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.

Thematic (Sector/Industry)

<ul><li>Climate change studies warn that there will be strong increases in the frequency, intensity and duration of droughts.</li><li>Amid the increasing concern over the impact of droughts, operators in some sectors will reap the benefits, namely broiler exporters (TFG; FV Bt7.90), starch producers (TWPC; FV Bt6.60) on the back of greater export opportunities, and coal producers due to the extension of coal burning (BANPU; FV Bt16.8);</li><li>China's reduced agricultural and food output will constrain the country's food export capability and global food supplies while at the same time increasing the need for imports.</li></ul>

Climate change studies warn that there will be strong increases in the frequency, intensity and duration of droughts.Amid the increasing concern over the impact of droughts, operators in some sectors will reap the benefits, namely broiler exporters (TFG; FV Bt7.90), starch producers (TWPC; FV Bt6.60) on the back of greater export opportunities, and coal producers due to the extension of coal burning (BANPU; FV Bt16.8);China's reduced agricultural and food output will constrain the country's food export capability and global food supplies while at the same time increasing the need for imports.

Theme Report: Droughts Growing in Number and Intensity

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>Although projected timelines for autonomous vehicle deployment and adoption have historically proven overly optimistic, major transport companies are currently conducting live trials, suggesting that autonomous truck adoption may be at an inflection point.</li><li>While timelines for autonomous vehicle adoption have historically been overly optimistic, and current trials may not lead to widespread adoption, the fact that autonomous trucks are moving real freight volumes increases the confidence that the autonomous truck technology is reaching a point where widespread adoption over time is likely.</li><li>In New Zealand, the average age of a truck driver is 46.5 years, +5 years greater than the general workforce and 10% of truck drivers are over retirement age.</li></ul>

Although projected timelines for autonomous vehicle deployment and adoption have historically proven overly optimistic, major transport companies are currently conducting live trials, suggesting that autonomous truck adoption may be at an inflection point.While timelines for autonomous vehicle adoption have historically been overly optimistic, and current trials may not lead to widespread adoption, the fact that autonomous trucks are moving real freight volumes increases the confidence that the autonomous truck technology is reaching a point where widespread adoption over time is likely.In New Zealand, the average age of a truck driver is 46.5 years, +5 years greater than the general workforce and 10% of truck drivers are over retirement age.

Transport Titbits – Autonomous Truck Adoption Slowly Shifting Gears

External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Pak Elektron Limited (Pael) / Equity Bottom-Up

<ul><li>We had a management meeting with the senior management of Pak Elektron CFO, Mr. Manzar Hasan and GM Finance, Mr. Nadeem Asghar on the recent financial results and outlook.</li><li>PAEL has expanded into new markets, mainly the United States, securing export orders worth US$44mn with a target of US$50mn by end-2025. It has also secured orders from global leaders such as Tesla, showcasing its engineering strength and competitiveness in international energy solutions.</li><li>We maintain a buy stance on PAEL, with the stock currently trading at a 2025E PE of 10.0x and a 2026F PE of 8.5x.</li></ul>

We had a management meeting with the senior management of Pak Elektron CFO, Mr. Manzar Hasan and GM Finance, Mr. Nadeem Asghar on the recent financial results and outlook.PAEL has expanded into new markets, mainly the United States, securing export orders worth US$44mn with a target of US$50mn by end-2025. It has also secured orders from global leaders such as Tesla, showcasing its engineering strength and competitiveness in international energy solutions.We maintain a buy stance on PAEL, with the stock currently trading at a 2025E PE of 10.0x and a 2026F PE of 8.5x.

Pak Elektron (PAEL) - Management Meeting Takeaways; Power Segment to Dominate in 2H2025

<ul><li>We had a management meeting with the senior management of Pak Elektron CFO, Mr. Manzar Hasan and GM Finance, Mr. Nadeem Asghar on the recent financial results and outlook.</li><li>PAEL has expanded into new markets, mainly the United States, securing export orders worth US$44mn with a target of US$50mn by end-2025. It has also secured orders from global leaders such as Tesla, showcasing its engineering strength and competitiveness in international energy solutions. Company has supplied 20-25% of the export order in 1H, while in 2H rest of the orders will be supplied.</li><li>In absolute terms, PAEL has supplied US$9mn till Jun 2025, while till Aug 2025, company has supplied a total of US$16mn. Company expects completion of this whole order book (US$40-44mn) by Dec 2025.</li></ul>

We had a management meeting with the senior management of Pak Elektron CFO, Mr. Manzar Hasan and GM Finance, Mr. Nadeem Asghar on the recent financial results and outlook.PAEL has expanded into new markets, mainly the United States, securing export orders worth US$44mn with a target of US$50mn by end-2025. It has also secured orders from global leaders such as Tesla, showcasing its engineering strength and competitiveness in international energy solutions. Company has supplied 20-25% of the export order in 1H, while in 2H rest of the orders will be supplied.In absolute terms, PAEL has supplied US$9mn till Jun 2025, while till Aug 2025, company has supplied a total of US$16mn. Company expects completion of this whole order book (US$40-44mn) by Dec 2025.

Pakistan Automobiles: Car Sales in Aug 2025 Up 62% YoY and 27% MoM to 14,050 Units

<ul><li>The KTX Tactical DR Picks recommends reducing the investment positions in NVDA80 and TSLA80, with returns of -2.1% and -1.2%, respectively, and opening positions in HONDA19 and MITSU19 instead.</li><li>The average price of the underlying securities in the portfolio declined by 0.56%, reflecting the global stock market downturn due to the sharp rise in US government bond yields.</li><li>Our study through the KTX USDTHB Carry Trade model indicates that the baht has continued to appreciate and is now in an overvalued zone.</li></ul>

The KTX Tactical DR Picks recommends reducing the investment positions in NVDA80 and TSLA80, with returns of -2.1% and -1.2%, respectively, and opening positions in HONDA19 and MITSU19 instead.The average price of the underlying securities in the portfolio declined by 0.56%, reflecting the global stock market downturn due to the sharp rise in US government bond yields.Our study through the KTX USDTHB Carry Trade model indicates that the baht has continued to appreciate and is now in an overvalued zone.

United States

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

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Tesla (TSLA US)

Theme Report: Droughts Growing in Number and Intensity

Climate change studies warn that there will be strong increases in the frequency, intensity and duration of droughts. Amid the increasing concern...

Krungthai XSpring

Transport Titbits – Autonomous Truck Adoption Slowly Shifting Gears

Although projected timelines for autonomous vehicle deployment and adoption have historically proven overly optimistic, major transport companies...

Forsyth Barr

Pak Elektron (PAEL) - Management Meeting Takeaways; Power Segment to Dominate in 2H2025

We had a management meeting with the senior management of Pak Elektron CFO, Mr. Manzar Hasan and GM Finance, Mr. Nadeem Asghar on the recent...

Topline Securities

Pakistan Automobiles: Car Sales in Aug 2025 Up 62% YoY and 27% MoM to 14,050 Units

We had a management meeting with the senior management of Pak Elektron CFO, Mr. Manzar Hasan and GM Finance, Mr. Nadeem Asghar on the recent...

Topline Securities

Highlights of the Day

The KTX Tactical DR Picks recommends reducing the investment positions in NVDA80 and TSLA80, with returns of -2.1% and -1.2%, respectively, and...

Krungthai XSpring

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