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 on ADVANC. The stock is attractive from a valuation perspective, both fundamentally (upgraded to buy from undervalued previously, reflecting 11% upside to the fair value), and tactically (the downside risk is very limited, upgraded from neutral).</li><li>However, this is offset by its long-term earnings outlook, as the core EPS growth of 7.0% during 2025-27E is considerably lower than the average of regional peers at 14.1%.</li><li>Our fair value estimate for ADVANC remains unchanged at Bt314, based on the earnings yield method with a required return of 4.1%. </li></ul>

We maintain our Neutral rating on ADVANC. The stock is attractive from a valuation perspective, both fundamentally (upgraded to buy from undervalued previously, reflecting 11% upside to the fair value), and tactically (the downside risk is very limited, upgraded from neutral).However, this is offset by its long-term earnings outlook, as the core EPS growth of 7.0% during 2025-27E is considerably lower than the average of regional peers at 14.1%.Our fair value estimate for ADVANC remains unchanged at Bt314, based on the earnings yield method with a required return of 4.1%. 

Advanced Info Service - No Major Surprises Expected from Spectrum Auction

<ul><li>We maintain a Neutral rating, with the fundamental view revised to overvalued (previously buy), as the share price has risen more than 6.1% since our previous report, leaving upside of just 5.7% compared to the fair value of Bt314 (based on a required return of 4.0%).</li><li>Meanwhile, the neutral tactical view remains unchanged.</li><li>The long-term profit outlook, based on projected EPS growth for 2025-27E, is relatively weak at a CAGR of 7.0%, compared to the average of major operators in ASEAN (+14.1%).</li></ul>

We maintain a Neutral rating, with the fundamental view revised to overvalued (previously buy), as the share price has risen more than 6.1% since our previous report, leaving upside of just 5.7% compared to the fair value of Bt314 (based on a required return of 4.0%).Meanwhile, the neutral tactical view remains unchanged.The long-term profit outlook, based on projected EPS growth for 2025-27E, is relatively weak at a CAGR of 7.0%, compared to the average of major operators in ASEAN (+14.1%).

Advanced Info Service - Better Profitability Led to Upbeat 1Q25 Earnings

<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

Thematic (Sector/Industry)

<ul><li>The SET Index is expected to trade sideways up (rising with intermittent pullbacks), with the resistance levels at 1,112/1,120 points and the support at 1,100/1,094 points.</li><li>External factors are neutral — although US markets rose, the gain was largely due to easing tensions in the Middle East, while Fed Chair Powell signaled no urgency to cut policy rates.</li><li>Domestic factors are positive, following the Cabinet's approval of the Bt115bn economic stimulus package yesterday (as expected), along with emerging optimism regarding Thailand-US trade negotiations and anticipation ahead of the MPC meeting. </li></ul>

The SET Index is expected to trade sideways up (rising with intermittent pullbacks), with the resistance levels at 1,112/1,120 points and the support at 1,100/1,094 points.External factors are neutral — although US markets rose, the gain was largely due to easing tensions in the Middle East, while Fed Chair Powell signaled no urgency to cut policy rates.Domestic factors are positive, following the Cabinet's approval of the Bt115bn economic stimulus package yesterday (as expected), along with emerging optimism regarding Thailand-US trade negotiations and anticipation ahead of the MPC meeting. 

<ul><li>Ceasefire negotiations between Israel and Iran showed signs of progress, prompting a strong rally across Asian bourses, including the SET.</li><li>The SET Index recorded the highest gain among regional markets, fueled by robust buying in blue-chip stocks, such as DELTA, ADVANC, AOT, GULF, CPALL, and leading banking names.</li><li>This surge pushed the index back above the 1,100-point mark for the first time in four days.</li></ul>

Ceasefire negotiations between Israel and Iran showed signs of progress, prompting a strong rally across Asian bourses, including the SET.The SET Index recorded the highest gain among regional markets, fueled by robust buying in blue-chip stocks, such as DELTA, ADVANC, AOT, GULF, CPALL, and leading banking names.This surge pushed the index back above the 1,100-point mark for the first time in four days.

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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52-week Range	0.00 - 0.00
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Advanced Info Service (ADVANC TB)

Advanced Info Service - No Major Surprises Expected from Spectrum Auction

Our fair value estimate for ADVANC remains unchanged at Bt314, based on the earnings yield method with a required return of 4.1%.

Krungthai XSpring

Advanced Info Service - Better Profitability Led to Upbeat 1Q25 Earnings

The long-term profit outlook, based on projected EPS growth for 2025-27E, is relatively weak at a CAGR of 7.0%, compared to the average of major...

Krungthai XSpring

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

KTX Zoom - JUNE 25, 2025

The SET Index is expected to trade sideways up (rising with intermittent pullbacks), with the resistance levels at 1,112/1,120 points and the...

Krungthai XSpring

Technical Analysis - JUNE 25, 2025

Ceasefire negotiations between Israel and Iran showed signs of progress, prompting a strong rally across Asian bourses, including the SET.

Krungthai XSpring

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