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

Advanced Information Technol / Equity Bottom-Up

<ul><li>We reinitiate our coverage on AIT with a Neutral rating. While the stock offers a defensive profile-underpinned by an attractive dividend yield (averaging 7.3% over 2026–28E), ~10% upside to fair value, and limited tactical downside-capital appreciation remains constrained by a modest 2.5% CAGR over the same period.</li><li>Our 12-month fair value (FV) is set at Bt5.35, implying a forward PER of 14.0x. This valuation is derived using a required return of 7.1%.</li><li>AIT is well-positioned to capture tailwinds from accelerated public investment under the national digital economy strategic roadmap, given its strong exposure to government and state enterprise clients.</li></ul>

We reinitiate our coverage on AIT with a Neutral rating. While the stock offers a defensive profile-underpinned by an attractive dividend yield (averaging 7.3% over 2026–28E), ~10% upside to fair value, and limited tactical downside-capital appreciation remains constrained by a modest 2.5% CAGR over the same period.Our 12-month fair value (FV) is set at Bt5.35, implying a forward PER of 14.0x. This valuation is derived using a required return of 7.1%.AIT is well-positioned to capture tailwinds from accelerated public investment under the national digital economy strategic roadmap, given its strong exposure to government and state enterprise clients.

ADVANCED INFORMATION TECHNOLOGY Plc. (AIT): Stable Earnings

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<ul><li>Looking at the balance sheet, the company has excellent access to capital to fund growth</li><li>The company is excellent at generating consistently positive operating cash flow</li><li>Its competitive strategy appears excellent based on the gross profit margin</li></ul>

Looking at the balance sheet, the company has excellent access to capital to fund growthThe company is excellent at generating consistently positive operating cash flowIts competitive strategy appears excellent based on the gross profit margin

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Asean (Thailand) Focused Independent Research

M Corp Review

M Corp is led by Athaporn Arayasantiparb who served as Head of Research for UOB and ANZ in Thailand and was an award-winning telecoms analyst at UBS in 2010 (AsiaMoney Thailand category) and Regional Strategist for DMG in Singapore. Prior to that, he also served as Kasikornbank credit analyst and scholar. He has a total work experience of 17 years, of which 14 were in research and 4 in research management roles. He started his career as an engineer for PTT and currently manages family investments. He holds an MBA from Stern (NYU) and CFA Charter since 2006. Apart from IPO Radar, which focuses on future listings, MCorp Review also provides six on-going thematic series ranked by frequency in descending order, namely: 1) Silicon Stories (technology) 2) Sathorn Series (financial services) 3) Thai-Coons (billionaire origin stories) 4) Reality Check (data-driven, investigative) 5) Thai Media Spotlight; and 6) Thai Macro Watch (global market drivers).

Thematic (Sector/Industry)

Last year, ICN turned out to be one of the best performing IPOs in Thailand =&gt; <a href="https://www.smartkarma.com/insights/ipo-radar-icn-nokia-siemens-best-buddy" target="_blank" data-smartkarma-citation="insights:12628">IPO Radar: ICN, Nokia Siemens' Best Buddy</a>. They are simply one of many in this segment. In this review, we highlight one of Thailand's most volatile (and in some cases, most expensive) sectors. In fact, the word contractor, when applied to the local players, is a bit misleading, since most of them are subcontractorsto foreign technology leaders, and their work is labor-oriented in full-scale network deployment…

Last year, ICN turned out to be one of the best performing IPOs in Thailand =&gt; IPO Radar: ICN, Nokia Siemens' Best Buddy. They are simply one of many in this segment. In this review, we highlight one of Thailand's most volatile (and in some cases, most expensive) sectors. In fact, the word contractor, when applied to the local players, is a bit misleading, since most of them are subcontractorsto foreign technology leaders, and their work is labor-oriented in full-scale network deployment…

Telecom Review (August 2018): The Connected World of Thai Network Contractors

Recently, MCorp Review listened to a talk by E8 Consulting on open source and its applications in building fintech platforms and developing investing strategies and found it quite interesting. Firstly, they defined open source and explained why it was so useful. Typically, open source is free and bound by certain license terms; it allows various users to change the source code and develop commercial applications for it. Probably, the best example of this is how Bloomberg terminals, a highly…

Recently, MCorp Review listened to a talk by E8 Consulting on open source and its applications in building fintech platforms and developing investing strategies and found it quite interesting. Firstly, they defined open source and explained why it was so useful. Typically, open source is free and bound by certain license terms; it allows various users to change the source code and develop commercial applications for it. Probably, the best example of this is how Bloomberg terminals, a highly…

Over the next five years, a lot of things will continue to change. In this review, we highlight five possible trends and two Thai stocks each that would benefit (or be adversely affected) by them, namely: 1) an ageing society; 2) higher concentration of wealth; 3) driverless cars for ride hailing; 4) increasing fintech adoption by incumbents; and 5) a decline in both labor cost and commodity prices.We may have discussed most of these themes before, though we've never put them in one place. As they say in investing, gotta watch where the puck is going, not where it is.

Over the next five years, a lot of things will continue to change. In this review, we highlight five possible trends and two Thai stocks each that would benefit (or be adversely affected) by them, namely: 1) an ageing society; 2) higher concentration of wealth; 3) driverless cars for ride hailing; 4) increasing fintech adoption by incumbents; and 5) a decline in both labor cost and commodity prices.We may have discussed most of these themes before, though we've never put them in one place. As they say in investing, gotta watch where the puck is going, not where it is.

Thailand

Advanced Information Technology Public Company Limited provides system integration services for information technology. The Company offers complete configuration design, hardware and software components, implementation services, as well as user training to enterprise networks, telecommunication service providers, and internet service providers.

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Advanced Information Technol (AIT TB)

ADVANCED INFORMATION TECHNOLOGY Plc. (AIT): Stable Earnings

Our 12-month fair value (FV) is set at Bt5.35, implying a forward PER of 14.0x. This valuation is derived using a required return of 7.1%....

Krungthai XSpring

Uncovered Thai Stocks: AIT (3Q25)

Looking at the balance sheet, the company has excellent access to capital to fund growth The company is excellent at generating consistently...

A. Stotz Investment Research

Telecom Review (August 2018): The Connected World of Thai Network Contractors

Last year, ICN turned out to be one of the best performing IPOs in Thailand => IPO Radar: ICN, Nokia Siemens' Best Buddy. They are simply one of...

Athaporn Arayasantiparb, CFA

EB on Open Source & Investing

Recently, MCorp Review listened to a talk by E8 Consulting on open source and its applications in building fintech platforms and developing...

Athaporn Arayasantiparb, CFA

Five Big Ideas for the Next Five Years

Over the next five years, a lot of things will continue to change. In this review, we highlight five possible trends and two Thai stocks each that...

Athaporn Arayasantiparb, CFA

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