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.

Thematic (Sector/Industry)

<ul><li>For KTX Tactical DR Picks today, we recommend initiating a position in PINGAN80, a DR referencing Ping An Insurance Group Co., which is listed on the Hong Kong Stock Exchange.</li><li>The average return of the underlying securities in the portfolio edged up +0.18% from the previous day.</li><li>Global markets, particularly the US, continued to climb, despite a government shutdown after the US Senate rejected the spending bill last night.</li></ul>

For KTX Tactical DR Picks today, we recommend initiating a position in PINGAN80, a DR referencing Ping An Insurance Group Co., which is listed on the Hong Kong Stock Exchange.The average return of the underlying securities in the portfolio edged up +0.18% from the previous day.Global markets, particularly the US, continued to climb, despite a government shutdown after the US Senate rejected the spending bill last night.

KTX Tactical DR Picks - October 1, 2025 (Eng.)

<ul><li>For KTX Tactical DR Picks today, we recommend initiating a position in TOYOTA80, a DR referencing Toyota Motor Corporation listed on the Japanese stock exchange.</li><li>The average return of the underlying securities in the portfolio rose 0.56% from the previous day, supported by global equity markets increase after US PCE data came in line with expectations, reinforcing the Fed’s rate-cutting path.</li><li>Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.</li></ul>

For KTX Tactical DR Picks today, we recommend initiating a position in TOYOTA80, a DR referencing Toyota Motor Corporation listed on the Japanese stock exchange.The average return of the underlying securities in the portfolio rose 0.56% from the previous day, supported by global equity markets increase after US PCE data came in line with expectations, reinforcing the Fed’s rate-cutting path.Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.

KTX TACTICAL DR PICKS - September 30, 2025 (Eng.)

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>DeepSeek has permanently changed the future of AI.  With its R1 model the company democratized AI much the same as Google did for search more than 20 years ago.</li>
<li>China's platform companies like <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a> , <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> , <a href="https://www.smartkarma.com/entities/baidu-inc-a55ca720-5968-48f0-8194-ac94390d065c" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a> , and <a href="https://www.smartkarma.com/entities/kuaishou-technology" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a> have released their own AI models.</li>
<li>As China's AI industry is benefiting from DeepSeek's cost-effective innovations, the US hyperscalers are being questioned on their ability to justify their enormous AI investments, historical and projected investments.</li>
</ul>


DeepSeek has permanently changed the future of AI.  With its R1 model the company democratized AI much the same as Google did for search more than 20 years ago.
China's platform companies like Alibaba Group Holding (9988 HK) , Tencent (700 HK) , Baidu (9888 HK) , and Kuaishou Technology (1024 HK) have released their own AI models.
As China's AI industry is benefiting from DeepSeek's cost-effective innovations, the US hyperscalers are being questioned on their ability to justify their enormous AI investments, historical and projected investments.


DeepSeek Reveals AI's Trillion Dollar Folly: Winners and Losers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>While Rubrik reported all key operating metrics and cash flow above expectations for 2Q’FY26, shares sold off over 10% on heavy volume.</li>
<li>+35% y/y 3Q’FY26/+25% y/y 4Q’FY26 revenue growth guide raises questions about next FY27, in my view. Rubrik stock continues to trade at a premium valuation.  </li>
<li>Given the trends in the quarter and guidance, I believe the cybersecurity company can achieve and sustain 25%+ y/y revenue growth in FY26, FY27 and FY28.</li>
</ul>


While Rubrik reported all key operating metrics and cash flow above expectations for 2Q’FY26, shares sold off over 10% on heavy volume.
+35% y/y 3Q’FY26/+25% y/y 4Q’FY26 revenue growth guide raises questions about next FY27, in my view. Rubrik stock continues to trade at a premium valuation.  
Given the trends in the quarter and guidance, I believe the cybersecurity company can achieve and sustain 25%+ y/y revenue growth in FY26, FY27 and FY28.


Rubrik 2Q’FY26 Wrap: Subscription NRR, Cash Flow Metrics Remain Robust. Growth Is Slowing Into FY27

<ul><li>No changes were made to the holdings in the KTX Tactical DR Picks portfolio today.</li><li>The return of underlying securities in the portfolio increased 1.35% from the previous day, reflecting the global market rebound on expectations that the Fed could cut interest rates sooner than previously anticipated.</li><li>Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.</li></ul>

No changes were made to the holdings in the KTX Tactical DR Picks portfolio today.The return of underlying securities in the portfolio increased 1.35% from the previous day, reflecting the global market rebound on expectations that the Fed could cut interest rates sooner than previously anticipated.Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.

KTX TACTICAL DR PICKS - September 10, 2025 (Eng.)

United States

Alphabet Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products.

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Alphabet (GOOGL US)

KTX Tactical DR Picks - October 1, 2025 (Eng.)

For KTX Tactical DR Picks today, we recommend initiating a position in PINGAN80, a DR referencing Ping An Insurance Group Co., which is listed on...

Krungthai XSpring

KTX TACTICAL DR PICKS - September 30, 2025 (Eng.)

For KTX Tactical DR Picks today, we recommend initiating a position in TOYOTA80, a DR referencing Toyota Motor Corporation listed on the Japanese...

Krungthai XSpring

DeepSeek Reveals AI's Trillion Dollar Folly: Winners and Losers

China's large tech firms made announcements about their AI chip advancements igniting a market rally. This shows China's efforts to develop...

David Mudd

Rubrik 2Q’FY26 Wrap: Subscription NRR, Cash Flow Metrics Remain Robust. Growth Is Slowing Into FY27

Rubrik, a high-growth data security company, reported solid 2Q'FY26 financial results. In my insight, I update valuation model and set a new TP...

Andrei Zakharov

KTX TACTICAL DR PICKS - September 10, 2025 (Eng.)

Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments,...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KTX Tactical DR Picks - October 1, 2025 (Eng.)

For KTX Tactical DR Picks today, we recommend initiating a position in PINGAN80, a DR referencing Ping An Insurance Group Co., which is listed on...

Krungthai XSpring

KTX TACTICAL DR PICKS - September 30, 2025 (Eng.)

For KTX Tactical DR Picks today, we recommend initiating a position in TOYOTA80, a DR referencing Toyota Motor Corporation listed on the Japanese...

Krungthai XSpring

DeepSeek Reveals AI's Trillion Dollar Folly: Winners and Losers

China's large tech firms made announcements about their AI chip advancements igniting a market rally. This shows China's efforts to develop...

David Mudd

Rubrik 2Q’FY26 Wrap: Subscription NRR, Cash Flow Metrics Remain Robust. Growth Is Slowing Into FY27

​Rubrik, a high-growth data security company, reported solid 2Q'FY26 financial results. In my insight, I update valuation model and set a new TP...

Andrei Zakharov

KTX TACTICAL DR PICKS - September 10, 2025 (Eng.)

Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments,...

Krungthai XSpring

Rubrik, a high-growth data security company, reported solid 2Q'FY26 financial results. In my insight, I update valuation model and set a new TP...