been no changes to portfolio holdings today. Profit-taking in energy stocks dragged the portfolio's average return down by 0.87%,...

Krungthai XSpring

KTX Tactical Picks - July 7, 2026 (Eng.)

The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts. There have been...

Krungthai XSpring

Large Commercial Banks to See Limited Impact From Increase in Minimum Payment Rate for Credit Cards From 5% to 8%

According to the personal Facebook account of Mr. Suraphon Ophasathien, general manager of the Credit Bureau, credit card loans classified as...

Krungthai XSpring

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