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)

<div><div><div><div><ul><li>We propose a new set of global plays in accordance with the de- globalization trend, shifting the allocation toward Asia-based companies with better growth prospects than those that generate the bulk of their revenue in Western markets.</li><li>Our recommended stocks are CBG and SCGP.</li><li><div><div><p>The global economy is less synchronized than in the past, meaning that a global plays strategy should be more area focused to enhance the growth potential.</p></div></div></li></ul></div></div></div></div>

We propose a new set of global plays in accordance with the de- globalization trend, shifting the allocation toward Asia-based companies with better growth prospects than those that generate the bulk of their revenue in Western markets.Our recommended stocks are CBG and SCGP.The global economy is less synchronized than in the past, meaning that a global plays strategy should be more area focused to enhance the growth potential.

Changing Landscape for Global Plays - Shifting the Allocation of Global Plays Toward Asia

Equity Bottom-Up

<ul><li>Crude oil prices rose more than 2% this morning amid concerns over tighter supply after the US revoked its waiver on Iranian crude oil exports following Iran's attack on a commercial vessel in the Strait of Hormuz, raising concerns over the stability of the ceasefire.</li><li>Negotiations on the Thailand-EU Free Trade Agreement (Thailand-EU FTA) have progressed by around two-thirds.</li><li>We expect SCGP (Outperform, TP: Bt33.75) to report a doubling of 2Q26E net profit YoY to Bt2.0bn, supported by revenue growth and improving business performance in Indonesia.</li></ul>

Crude oil prices rose more than 2% this morning amid concerns over tighter supply after the US revoked its waiver on Iranian crude oil exports following Iran's attack on a commercial vessel in the Strait of Hormuz, raising concerns over the stability of the ceasefire.Negotiations on the Thailand-EU Free Trade Agreement (Thailand-EU FTA) have progressed by around two-thirds.We expect SCGP (Outperform, TP: Bt33.75) to report a doubling of 2Q26E net profit YoY to Bt2.0bn, supported by revenue growth and improving business performance in Indonesia.

PTT Exploration & Production / Equity Bottom-Up

<ul><li>US equities advanced (S&P 500 +0.72%, Nasdaq +1.12%), supported by continued buying in AI-related technology stocks.</li><li>Thailand's 10-year government bond yield fell to a three-month low of 1.96% as inflation concerns eased.</li><li>We expect PTTEP (Outperform, TP: Bt154) to report its strongest quarterly earnings of the year in 2Q26E, with net profit of Bt26.5bn (+96% YoY), driven by higher selling prices.</li></ul>

US equities advanced (S&P 500 +0.72%, Nasdaq +1.12%), supported by continued buying in AI-related technology stocks.Thailand's 10-year government bond yield fell to a three-month low of 1.96% as inflation concerns eased.We expect PTTEP (Outperform, TP: Bt154) to report its strongest quarterly earnings of the year in 2Q26E, with net profit of Bt26.5bn (+96% YoY), driven by higher selling prices.

<ul><li>Although KCE has yet to generate revenue directly from AI — the key driver behind the sharp rally in electronics stocks recently — the market’s broad-based buying of the electronics sector (sector play) has allowed the company to benefit from the AI-valuation premium (AIP) theme as well, which we view as a risk.</li><li>Earnings are expected to recover strongly from 2H26 onward after the company raised PCB product prices, which should support both revenue and GPM.</li><li>As a result, we have revised our 2026E/27E earnings forecasts upward by 20% and 22%, respectively.</li></ul>

Although KCE has yet to generate revenue directly from AI — the key driver behind the sharp rally in electronics stocks recently — the market’s broad-based buying of the electronics sector (sector play) has allowed the company to benefit from the AI-valuation premium (AIP) theme as well, which we view as a risk.Earnings are expected to recover strongly from 2H26 onward after the company raised PCB product prices, which should support both revenue and GPM.As a result, we have revised our 2026E/27E earnings forecasts upward by 20% and 22%, respectively.

KCE ELECTRONICS Plc. (KCE): Benefiting From The AIP Theme Alongside The Sector

Delta Electronics (Thailand) / Equity Bottom-Up

<ul><li>3Q25 net profit is expected at Bt5.4bn (-13% YoY, +9% QoQ), underpinned by resilient orders despite the baht’s appreciation trend.</li><li>We maintain an Underperform rating with a new fair value of Bt130 from Bt104, after rolling over our valuation to next year using a P/E multiple of 66x (+0.5SD).</li><li>We believe 4Q25 will see continued growth, driven by orders for the new plant set to begin production at year-end.</li></ul>

3Q25 net profit is expected at Bt5.4bn (-13% YoY, +9% QoQ), underpinned by resilient orders despite the baht’s appreciation trend.We maintain an Underperform rating with a new fair value of Bt130 from Bt104, after rolling over our valuation to next year using a P/E multiple of 66x (+0.5SD).We believe 4Q25 will see continued growth, driven by orders for the new plant set to begin production at year-end.

DELTA ELECTRONICS (THAILAND) Plc. (DELTA): Continued Earnings Growth, But Limited Upside

Thailand

Delta Electronics (Thailand) Public Co. Ltd. manufactures and distributes power supplies, electronic equipment, and components such as DC fans, EMI filters, and solenoids. The company also provides solutions including EV chargers, industrial automation, data center infrastructure, and smart energy management. Headquartered in Samut Prakan, Thailand, the company was established in 1988.

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Delta Electronics (Thailand) (DELTA TB)

Changing Landscape for Global Plays - Shifting the Allocation of Global Plays Toward Asia

The global economy is less synchronized than in the past, meaning that a global plays strategy should be more area focused to enhance the growth...

Krungthai XSpring

Krungthai XSpring Zoom Eng. July 8, 2026

Crude oil prices rose more than 2% this morning amid concerns over tighter supply after the US revoked its waiver on Iranian crude oil exports...

Krungthai XSpring

Krungthai XSpring Zoom Eng. July 7, 2026

US equities advanced (S&P 500 +0.72%, Nasdaq +1.12%), supported by continued buying in AI-related technology stocks. Thailand's 10-year...

Krungthai XSpring

KCE ELECTRONICS Plc. (KCE): Benefiting From The AIP Theme Alongside The Sector

Earnings are expected to recover strongly from 2H26 onward after the company raised PCB product prices, which should support both revenue and GPM.

Krungthai XSpring

DELTA ELECTRONICS (THAILAND) Plc. (DELTA): Continued Earnings Growth, But Limited Upside

3Q25 net profit is expected at Bt5.4bn (-13% YoY, +9% QoQ), underpinned by resilient orders despite the baht’s appreciation trend.

Krungthai XSpring

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