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>For today’s KTX Tactical DR Picks, we recommend cutting loss on POPMART80 with a –4.5% return.</li><li>The KTX Tactical DR Picks portfolio slipped slightly by 0.30% from the previous day, as US markets declined on Wednesday following disappointing earnings results from Netflix and Tesla.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

For today’s KTX Tactical DR Picks, we recommend cutting loss on POPMART80 with a –4.5% return.The KTX Tactical DR Picks portfolio slipped slightly by 0.30% from the previous day, as US markets declined on Wednesday following disappointing earnings results from Netflix and Tesla.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX Tactical DR Picks - October 24, 2025 (Eng.)

Podcast On the Business of Semiconductors, The Circuit

The Circuit

Podcast On the Business of Semiconductors

A Podcast On the Business of Semiconductors. With Jay Goldberg and Ben Bajarin

<ul><li>Companies in the public cloud are refreshing their server infrastructure every four to five years, but may accelerate this cycle due to the performance benefits of new CPUs and GPUs.</li><li>Despite advances in technology, older GPUs are still being used and making money for data centers, leading to questions about the economic lifespan of GPU systems.</li><li>Hyperscalers have adjusted their accounting policies to depreciate server hardware over longer periods, potentially impacting depreciation expenses.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Companies in the public cloud are refreshing their server infrastructure every four to five years, but may accelerate this cycle due to the performance benefits of new CPUs and GPUs.Despite advances in technology, older GPUs are still being used and making money for data centers, leading to questions about the economic lifespan of GPU systems.Hyperscalers have adjusted their accounting policies to depreciate server hardware over longer periods, potentially impacting depreciation expenses.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

EP 138: Talking GPU Depreciation, OCP Takeaways

<ul><li>The SET Index is expected to trade sideways up today, with the resistance at 1,300/1,313 and the support at 1,280/1,268.</li><li>The US: US markets continued to rebound (S&amp;P500 +1.07%, NASDAQ +1.37%) on optimism that the government shutdown may soon be resolved, after White House economic adviser Kevin Hassett said it could end this week.</li><li>Thailand: The Cabinet meeting is expected to approve tourism stimulus measures allowing individuals to deduct up to Bt20,000 of travel expenses from taxable income (1x for major cities and 1.5x for secondary cities) during October 29–December 15.</li></ul>

The SET Index is expected to trade sideways up today, with the resistance at 1,300/1,313 and the support at 1,280/1,268.The US: US markets continued to rebound (S&amp;P500 +1.07%, NASDAQ +1.37%) on optimism that the government shutdown may soon be resolved, after White House economic adviser Kevin Hassett said it could end this week.Thailand: The Cabinet meeting is expected to approve tourism stimulus measures allowing individuals to deduct up to Bt20,000 of travel expenses from taxable income (1x for major cities and 1.5x for secondary cities) during October 29–December 15.

Krungthai XSpring Zoom Eng. October 21, 2025

<ul><li>We recommend selling MUFG19 and cutting losses on SONY80, with returns of –2.7% and –6.6%, respectively, while opening a new position in AMD80, a DR linked to Advanced Micro Devices (AMD) listed on the NASDAQ.</li><li>The return of KTX DR Tactical Picks portfolio fell 1.66% from the previous day, pressured by weakness in Asian equities amid concerns over rising bad-debt risks among US regional banks.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

We recommend selling MUFG19 and cutting losses on SONY80, with returns of –2.7% and –6.6%, respectively, while opening a new position in AMD80, a DR linked to Advanced Micro Devices (AMD) listed on the NASDAQ.The return of KTX DR Tactical Picks portfolio fell 1.66% from the previous day, pressured by weakness in Asian equities amid concerns over rising bad-debt risks among US regional banks.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX TACTICAL DR PICKS - October 20, 2025 (Eng.)

<ul><li>We recommend cutting loss on STEG19 with a return of -7.6%, while opening new positions in GOOG80 and POPMART80.</li><li>The average return of the KTX DR Tactical Picks portfolio rose 1.04% from the previous day, driven by a rebound in global equities amid signs of easing trade tensions between the US and China.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

We recommend cutting loss on STEG19 with a return of -7.6%, while opening new positions in GOOG80 and POPMART80.The average return of the KTX DR Tactical Picks portfolio rose 1.04% from the previous day, driven by a rebound in global equities amid signs of easing trade tensions between the US and China.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX Tactical DR Picks - October 16, 2025 (Eng.)

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)

KTX Tactical DR Picks - October 24, 2025 (Eng.)

The KTX Tactical DR Picks portfolio slipped slightly by 0.30% from the previous day, as US markets declined on Wednesday following disappointing...

Krungthai XSpring

EP 138: Talking GPU Depreciation, OCP Takeaways

Public cloud infrastructure refreshes involve periodically replacing servers with new CPUs, but the longer economic lifespan of older GPUs like...

The Circuit

Krungthai XSpring Zoom Eng. October 21, 2025

Thailand: The Cabinet meeting is expected to approve tourism stimulus measures allowing individuals to deduct up to Bt20,000 of travel expenses...

Krungthai XSpring

KTX TACTICAL DR PICKS - October 20, 2025 (Eng.)

The return of KTX DR Tactical Picks portfolio fell 1.66% from the previous day, pressured by weakness in Asian equities amid concerns over rising...

Krungthai XSpring

KTX Tactical DR Picks - October 16, 2025 (Eng.)

The average return of the KTX DR Tactical Picks portfolio rose 1.04% from the previous day, driven by a rebound in global equities amid signs of...

Krungthai XSpring

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