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>We maintain an Outperform rating with a target price of Bt152.00, based on a PBV of 0.46x (derived from a regression model), implying upside of approximately 5% from the current price.</li><li>The long-term growth outlook is in line with the sector, with net profit expected to decline slightly at a 0.1% CAGR during 2025-27E, pressured by a narrowing NIM.</li><li>On a tactical basis, the downside risk is limited.</li></ul>

We maintain an Outperform rating with a target price of Bt152.00, based on a PBV of 0.46x (derived from a regression model), implying upside of approximately 5% from the current price.The long-term growth outlook is in line with the sector, with net profit expected to decline slightly at a 0.1% CAGR during 2025-27E, pressured by a narrowing NIM.On a tactical basis, the downside risk is limited.

Bangkok Bank Public Company Limited - Upbeat 2Q25 Earnings but Provisions Increased

<ul><li>We maintain an Outperform rating with a 12-month fair value (FV) of Bt180.00, based on the earnings yield method with a. required return of 14.1%.</li><li>The stock price implies 18.8% upside to its fair value. The net profit growth outlook is moderate, with an expected CAGR of 5.1% in 2025-26E.</li><li>This should be driven by loan portfolio expansion and declining provisions, supported by the highest coverage ratio among Thai banks at 334%.</li></ul>

We maintain an Outperform rating with a 12-month fair value (FV) of Bt180.00, based on the earnings yield method with a. required return of 14.1%.The stock price implies 18.8% upside to its fair value. The net profit growth outlook is moderate, with an expected CAGR of 5.1% in 2025-26E.This should be driven by loan portfolio expansion and declining provisions, supported by the highest coverage ratio among Thai banks at 334%.

Bangkok Bank - In-Line 4Q24 Earnings; Better Asset Quality

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>The ASEAN overweight rests on Indonesia and non-benchmark Singapore/Vietnam, offset by Malaysia’s structural underweight. Recent flows show pressure on Indonesia and Malaysia, with Singapore and Thailand benefiting.</li>
<li>Indonesian Financials dominate ASEAN exposure but are losing momentum; fresh inflows support Singapore Discretionary and Technology, plus Thailand Communication Services and Staples.</li>
<li>Stock trends highlight fading Indonesian banks, while new highs come from ICTSI, Grab, GoTo, and Singtel, signalling a potential shift in leadership.</li>
</ul>


The ASEAN overweight rests on Indonesia and non-benchmark Singapore/Vietnam, offset by Malaysia’s structural underweight. Recent flows show pressure on Indonesia and Malaysia, with Singapore and Thailand benefiting.
Indonesian Financials dominate ASEAN exposure but are losing momentum; fresh inflows support Singapore Discretionary and Technology, plus Thailand Communication Services and Staples.
Stock trends highlight fading Indonesian banks, while new highs come from ICTSI, Grab, GoTo, and Singtel, signalling a potential shift in leadership.


ASEAN Rotation: Indonesia Weakens, Singapore Gains, Thailand Stabilises

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a>. </li>
<li>As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>


I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of Thai Union Group (TU TB). 
As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
In this note, we talk about the not-so-positive aspects of the deal.


I-Tail Corporation Pre-IPO - The Negatives - Non-Uniform Growth

Thematic (Sector/Industry)

<ul><li>The SET tumbled back to the 1,260-point support level, moving in line with other Asian bourses after a sharp drop in DELTA, alongside declines in petroleum, energy, hospital, and commerce stocks.</li><li>At least the index has pulled back to the 1,260–1,250 support zone and showed attempts to hold above this level or rebound.</li><li>Therefore, we recommend buying at support, as the index is expected to stage a technical rebound.</li></ul>

The SET tumbled back to the 1,260-point support level, moving in line with other Asian bourses after a sharp drop in DELTA, alongside declines in petroleum, energy, hospital, and commerce stocks.At least the index has pulled back to the 1,260–1,250 support zone and showed attempts to hold above this level or rebound.Therefore, we recommend buying at support, as the index is expected to stage a technical rebound.

Krungthai XSpring Technical Eng. December 17, 2025

Thailand

Bangkok Bank Public Company Limited provides various banking and financial services including commercial, consumer, credit card, and mortgage lending, international trade financing, investment banking, and securities services.

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Bangkok Bank Public (BBL TB)

Bangkok Bank Public Company Limited - Upbeat 2Q25 Earnings but Provisions Increased

We maintain an Outperform rating with a target price of Bt152.00, based on a PBV of 0.46x (derived from a regression model), implying upside of...

Krungthai XSpring

Bangkok Bank - In-Line 4Q24 Earnings; Better Asset Quality

We maintain an Outperform rating with a 12-month fair value (FV) of Bt180.00, based on the earnings yield method with a. required return of 14.1%.

Krungthai XSpring

ASEAN Rotation: Indonesia Weakens, Singapore Gains, Thailand Stabilises

ASEAN positioning shifts as Indonesia loses ground and Malaysia stays weak. Singapore and Thailand attract inflows, while new leaders like ICTSI...

Steven Holden

I-Tail Corporation Pre-IPO - The Negatives - Non-Uniform Growth

I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of...

Sumeet Singh

Krungthai XSpring Technical Eng. December 17, 2025

The SET tumbled back to the 1,260-point support level, moving in line with other Asian bourses after a sharp drop in DELTA, alongside declines in...

Krungthai XSpring

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