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>KTX upgrades our rating on SCGP to “Buy” from “Neutral,” with a new 2026E fair value of Bt20.35 based on the earnings yield method, assuming a required return of 5.35% and implying a target PER of 18.7x (versus the previous fair value of Bt17.55, based on a 6.20% required return).</li><li>We expect SCGP to report 3Q25E net profit of Bt1,047mn (+81% YoY, +4% QoQ).</li><li>For 4Q25E, we expect earnings to soften QoQ, pressured by a likely decline in profit margin from the previous quarter.</li></ul>

KTX upgrades our rating on SCGP to “Buy” from “Neutral,” with a new 2026E fair value of Bt20.35 based on the earnings yield method, assuming a required return of 5.35% and implying a target PER of 18.7x (versus the previous fair value of Bt17.55, based on a 6.20% required return).We expect SCGP to report 3Q25E net profit of Bt1,047mn (+81% YoY, +4% QoQ).For 4Q25E, we expect earnings to soften QoQ, pressured by a likely decline in profit margin from the previous quarter.

SCG PACKAGING Plc. (SCGP): 3Q25E Earnings Expected to Have Risen Both YoY and QoQ

Indonesia

PT Fajar Surya Wisesa Tbk manufactures industrial paper such as container boards, boxboard, and coated paper for use in the packaging of consumer and industrial goods. The Company's products are sold locally and also exported to other Asian countries, Australia, and the Middle East.

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

Fajar Surya Wisesa (FASW IJ)

SCG PACKAGING Plc. (SCGP): 3Q25E Earnings Expected to Have Risen Both YoY and QoQ

KTX upgrades our rating on SCGP to “Buy” from “Neutral,” with a new 2026E fair value of Bt20.35 based on the earnings yield method, assuming a...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)