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.

Thematic (Sector/Industry)

<ul><li>Climate change studies warn that there will be strong increases in the frequency, intensity and duration of droughts.</li><li>Amid the increasing concern over the impact of droughts, operators in some sectors will reap the benefits, namely broiler exporters (TFG; FV Bt7.90), starch producers (TWPC; FV Bt6.60) on the back of greater export opportunities, and coal producers due to the extension of coal burning (BANPU; FV Bt16.8);</li><li>China's reduced agricultural and food output will constrain the country's food export capability and global food supplies while at the same time increasing the need for imports.</li></ul>

Climate change studies warn that there will be strong increases in the frequency, intensity and duration of droughts.Amid the increasing concern over the impact of droughts, operators in some sectors will reap the benefits, namely broiler exporters (TFG; FV Bt7.90), starch producers (TWPC; FV Bt6.60) on the back of greater export opportunities, and coal producers due to the extension of coal burning (BANPU; FV Bt16.8);China's reduced agricultural and food output will constrain the country's food export capability and global food supplies while at the same time increasing the need for imports.

Theme Report: Droughts Growing in Number and Intensity

Cross Asset Strategy

<ul><li>The SET Index is expected to move sideways down, with the resistance at 1,642/1,650 points and the support at 1,624/1,612 points.</li><li>We recommend trading buy on ASIAN, TTB and COM7.</li><li>Technically, the index may weaken to 1,600 points if it is unable to surpass the previous resistance at 1,642 points within one or two days; the loss-stopping point should be at 1,612 points (200-day EMA).</li></ul>

The SET Index is expected to move sideways down, with the resistance at 1,642/1,650 points and the support at 1,624/1,612 points.We recommend trading buy on ASIAN, TTB and COM7.Technically, the index may weaken to 1,600 points if it is unable to surpass the previous resistance at 1,642 points within one or two days; the loss-stopping point should be at 1,612 points (200-day EMA).

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

<ul><li><a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666" rel="noopener">Apple Inc (AAPL US)</a> acquires UE BizHub Central at Ang Mo Kio for S$55m from United Engineers</li><li><a href="https://www.smartkarma.com/entities/keppel-dc-reit" target="_blank" data-smartkarma-citation="entities:85" rel="noopener">Keppel DC REIT (KDCREIT SP)</a> looks to pick up more Asia-Pac Data Centre hubs</li><li><a href="https://www.smartkarma.com/entities/hotel-properties-ltd" target="_blank" data-smartkarma-citation="entities:5801" rel="noopener">Hotel Properties Limited (HPL SP)</a> to reap S$29m gain from London hotel sale</li></ul>

Apple Inc (AAPL US) acquires UE BizHub Central at Ang Mo Kio for S$55m from United EngineersKeppel DC REIT (KDCREIT SP) looks to pick up more Asia-Pac Data Centre hubsHotel Properties Limited (HPL SP) to reap S$29m gain from London hotel sale

ASEAN Builder's Scoop (11Apr22) - AAPL Buys UE Bizhub Central for S$55m

Equity Bottom-Up

<ul><li>We forecast COM7's 2Q26E net profit to remain strong at Bt1.2bn (+22% YoY, +3% QoQ), driven by robust revenue growth and continued GPM expansion.</li><li>Amid rising IT product prices, we believe COM7 is best positioned to benefit within the sector, supported by its Ufund financing platform, which enhances consumers' purchasing power while contributing to higher-margin earnings.</li><li>We maintain our Outperform rating and raise our 12-month fair value to Bt34.00 (from Bt31.00), based on a 5.7% required return.</li></ul>

We forecast COM7's 2Q26E net profit to remain strong at Bt1.2bn (+22% YoY, +3% QoQ), driven by robust revenue growth and continued GPM expansion.Amid rising IT product prices, we believe COM7 is best positioned to benefit within the sector, supported by its Ufund financing platform, which enhances consumers' purchasing power while contributing to higher-margin earnings.We maintain our Outperform rating and raise our 12-month fair value to Bt34.00 (from Bt31.00), based on a 5.7% required return.

COM7 Plc. (COM7): Still in a Major Growth Cycle - Outperform (12M FWD Fair Value Bt34.00)

<ul><li>We expect SYNEX to deliver its strongest quarterly earnings in three years in 2Q26E, with net profit of Bt193mn (+17% YoY, +9% QoQ), supported by continued revenue growth and a sustained high GPM driven by an improved product mix.</li><li>We maintain our Outperform rating and unchanged fair value of Bt10.70.</li><li>SYNEX is currently trading at just 10x P/E (-1.25 SD), its lowest valuation in nearly seven years based on its historical trading range.</li></ul>

We expect SYNEX to deliver its strongest quarterly earnings in three years in 2Q26E, with net profit of Bt193mn (+17% YoY, +9% QoQ), supported by continued revenue growth and a sustained high GPM driven by an improved product mix.We maintain our Outperform rating and unchanged fair value of Bt10.70.SYNEX is currently trading at just 10x P/E (-1.25 SD), its lowest valuation in nearly seven years based on its historical trading range.

SYNNEX (THAILAND) Plc. (SYNEX): 2Q26E Core Earnings to Extend Growth; Outlook Remains Strong - Outperform (12M FWD Fair Value Bt10.70)

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.

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

Apple (AAPL US)

Theme Report: Droughts Growing in Number and Intensity

Climate change studies warn that there will be strong increases in the frequency, intensity and duration of droughts. Amid the increasing concern...

Krungthai XSpring

Market Outlook

The SET Index is expected to move sideways down, with the resistance at 1,642/1,650 points and the support at 1,624/1,612 points. We recommend...

Krungthai XSpring

ASEAN Builder's Scoop (11Apr22) - AAPL Buys UE Bizhub Central for S$55m

KDCREIT to pick up more APAC DC hubs; HPL exits Hilton London; Vista REIT strong pipeline from VLL; SENTRAL Klang Valley office under pressure

SCCM Asia Research

COM7 Plc. (COM7): Still in a Major Growth Cycle - Outperform (12M FWD Fair Value Bt34.00)

We forecast COM7's 2Q26E net profit to remain strong at Bt1.2bn (+22% YoY, +3% QoQ), driven by robust revenue growth and continued GPM...

Krungthai XSpring

SYNNEX (THAILAND) Plc. (SYNEX): 2Q26E Core Earnings to Extend Growth; Outlook Remains Strong - Outperform (12M FWD Fair Value Bt10.70)

We expect SYNEX to deliver its strongest quarterly earnings in three years in 2Q26E, with net profit of Bt193mn (+17% YoY, +9% QoQ), supported by...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)