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>SYNEX posted 3Q25 revenue of Bt12.1bn (+13% YoY, +4% QoQ).</li><li>9M25 core profit reached 82% of our full-year Bt603mn forecast (+18% YoY).</li><li>SYNEX posted 3Q25 core profit of Bt174mn (+26% YoY, +8% QoQ), a three-year high—inline with our estimate but 10% below the market.</li></ul>

SYNEX posted 3Q25 revenue of Bt12.1bn (+13% YoY, +4% QoQ).9M25 core profit reached 82% of our full-year Bt603mn forecast (+18% YoY).SYNEX posted 3Q25 core profit of Bt174mn (+26% YoY, +8% QoQ), a three-year high—inline with our estimate but 10% below the market.

SYNNEX (THAILAND) Plc. (SYNEX): Profit In Line With Our Estimate But 10% Below Concensus

Thematic (Sector/Industry)

<ul><li>NINTENDO19 dropped out of the ranking criteria with a return of -1.1%, while TRIPCOM80 was added.</li><li>TRIPCOM80 is a DR linked to TRIP.COM Group, a comprehensive travel platform listed on the Hong Kong Stock Exchange, positioned to benefit from expectations of Chinese government stimulus measures for the tourism sector ahead of the National Day holidays.</li><li>The average return of the underlying securities in the portfolio slipped slightly by 0.02% from the previous day, pressured by the decline in PINGAN80.</li></ul>

NINTENDO19 dropped out of the ranking criteria with a return of -1.1%, while TRIPCOM80 was added.TRIPCOM80 is a DR linked to TRIP.COM Group, a comprehensive travel platform listed on the Hong Kong Stock Exchange, positioned to benefit from expectations of Chinese government stimulus measures for the tourism sector ahead of the National Day holidays.The average return of the underlying securities in the portfolio slipped slightly by 0.02% from the previous day, pressured by the decline in PINGAN80.

KTX TACTICAL DR PICKS - September 17, 2025

<ul><li>No changes were made to the holdings in the KTX Tactical DR Picks portfolio today.</li><li>The return of underlying securities in the portfolio increased 1.35% from the previous day, reflecting the global market rebound on expectations that the Fed could cut interest rates sooner than previously anticipated.</li><li>Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.</li></ul>

No changes were made to the holdings in the KTX Tactical DR Picks portfolio today.The return of underlying securities in the portfolio increased 1.35% from the previous day, reflecting the global market rebound on expectations that the Fed could cut interest rates sooner than previously anticipated.Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.

KTX TACTICAL DR PICKS - September 10, 2025 (Eng.)

<ul><li>For KTX Tactical DR Picks today, we recommend selling AAPL80 after a 3.6% loss, following its removal from our model.</li><li>Meanwhile, we initiate a position in TENCENT80, a DR referencing Tencent Holdings Limited, one of China’s leading technology companies.</li><li>The portfolio’s underlying securities gained 0.55% from the previous day, tracking the continued rally in global equities, supported by softer-than-expected US PPI data and stronger remaining purchase obligation reported by Oracle.</li></ul>

For KTX Tactical DR Picks today, we recommend selling AAPL80 after a 3.6% loss, following its removal from our model.Meanwhile, we initiate a position in TENCENT80, a DR referencing Tencent Holdings Limited, one of China’s leading technology companies.The portfolio’s underlying securities gained 0.55% from the previous day, tracking the continued rally in global equities, supported by softer-than-expected US PPI data and stronger remaining purchase obligation reported by Oracle.

KTX Tactical DR Picks - September 11, 2025 (Eng.)

Japan

Nintendo Co., Ltd. globally develops, manufactures and sells home-use video game hardware and software in home entertainment business.  The company also produces home-game products including cards.

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Nintendo (7974 JP)

SYNNEX (THAILAND) Plc. (SYNEX): Profit In Line With Our Estimate But 10% Below Concensus

SYNEX posted 3Q25 revenue of Bt12.1bn (+13% YoY, +4% QoQ). 9M25 core profit reached 82% of our full-year Bt603mn forecast (+18% YoY).

Krungthai XSpring

KTX TACTICAL DR PICKS - September 17, 2025

The average return of the underlying securities in the portfolio slipped slightly by 0.02% from the previous day, pressured by the decline in...

Krungthai XSpring

KTX TACTICAL DR PICKS - September 10, 2025 (Eng.)

Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments,...

Krungthai XSpring

KTX Tactical DR Picks - September 11, 2025 (Eng.)

Meanwhile, we initiate a position in TENCENT80, a DR referencing Tencent Holdings Limited, one of China’s leading technology companies.

Krungthai XSpring

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