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>TRUE reported 2Q26 net profit of Bt6.6bn (+223% YoY, -1% QoQ) and core profit of Bt7.0bn (+67% YoY, +10% QoQ), beating our forecast by 5%.</li><li>Core earnings reached another record high, supported by effective cost control and lower-than-expected tax expenses.</li><li>We maintain our Buy rating and fair value of Bt16.00.</li></ul>

TRUE reported 2Q26 net profit of Bt6.6bn (+223% YoY, -1% QoQ) and core profit of Bt7.0bn (+67% YoY, +10% QoQ), beating our forecast by 5%.Core earnings reached another record high, supported by effective cost control and lower-than-expected tax expenses.We maintain our Buy rating and fair value of Bt16.00.

TRUE CORPORATION Plc. (TRUE): Core Earnings Slightly Beat Expectations on Lower Tax Expense – Buy (12M FWD Fair Value Bt16.00)

Thai Airways International / Equity Bottom-Up

<ul><li>The US 10-year Treasury yield eased to 4.68% after crude oil prices fell more than 5%, helping to ease inflation concerns and support risk assets.</li><li>The government is considering extending the "Thai Chuay Thai Plus 60:40" stimulus program to support consumer spending, which is positive for the retail sector (CPAXT, BJC).</li><li>The Ministry of Finance is expected to finalize the tax deduction limit for the Thailand Individual Savings Account (TISA) by September, supporting continued domestic fund inflows into the capital market.</li></ul>

The US 10-year Treasury yield eased to 4.68% after crude oil prices fell more than 5%, helping to ease inflation concerns and support risk assets.The government is considering extending the "Thai Chuay Thai Plus 60:40" stimulus program to support consumer spending, which is positive for the retail sector (CPAXT, BJC).The Ministry of Finance is expected to finalize the tax deduction limit for the Thailand Individual Savings Account (TISA) by September, supporting continued domestic fund inflows into the capital market.

Krungthai XSpring Zoom Eng. August 4, 2026

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.

<ul><li>Systems Limited (SYS) held its corporate briefing session today, following the announcement of 2025 financial results.</li><li>The company posted a consolidated PAT of Rs11.0bn (EPS: Rs7.52) in 2025, up 48% YoY.</li><li>Net sales clocked in at Rs80.4bn during the year, marking a 19% YoY increase. This is driven by growth across all geographical regions including 19% in Middle East, 6% in North America, 32% in Pakistan and 40% and 20% in Europe and APAC, respectively.</li></ul>

Systems Limited (SYS) held its corporate briefing session today, following the announcement of 2025 financial results.The company posted a consolidated PAT of Rs11.0bn (EPS: Rs7.52) in 2025, up 48% YoY.Net sales clocked in at Rs80.4bn during the year, marking a 19% YoY increase. This is driven by growth across all geographical regions including 19% in Middle East, 6% in North America, 32% in Pakistan and 40% and 20% in Europe and APAC, respectively.

Topline Flash Note: Systems Limited (SYS) - Corporate Briefing Key Takeaways

<ul><li>Engro Connect reported revenue of Rs50bn in 2025, compared to Rs17bn in 2024, driven by an increase in site count to 15,012 following the Deodar merger.</li><li>Regarding the tenancy ratio, management noted that it ranges between 1.25 and 1.3 for Enfrashare and Deodar, resulting in a blended average of 1.27.</li><li>The company estimates its tower rollout target for the current year to be in the range of 400–500 towers, although this may vary depending on several factors.</li></ul>

Engro Connect reported revenue of Rs50bn in 2025, compared to Rs17bn in 2024, driven by an increase in site count to 15,012 following the Deodar merger.Regarding the tenancy ratio, management noted that it ranges between 1.25 and 1.3 for Enfrashare and Deodar, resulting in a blended average of 1.27.The company estimates its tower rollout target for the current year to be in the range of 400–500 towers, although this may vary depending on several factors.

Topline Flash Note: Engro Holdings Limited (ENGROH): Corporate Briefing Key Takeaways

Event-Driven

<ul><li>The long-standing PTC – Telenor deal is finally accorded by Competition Commission of Pakistan (CCP) on Oct 01, 2025 subject to some conditions to ensure to preserve competition in industry and pass-through of efficiencies to consumers.</li><li>As of Dec 14, 2023, and subsequent communications to exchange, the company mentioned that, deal is negotiated at an Enterprise Value of Rs108bn on a cash free and debt free basis and will be funded through external debt raised by the company (PTCL or the company).</li><li>Subsequently on Jun 27, 2024, the company announced approval of a debt financing amounting to US$400mn (7-year facility) with International Finance Corporation (IFC) led consortium comprising of Silk Road Fund (SRF) and British International Investment (BII).</li></ul>

The long-standing PTC – Telenor deal is finally accorded by Competition Commission of Pakistan (CCP) on Oct 01, 2025 subject to some conditions to ensure to preserve competition in industry and pass-through of efficiencies to consumers.As of Dec 14, 2023, and subsequent communications to exchange, the company mentioned that, deal is negotiated at an Enterprise Value of Rs108bn on a cash free and debt free basis and will be funded through external debt raised by the company (PTCL or the company).Subsequently on Jun 27, 2024, the company announced approval of a debt financing amounting to US$400mn (7-year facility) with International Finance Corporation (IFC) led consortium comprising of Silk Road Fund (SRF) and British International Investment (BII).

Pakistan Telecommunication (PTC) - Telenor Deal; Value To Be Unlocked

Norway

Telenor ASA is an international provider of tele, data and media communication services, and has mobile operations in 13 markets across the Nordic region, Central and Eastern Europe and Asia. The Group also offers fixed telephony, broadband and TV services in the Nordic region.

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Telenor ASA (TEL NO)

TRUE CORPORATION Plc. (TRUE): Core Earnings Slightly Beat Expectations on Lower Tax Expense – Buy (12M FWD Fair Value Bt16.00)

TRUE reported 2Q26 net profit of Bt6.6bn (+223% YoY, -1% QoQ) and core profit of Bt7.0bn (+67% YoY, +10% QoQ), beating our forecast by 5%. Core...

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 4, 2026

The US 10-year Treasury yield eased to 4.68% after crude oil prices fell more than 5%, helping to ease inflation concerns and support risk...

Krungthai XSpring

Topline Flash Note: Systems Limited (SYS) - Corporate Briefing Key Takeaways

Systems Limited (SYS) held its corporate briefing session today, following the announcement of 2025 financial results. The company posted a...

Topline Securities

Topline Flash Note: Engro Holdings Limited (ENGROH): Corporate Briefing Key Takeaways

Engro Connect reported revenue of Rs50bn in 2025, compared to Rs17bn in 2024, driven by an increase in site count to 15,012 following the Deodar...

Topline Securities

Pakistan Telecommunication (PTC) - Telenor Deal; Value To Be Unlocked

The long-standing PTC – Telenor deal is finally accorded by Competition Commission of Pakistan (CCP) on Oct 01, 2025 subject to some conditions to...

Topline Securities

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52-week Range

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