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>We maintain our Neutral rating, as the attractiveness of the valuation based on the fundamentals (with the share price implying 12% upside to the fair value) is offset by the relatively modest average EPS growth of a 7% CAGR during 2025-27E, which is at the lower end compared to regional peers. In addition, the tactical view is neutral.</li><li>The 12-month forward fair value has been revised to Bt314 (previously Bt317), reflecting adjustments to the macroeconomic variables in the beta estimation based on our new house view.</li><li>This adjustment immaterially impacted the required return, which remains almost unchanged at 4.0%.</li></ul>

We maintain our Neutral rating, as the attractiveness of the valuation based on the fundamentals (with the share price implying 12% upside to the fair value) is offset by the relatively modest average EPS growth of a 7% CAGR during 2025-27E, which is at the lower end compared to regional peers. In addition, the tactical view is neutral.The 12-month forward fair value has been revised to Bt314 (previously Bt317), reflecting adjustments to the macroeconomic variables in the beta estimation based on our new house view.This adjustment immaterially impacted the required return, which remains almost unchanged at 4.0%.

Advanced Info Service - Continued Earnings Momentum 1Q25E

<ul><li>We reinitiate our coverage on ADVANC with a Neutral rating.</li><li>While the valuation appears attractive from a fundamental perspective, with 13% upside to its fair value, this is offset by its earnings growth outlook, which remains below the average of major regional operators.</li><li>In addition, the tactical outlook remains neutral.</li></ul>

We reinitiate our coverage on ADVANC with a Neutral rating.While the valuation appears attractive from a fundamental perspective, with 13% upside to its fair value, this is offset by its earnings growth outlook, which remains below the average of major regional operators.In addition, the tactical outlook remains neutral.

ADVANCED INFO SERVICE - Resuming Normal Growth Mode in 2025E

Thematic (Sector/Industry)

<ul><li>The SET faced profit-taking pressure as major market stocks, particularly DELTA and ADVANC, pulled back.</li><li>The index moved within a narrow range as trading volume stayed thin.</li><li>Therefore, we recommend buying on dips and selling on rallies, as the light trading volume suggests the index still needs stronger positive signals before a clearer trend emerges.</li></ul>

The SET faced profit-taking pressure as major market stocks, particularly DELTA and ADVANC, pulled back.The index moved within a narrow range as trading volume stayed thin.Therefore, we recommend buying on dips and selling on rallies, as the light trading volume suggests the index still needs stronger positive signals before a clearer trend emerges.

Krungthai XSpring Technical Eng. December 3, 2025

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>The ASEAN overweight rests on Indonesia and non-benchmark Singapore/Vietnam, offset by Malaysia’s structural underweight. Recent flows show pressure on Indonesia and Malaysia, with Singapore and Thailand benefiting.</li>
<li>Indonesian Financials dominate ASEAN exposure but are losing momentum; fresh inflows support Singapore Discretionary and Technology, plus Thailand Communication Services and Staples.</li>
<li>Stock trends highlight fading Indonesian banks, while new highs come from ICTSI, Grab, GoTo, and Singtel, signalling a potential shift in leadership.</li>
</ul>


The ASEAN overweight rests on Indonesia and non-benchmark Singapore/Vietnam, offset by Malaysia’s structural underweight. Recent flows show pressure on Indonesia and Malaysia, with Singapore and Thailand benefiting.
Indonesian Financials dominate ASEAN exposure but are losing momentum; fresh inflows support Singapore Discretionary and Technology, plus Thailand Communication Services and Staples.
Stock trends highlight fading Indonesian banks, while new highs come from ICTSI, Grab, GoTo, and Singtel, signalling a potential shift in leadership.


ASEAN Rotation: Indonesia Weakens, Singapore Gains, Thailand Stabilises

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>
<a href="https://www.smartkarma.com/entities/first-pacific-co-ltd" target="_blank" data-smartkarma-citation="entities:173:1" rel="noopener">First Pacific Co (142 HK)</a> is a Southeast Asian conglomerate that has been handicapped by its listing in the Hong Kong market over the last several years.</li>
<li>As Southeast Asian markets (Indonesia and Philippines) begin to re-rate on the back of a more accommodating Fed policy, First Pacific is beginning to participate in the uptrend.</li>
<li>Metro Pacific Investments Corp (MPIC), the second largest piece of the company's NAV has been active in acquiring more infrastructure assets since being privatized last year.</li>
</ul>



First Pacific Co (142 HK) is a Southeast Asian conglomerate that has been handicapped by its listing in the Hong Kong market over the last several years.
As Southeast Asian markets (Indonesia and Philippines) begin to re-rate on the back of a more accommodating Fed policy, First Pacific is beginning to participate in the uptrend.
Metro Pacific Investments Corp (MPIC), the second largest piece of the company's NAV has been active in acquiring more infrastructure assets since being privatized last year.


BUY: First Pacific Company (142 HK): Right Stock Trapped in the Wrong Market

Thailand

Advanced Info Service Public Company Limited is granted a 25-year concession expiring the year 2015 by the Telephone Organization of Thailand to provide cellular phone services.  The Company provides analog mobile phone services through the Nordic Mobile Telephone (NMT900) network, and digital phone services through the Global Systems for Mobile Communication (GSM) network.

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Advanced Info Service (ADVANC-R TB)

Advanced Info Service - Continued Earnings Momentum 1Q25E

The 12-month forward fair value has been revised to Bt314 (previously Bt317), reflecting adjustments to the macroeconomic variables in the beta...

Krungthai XSpring

ADVANCED INFO SERVICE - Resuming Normal Growth Mode in 2025E

While the valuation appears attractive from a fundamental perspective, with 13% upside to its fair value, this is offset by its earnings growth...

Krungthai XSpring

Krungthai XSpring Technical Eng. December 3, 2025

The SET faced profit-taking pressure as major market stocks, particularly DELTA and ADVANC, pulled back. The index moved within a narrow range as...

Krungthai XSpring

ASEAN Rotation: Indonesia Weakens, Singapore Gains, Thailand Stabilises

ASEAN positioning shifts as Indonesia loses ground and Malaysia stays weak. Singapore and Thailand attract inflows, while new leaders like ICTSI...

Steven Holden

BUY: First Pacific Company (142 HK): Right Stock Trapped in the Wrong Market

Since our insight on 1st Pac last Sept., the stock has gained 33%. Company had solid 2024 results. MPIC, the undervalued Phil./Indonesia...

David Mudd

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