Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Thematic (Sector/Industry)

<ul>
<li>BOT’s pledge to issue virtual banking guidelines in June this year leads us to believe Thailand is finally ready to join the virtual banking era.  https://www.bot.or.th/landscape/files/consultation-paper-en.pdf</li>
<li>E-Commerce payments, remittances, and digital lending; all of which will facilitate the growth of tokenization in Thailand.</li>
<li>In this report, we look into Thailand’s virtual banking landscape.</li>
</ul>


BOT’s pledge to issue virtual banking guidelines in June this year leads us to believe Thailand is finally ready to join the virtual banking era.  https://www.bot.or.th/landscape/files/consultation-paper-en.pdf
E-Commerce payments, remittances, and digital lending; all of which will facilitate the growth of tokenization in Thailand.
In this report, we look into Thailand’s virtual banking landscape.


Virtual Banking: Thailand Is Finally Ready

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>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.


ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

Thailand plans to fully reopen to foreign visitors in 120 days, given it aims to give at least one dose of vaccine to the majority of residents by early October.
The country aims for some tourist destinations to be open to fully vaccinated visitors without any quarantine requirement before this time. Phuket is seen as the “pilot” for the new scheme.
Thailand's economy is highly dependent on tourism with around 12% of GDP officially from tourism but the true exposure is closer to 20% given all the related industries outside travel and hotels from retail to banks. 
These most recent plans were unveiled in an address by Prime Minister Prayuth Chan-Ocha in a National address yesterday, which included a number of important concessions, which can be seen in the detailed section.
We recommend increasing weightings in Thai hotels, hospitals, selective retailers, and banks to play this tourism recovery theme. Please see below for details.

Thailand plans to fully reopen to foreign visitors in 120 days, given it aims to give at least one dose of vaccine to the majority of residents by early October.
The country aims for some tourist destinations to be open to fully vaccinated visitors without any quarantine requirement before this time. Phuket is seen as the “pilot” for the new scheme.
Thailand's economy is highly dependent on tourism with around 12% of GDP officially from tourism but the true exposure is closer to 20% given all the related industries outside travel and hotels from retail to banks. 
These most recent plans were unveiled in an address by Prime Minister Prayuth Chan-Ocha in a National address yesterday, which included a number of important concessions, which can be seen in the detailed section.
We recommend increasing weightings in Thai hotels, hospitals, selective retailers, and banks to play this tourism recovery theme. Please see below for details. 

Thailand - 120 Days Later - Fully Vaccinated Tourism to Resume

<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.


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)

Virtual Banking: Thailand Is Finally Ready

To get ready for Thailand's virtual banking license this year, we look into Thailand’s digital wallet landscape, microfinancing, and debt...

Bondcritic

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

Thailand - 120 Days Later - Fully Vaccinated Tourism to Resume

Thailand plans reopen to reopen its borders to the fully vaccinated in 120 days without quarantine restrictions, which will be a boon for the...

Angus Mackintosh

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

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