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 downgrade our call to Neutral (from Outperform) with a 12M FV of Bt146.75, based on 0.98x PBV (from Bt142.60 and 0.96x), using a multiple regression model.</li><li>The share price has gained 6% since our last report, leaving limited upside.</li><li>Tactical PBV at +2 S.D. suggests limited upside risk, while long-term growth remains in line with the sector.</li></ul>

We downgrade our call to Neutral (from Outperform) with a 12M FV of Bt146.75, based on 0.98x PBV (from Bt142.60 and 0.96x), using a multiple regression model.The share price has gained 6% since our last report, leaving limited upside.Tactical PBV at +2 S.D. suggests limited upside risk, while long-term growth remains in line with the sector.

SCB X Plc. (SCB): Upbeat Earnings Already Priced In – Neutral (12M FWD Fair Value Bt146.75)

Thematic (Sector/Industry)

<ul><li>The weakness in DELTA and ADVANC, along with a lack of new market catalysts, weighed on the SET.</li><li>However, the index appears to have raised its support zone to 1,271–1,260 points, up from the previous 1,250–1,230 range.</li><li>We therefore maintain our buy-on-dips, sell-on-rallies strategy, as the index still has limited upside and requires a clearer bullish confirmation.</li></ul>

The weakness in DELTA and ADVANC, along with a lack of new market catalysts, weighed on the SET.However, the index appears to have raised its support zone to 1,271–1,260 points, up from the previous 1,250–1,230 range.We therefore maintain our buy-on-dips, sell-on-rallies strategy, as the index still has limited upside and requires a clearer bullish confirmation.

Krungthai XSpring Technical Eng. December 4, 2025

<ul><li>KTX expects the SET Index to remain volatile in December 2025, as this period marks a key turning point for several major factors that could influence both global and Thai equities—particularly upcoming policy meetings by major central banks (the Fed, BoJ, ECB, and Thailand’s MPC).</li><li>KTX recommends ADVANC, KBANK, KKP, SCB, and WHAUP for the portfolio.</li><li>We expect the Thai stock market to remain volatile in December 2025, as this period represents a key turning point for several factors that could shape market direction through the rest of 2025 and into early 1Q26.</li></ul>

KTX expects the SET Index to remain volatile in December 2025, as this period marks a key turning point for several major factors that could influence both global and Thai equities—particularly upcoming policy meetings by major central banks (the Fed, BoJ, ECB, and Thailand’s MPC).KTX recommends ADVANC, KBANK, KKP, SCB, and WHAUP for the portfolio.We expect the Thai stock market to remain volatile in December 2025, as this period represents a key turning point for several factors that could shape market direction through the rest of 2025 and into early 1Q26.

Monthly Report: December 2025: Outlook: Volatility During A Turning Point

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Adani Ports & Special Economic Zone / Equity Bottom-Up

<ul>
<li>Since inception (May 15th), our Model Portfolio has appreciated 17.0% - same as MSCI Asia-ex Japan.  Since the last rebalancing (7th November) our Portfolio declined 2.5% vs MXASJ's 1.3% drop.</li>
<li>The recent underperformance came from drawdowns in Tencent Music, Tencent, Alibaba, Hynix, Hyundai Rotem, TSMC. We reduce the first two slightly, exclude BBCA, include Adani Ports, SCB, MAPI, HK Land.</li>
<li>We remain Overweight HK/China and Korea. We upgrade India to Overweight from Neutral, Thailand from Underweight to Neutral, and downgrade Indonesia to Underweight from Neutral. Stay Underweight Taiwan, Neutral Singapore.</li>
</ul>


Since inception (May 15th), our Model Portfolio has appreciated 17.0% - same as MSCI Asia-ex Japan.  Since the last rebalancing (7th November) our Portfolio declined 2.5% vs MXASJ's 1.3% drop.
The recent underperformance came from drawdowns in Tencent Music, Tencent, Alibaba, Hynix, Hyundai Rotem, TSMC. We reduce the first two slightly, exclude BBCA, include Adani Ports, SCB, MAPI, HK Land.
We remain Overweight HK/China and Korea. We upgrade India to Overweight from Neutral, Thailand from Underweight to Neutral, and downgrade Indonesia to Underweight from Neutral. Stay Underweight Taiwan, Neutral Singapore.


