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.

Macroeconomics

<ul><li>Thai inflation has fallen back to the target range of 1-3%, making it unnecessary to raise interest rates further.</li><li>As Thai GDP growth has not reached its full potential level in the range of 4-5%, there is no need to implement aggressive rate hikes to cool down the economy.</li><li>Household debt to GDP was high at 87% as of the end of 4Q22, exceeding the normal figure of less than 80% in 2017-19. Lifting interest rates too aggressively would make it more difficult for households to pay down debt.</li></ul>

Thai inflation has fallen back to the target range of 1-3%, making it unnecessary to raise interest rates further.As Thai GDP growth has not reached its full potential level in the range of 4-5%, there is no need to implement aggressive rate hikes to cool down the economy.Household debt to GDP was high at 87% as of the end of 4Q22, exceeding the normal figure of less than 80% in 2017-19. Lifting interest rates too aggressively would make it more difficult for households to pay down debt.

MPC Expected to Hike Rates for the Final Time This Year

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Thematic (Sector/Industry)

<div><div><div><div><ul><li>Despite shipment continued to fall y/y, all major markets experienced deceleration in decline.</li><li>DMs like US &amp; W Europe did better with more material deceleration, which helped Apple to solidify its market position.</li><li>EMs remained weak with APAC (ex-Jap &amp; China), CEE and MEA falling 17-20% y/y, which was a bigger headache to the Android camp, especially the Chinese players, among which, Xiaomi had relatively poorer performance.</li></ul></div></div></div></div>

Despite shipment continued to fall y/y, all major markets experienced deceleration in decline.DMs like US &amp; W Europe did better with more material deceleration, which helped Apple to solidify its market position.EMs remained weak with APAC (ex-Jap &amp; China), CEE and MEA falling 17-20% y/y, which was a bigger headache to the Android camp, especially the Chinese players, among which, Xiaomi had relatively poorer performance.

Smartphone – Global Vs China Decelerated Downtrends

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>IDC released 4Q22 global smartphone shipment with 18% YoY decline (vs -9.3% in 3Q22), mainly due to weak consumer demand, rising inflation and China COVID-19 impact.</li><li>For 2022, global smartphone shipment fell 11% YoY to 1.21bn unit, marking the lowest annual shipment since 2013.</li><li>By brand, Apple/ Samsung/Xiaomi/Oppo/Vivo declined 15%/16%/26%/16%/19% YoY in 4Q22.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

IDC released 4Q22 global smartphone shipment with 18% YoY decline (vs -9.3% in 3Q22), mainly due to weak consumer demand, rising inflation and China COVID-19 impact.For 2022, global smartphone shipment fell 11% YoY to 1.21bn unit, marking the lowest annual shipment since 2013.By brand, Apple/ Samsung/Xiaomi/Oppo/Vivo declined 15%/16%/26%/16%/19% YoY in 4Q22.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Technology - 4Q22 Global Smartphone Shipment Down 18% YoY

Equity Bottom-Up

<ul>
<li>SYNEX reported 2Q26 net profit of Bt223mn and core profit of Bt197mn (+19% YoY, +11% QoQ), in line with our forecast and marking a new record high.</li>
<li>While revenue growth remained modest, GPM continued to expand to its highest level in six quarters, supported by a favorable product mix.</li>
<li>We expect earnings momentum to remain strong in 2H26 as the company enters the high season, with core profit likely to continue reaching new record highs.</li>
</ul>


SYNEX reported 2Q26 net profit of Bt223mn and core profit of Bt197mn (+19% YoY, +11% QoQ), in line with our forecast and marking a new record high.
While revenue growth remained modest, GPM continued to expand to its highest level in six quarters, supported by a favorable product mix.
We expect earnings momentum to remain strong in 2H26 as the company enters the high season, with core profit likely to continue reaching new record highs.


SYNNEX (THAILAND) Plc.: 2Q26 Core Profit In Line; GPM Expanded Strongly - Outperform

<ul><li>ADVANC reported 2Q26 core profit of Bt14.0bn (+24% YoY, +1% QoQ), a new record high that was in line with our forecast.</li><li>Revenue growth remained solid, with both mobile subscribers and ARPU continuing to increase, underscoring the company's strong monetization capability.</li><li>We expect the share price to remain range-bound in the absence of new positive catalysts. We therefore maintain our Neutral rating and unchanged fair value of Bt400. Investors can continue to hold the stock for its dividend. The company declared an interim dividend of Bt8.69 per share (95% payout), implying a 2.4% dividend yield.</li></ul>

ADVANC reported 2Q26 core profit of Bt14.0bn (+24% YoY, +1% QoQ), a new record high that was in line with our forecast.Revenue growth remained solid, with both mobile subscribers and ARPU continuing to increase, underscoring the company's strong monetization capability.We expect the share price to remain range-bound in the absence of new positive catalysts. We therefore maintain our Neutral rating and unchanged fair value of Bt400. Investors can continue to hold the stock for its dividend. The company declared an interim dividend of Bt8.69 per share (95% payout), implying a 2.4% dividend yield.

ADVANCED INFO SERVICE Plc. (ADVANC): 2Q26 Earnings in Line; Revenue Growth Remained Solid - Neutral (12M FWD Fair Value Bt400.00)

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

MPC Expected to Hike Rates for the Final Time This Year

Thai inflation has fallen back to the target range of 1-3%, making it unnecessary to raise interest rates further. As Thai GDP growth has not...

Krungthai XSpring

Smartphone – Global Vs China Decelerated Downtrends

Despite shipment continued to fall y/y, all major markets experienced deceleration in decline. DMs like US & W Europe did better with more material...

Quam Securities

China Technology - 4Q22 Global Smartphone Shipment Down 18% YoY

IDC released 4Q22 global smartphone shipment with 18% YoY decline (vs -9.3% in 3Q22), mainly due to weak consumer demand, rising inflation and...

CMB International

SYNNEX (THAILAND) Plc.: 2Q26 Core Profit In Line; GPM Expanded Strongly - Outperform

SYNEX reported 2Q26 net profit of Bt223mn and core profit of Bt197mn (+19% YoY, +11% QoQ), in line with our forecast and marking a new record...

Krungthai XSpring

ADVANCED INFO SERVICE Plc. (ADVANC): 2Q26 Earnings in Line; Revenue Growth Remained Solid - Neutral (12M FWD Fair Value Bt400.00)

ADVANC reported 2Q26 core profit of Bt14.0bn (+24% YoY, +1% QoQ), a new record high that was in line with our forecast. Revenue growth remained...

Krungthai XSpring

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