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 reported 4Q25 core profit of Bt161mn (+39% YoY, -10% QoQ), 19% below our and market estimates due to the lowest GPM in six years.</li><li>We maintain our 2026E profit forecast at Bt760mn (+16% YoY). Near term, earnings should remain solid, supported by strong iPhone 17 sales, though caution is warranted over margin pressure.</li><li>We reiterate Outperform with an unchanged fair value of Bt14, based on a 6.82% required return.</li></ul>

SYNEX reported 4Q25 core profit of Bt161mn (+39% YoY, -10% QoQ), 19% below our and market estimates due to the lowest GPM in six years.We maintain our 2026E profit forecast at Bt760mn (+16% YoY). Near term, earnings should remain solid, supported by strong iPhone 17 sales, though caution is warranted over margin pressure.We reiterate Outperform with an unchanged fair value of Bt14, based on a 6.82% required return.

SYNEX (THAILAND) Plc. (SYNEX): Earnings Miss On Six-Year Low GPM

<ul><li>We expect SYNEX’s 4Q25E profit at Bt199mn (+72% YoY, +12% QoQ), marking a new record high, supported by iPhone 17 sales.</li><li>We have increased our 2026 profit forecast by 10% to Bt760mn (+10% YoY), on expectations of sustained strength in iPhone 17 sales.</li><li>We maintain our FV at Bt14.00 but downgrade our rating from BUY to Outperform, as long-term growth has been revised down from Above average to Average following strong growth in 2025, with a required return of 6.82%.</li></ul>

We expect SYNEX’s 4Q25E profit at Bt199mn (+72% YoY, +12% QoQ), marking a new record high, supported by iPhone 17 sales.We have increased our 2026 profit forecast by 10% to Bt760mn (+10% YoY), on expectations of sustained strength in iPhone 17 sales.We maintain our FV at Bt14.00 but downgrade our rating from BUY to Outperform, as long-term growth has been revised down from Above average to Average following strong growth in 2025, with a required return of 6.82%.

SYNNEX (THAILAND) Plc. (SYNEX): 4Q25E Profit To Reach An All-Time High

<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

<ul><li>SYNEX’s 3Q25 core profit is expected at Bt174mn (+22% YoY, +5% QoQ), supported by record-high revenue from full-quarter NSW2 sales.</li><li>9M25 profit is expected at Bt489mn (+24% YoY), or 81% of our full-year forecast. With a positive 4Q25 outlook, our 2025 earnings estimate carries 10–15% upside potential.</li><li>We maintain BUY with a fair value unchanged at Bt14. The stock trades at only 13x P/E, its lowest level in five years.</li></ul>

SYNEX’s 3Q25 core profit is expected at Bt174mn (+22% YoY, +5% QoQ), supported by record-high revenue from full-quarter NSW2 sales.9M25 profit is expected at Bt489mn (+24% YoY), or 81% of our full-year forecast. With a positive 4Q25 outlook, our 2025 earnings estimate carries 10–15% upside potential.We maintain BUY with a fair value unchanged at Bt14. The stock trades at only 13x P/E, its lowest level in five years.

SYNNEX (THAILAND) Plc. (SYNEX): 3Q25 Profit Rises Despite A Five-Year Low P/E

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.

Air Link Communication / Equity Bottom-Up

<ul><li>Air Link Communication (AIRLINK) held its Corporate Briefing Session today, following the announcement of 1QFY26 results.</li><li>In 1QFY26, the company reported consolidated earnings of Rs1,583mn (EPS of Rs4.01), up 88% YoY and down 16% QoQ.</li><li>Net sales clocked in at Rs24bn, up 11% YoY and 30% QoQ. The QoQ growth in sales is primarily due to higher sales volumes during the quarter, following subdued sales in 4QFY25 due to supply chain disruptions amid regional conflicts.</li></ul>

Air Link Communication (AIRLINK) held its Corporate Briefing Session today, following the announcement of 1QFY26 results.In 1QFY26, the company reported consolidated earnings of Rs1,583mn (EPS of Rs4.01), up 88% YoY and down 16% QoQ.Net sales clocked in at Rs24bn, up 11% YoY and 30% QoQ. The QoQ growth in sales is primarily due to higher sales volumes during the quarter, following subdued sales in 4QFY25 due to supply chain disruptions amid regional conflicts.

Topline Flash Note: Airlink Communication - AIRLINK - Corporate Briefing Key Takeaways

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)

SYNEX (THAILAND) Plc. (SYNEX): Earnings Miss On Six-Year Low GPM

SYNEX reported 4Q25 core profit of Bt161mn (+39% YoY, -10% QoQ), 19% below our and market estimates due to the lowest GPM in six years.

Krungthai XSpring

SYNNEX (THAILAND) Plc. (SYNEX): 4Q25E Profit To Reach An All-Time High

We expect SYNEX’s 4Q25E profit at Bt199mn (+72% YoY, +12% QoQ), marking a new record high, supported by iPhone 17 sales.

Krungthai XSpring

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

SYNNEX (THAILAND) Plc. (SYNEX): 3Q25 Profit Rises Despite A Five-Year Low P/E

SYNEX’s 3Q25 core profit is expected at Bt174mn (+22% YoY, +5% QoQ), supported by record-high revenue from full-quarter NSW2 sales.

Krungthai XSpring

Topline Flash Note: Airlink Communication - AIRLINK - Corporate Briefing Key Takeaways

Air Link Communication (AIRLINK) held its Corporate Briefing Session today, following the announcement of 1QFY26 results. In 1QFY26, the company...

Topline Securities

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