Asian Equities: Rebalancing Our Model Portfolio - More to India and ASEAN

<ul><li>We maintain an Outperform rating with a target price of Bt134.00, based on a PBV of 1.94x (derived from a regression model), offering upside of approximately 6%).</li><li> The long-term growth outlook is in line with the industry, with net profit expected to grow at an a CAGR of 5.1% during 2025-27E, supported by a decline in provisions.</li><li>The tactical view is neutral.</li></ul>

We maintain an Outperform rating with a target price of Bt134.00, based on a PBV of 1.94x (derived from a regression model), offering upside of approximately 6%). The long-term growth outlook is in line with the industry, with net profit expected to grow at an a CAGR of 5.1% during 2025-27E, supported by a decline in provisions.The tactical view is neutral.

SCB X Public Company Limited - Upbeat 2Q25 Earnings on Non-NII

Thailand

SCB X Public Company Limited provides banking services. The Bank offers accounts, loans, cards, deposits, insurance, investment, payment, digital banking, and other related services. SCB X serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Siam Commercial Bank (SCB TB)

SCB X Plc. (SCB): Upbeat Earnings Already Priced In – Neutral (12M FWD Fair Value Bt146.75)

We downgrade our call to Neutral (from Outperform) with a 12M FV of Bt146.75, based on 0.98x PBV (from Bt142.60 and 0.96x), using a multiple...

Krungthai XSpring

Krungthai XSpring Technical Eng. December 4, 2025

The weakness in DELTA and ADVANC, along with a lack of new market catalysts, weighed on the SET.However, the index appears to have raised its...

Krungthai XSpring

Monthly Report: December 2025: Outlook: Volatility During A Turning Point

KTX expects the SET Index to remain volatile in December 2025, as this period marks a key turning point for several major factors that could...

Krungthai XSpring

Asian Equities: Rebalancing Our Model Portfolio - More to India and ASEAN

Our Model Portfolio has risen 17% since inception, same as MXASJ. Drops in tech & defense stocks drove recent underperformance. We adjust our...

Manishi Raychaudhuri

SCB X Public Company Limited - Upbeat 2Q25 Earnings on Non-NII

We maintain an Outperform rating with a target price of Bt134.00, based on a PBV of 1.94x (derived from a regression model), offering upside of...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SCB X Plc. (SCB): Upbeat Earnings Already Priced In – Neutral (12M FWD Fair Value Bt146.75)

We downgrade our call to Neutral (from Outperform) with a 12M FV of Bt146.75, based on 0.98x PBV (from Bt142.60 and 0.96x), using a multiple...

Krungthai XSpring

Krungthai XSpring Technical Eng. December 4, 2025

The weakness in DELTA and ADVANC, along with a lack of new market catalysts, weighed on the SET.However, the index appears to have raised its...

Krungthai XSpring

Monthly Report: December 2025: Outlook: Volatility During A Turning Point

KTX expects the SET Index to remain volatile in December 2025, as this period marks a key turning point for several major factors that could...

Krungthai XSpring

Asian Equities: Rebalancing Our Model Portfolio - More to India and ASEAN

​Our Model Portfolio has risen 17% since inception, same as MXASJ. Drops in tech & defense stocks drove recent underperformance. We adjust our...

Manishi Raychaudhuri

SCB X Public Company Limited - Upbeat 2Q25 Earnings on Non-NII

We maintain an Outperform rating with a target price of Bt134.00, based on a PBV of 1.94x (derived from a regression model), offering upside of...

Krungthai XSpring

Our Model Portfolio has risen 17% since inception, same as MXASJ. Drops in tech & defense stocks drove recent underperformance. We adjust our...