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 expect SYNEX to deliver its strongest quarterly earnings in three years in 2Q26E, with net profit of Bt193mn (+17% YoY, +9% QoQ), supported by continued revenue growth and a sustained high GPM driven by an improved product mix.</li><li>We maintain our Outperform rating and unchanged fair value of Bt10.70.</li><li>SYNEX is currently trading at just 10x P/E (-1.25 SD), its lowest valuation in nearly seven years based on its historical trading range.</li></ul>

We expect SYNEX to deliver its strongest quarterly earnings in three years in 2Q26E, with net profit of Bt193mn (+17% YoY, +9% QoQ), supported by continued revenue growth and a sustained high GPM driven by an improved product mix.We maintain our Outperform rating and unchanged fair value of Bt10.70.SYNEX is currently trading at just 10x P/E (-1.25 SD), its lowest valuation in nearly seven years based on its historical trading range.

SYNNEX (THAILAND) Plc. (SYNEX): 2Q26E Core Earnings to Extend Growth; Outlook Remains Strong - Outperform (12M FWD Fair Value Bt10.70)

Thailand

Advice IT Infinite Public Company Limited is a Thailand-based company specializing in the retail and wholesale of IT products, mobile phones, and accessories, along with providing maintenance services. The company offers a diverse range of products including DIY computers, notebooks, desktops, peripherals, smartphones, and home appliances through both physical branches and online channels. It was founded in 2012 and is headquartered in Pak Kret, Nonthaburi, Thailand.

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Advice IT Infinite (ADVICE TB)

SYNNEX (THAILAND) Plc. (SYNEX): 2Q26E Core Earnings to Extend Growth; Outlook Remains Strong - Outperform (12M FWD Fair Value Bt10.70)

We expect SYNEX to deliver its strongest quarterly earnings in three years in 2Q26E, with net profit of Bt193mn (+17% YoY, +9% QoQ), supported by...

Krungthai XSpring

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