Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Last night, the Board of <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a>  <a href="https://hub.optiwise.io/en/documents/126006/6443705A1ADCC43E2A43725E1ADAC538670F012A12A8B03D653207281ED9C34E6042702B6BDFC4311044072F6BADC53E144B6C1E4E8DCF396043755C1AD9C13A6741765E1EDBC33964366C1E4E8D_160720242124040612E.pdf" target="_blank" rel="noopener"><strong>announced</strong></a> an amalgamation with <a href="https://www.smartkarma.com/entities/gulf-energy-development-pcl" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development (GULF TB)</a> and Tender Offers for <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a> (at THB 216.30) </li>
<li>And <a href="https://www.smartkarma.com/entities/thaicom-pcl" target="_blank" data-smartkarma-citation="entities:18019:1" rel="noopener">Thaicom Pcl (THCOM TB)</a> (THB 11.00) shares. This is really big news. It appears to try to cap years of re-arrangement of the capital structure. It's complicated.</li>
<li>But it is not fair. INTUCH shareholders lose 22% of earnings value per investment value in 2024. 20% in 2025. But, there may be a way to block it...</li>
</ul>


Last night, the Board of Intouch Holdings (INTUCH TB)  announced an amalgamation with Gulf Energy Development (GULF TB) and Tender Offers for Advanced Info Service (ADVANC TB) (at THB 216.30) 
And Thaicom Pcl (THCOM TB) (THB 11.00) shares. This is really big news. It appears to try to cap years of re-arrangement of the capital structure. It's complicated.
But it is not fair. INTUCH shareholders lose 22% of earnings value per investment value in 2024. 20% in 2025. But, there may be a way to block it...


Cascading Takeunders for INTUCH, ADVANC, and THCOM as GULF TB Seeks To "Restructure"

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.

Technical Analysis

Advanced Info Service / Technical Analysis

<ul>
<li>Asian bourses rebounded after weaker-than-expected US Nonfarm Payrolls eased concerns over further Fed rate hikes.</li>
<li>The SET Index remained firmly above the 1,600-point level and advanced 4.47% from the previous week.</li>
<li>We therefore expect the index to extend its gains, with the next upside target at 1,650 points.</li>
</ul>


Asian bourses rebounded after weaker-than-expected US Nonfarm Payrolls eased concerns over further Fed rate hikes.
The SET Index remained firmly above the 1,600-point level and advanced 4.47% from the previous week.
We therefore expect the index to extend its gains, with the next upside target at 1,650 points.


Krungthai XSpring Technical Eng. July 6, 2026

Cross Asset Strategy

<ul><li>Brent crude rebounded nearly 4% overnight after Iran told the UN that it would not surrender to the US while remaining open to diplomacy, suggesting that the oil-price increase may be temporary.</li><li>A US official said the US and China had agreed to extend their trade truce by two months through January 2027, easing near-term trade tensions.</li><li>Fitch Ratings upgraded the outlooks of EXIM, KTB, TTB, SCBT and UOBT to "Stable,” reflecting confidence in Thai financial institutions.</li></ul>

Brent crude rebounded nearly 4% overnight after Iran told the UN that it would not surrender to the US while remaining open to diplomacy, suggesting that the oil-price increase may be temporary.A US official said the US and China had agreed to extend their trade truce by two months through January 2027, easing near-term trade tensions.Fitch Ratings upgraded the outlooks of EXIM, KTB, TTB, SCBT and UOBT to "Stable,” reflecting confidence in Thai financial institutions.

Krungthai XSpring Zoom Eng. September 24, 2026

Equity Bottom-Up

<ul><li>We expect ADVANC to report a 2Q26E core profit of Bt13.0bn (+23% YoY, -0.2% QoQ).</li><li>Earnings are expected to remain broadly flat QoQ, as stable revenue is likely to reflect softer market conditions during the early part of 2Q26, following the disruption caused by the unrest in the Middle East.</li><li>We therefore downgrade our rating to Neutral from Outperform.</li></ul>

We expect ADVANC to report a 2Q26E core profit of Bt13.0bn (+23% YoY, -0.2% QoQ).Earnings are expected to remain broadly flat QoQ, as stable revenue is likely to reflect softer market conditions during the early part of 2Q26, following the disruption caused by the unrest in the Middle East.We therefore downgrade our rating to Neutral from Outperform.

ADVANCED INFO SERVICE Plc. (ADVANC): 2Q26E Earnings Expected to Remain Flat; Hold or Trade Within the Range – Neutral (12M FWD Fair Value Bt400.00)

<ul><li>(+) Brent crude fell for a fifth consecutive day, dropping below USD100/bbl as concerns over tight supply eased.</li><li>(+)The Ministry of Finance and the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) are advancing the "Reinvent Thailand" national strategy, targeting investment at 30% of GDP.</li><li>(+) The Cabinet approved the expected two-month extension of the "Thai Chuai Thai Plus" scheme and increased assistance for state welfare cardholders.</li></ul>

(+) Brent crude fell for a fifth consecutive day, dropping below USD100/bbl as concerns over tight supply eased.(+)The Ministry of Finance and the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) are advancing the "Reinvent Thailand" national strategy, targeting investment at 30% of GDP.(+) The Cabinet approved the expected two-month extension of the "Thai Chuai Thai Plus" scheme and increased assistance for state welfare cardholders.

Thailand

Advanced Info Service is Thailand's largest telecommunications company, providing mobile network operations, internet connectivity, and digital television services. The company offers cellular telephone system networks, fixed-broadband services, and sells mobile phones and related equipment. It was founded in 1986 and is headquartered in Bangkok, Thailand.

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

Advanced Info Service (ADVANC TB)

Cascading Takeunders for INTUCH, ADVANC, and THCOM as GULF TB Seeks To "Restructure"

This is a complicated multi-conditional deal - great for GULF bad for INTUCH - which appears to be "done" except for an inter-conditional aspect...

Travis Lundy

Krungthai XSpring Technical Eng. July 6, 2026

Asian bourses rebounded after weaker-than-expected US Nonfarm Payrolls eased concerns over further Fed rate hikes. The SET Index remained firmly...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 24, 2026

Brent crude rebounded nearly 4% overnight after Iran told the UN that it would not surrender to the US while remaining open to diplomacy,...

Krungthai XSpring

ADVANCED INFO SERVICE Plc. (ADVANC): 2Q26E Earnings Expected to Remain Flat; Hold or Trade Within the Range – Neutral (12M FWD Fair Value Bt400.00)

We expect ADVANC to report a 2Q26E core profit of Bt13.0bn (+23% YoY, -0.2% QoQ). Earnings are expected to remain broadly flat QoQ, as stable...

Krungthai XSpring

SET Index Outlook

(+) Brent crude fell for a fifth consecutive day, dropping below USD100/bbl as concerns over tight supply eased. (+)The Ministry of Finance and...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)