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>Ongoing escalation in the Middle East, following renewed military clashes between the US and Iran, has lifted Brent crude oil prices to USD84/bbl, still within our 2026 forecast range.</li><li>The electronics sector is expected to remain under pressure from the ongoing sell-off in technology stocks.</li><li>The government's planned reforms to healthcare regulations and the civil servant medical benefits scheme, aimed at containing fiscal spending, are expected to provide positive sentiment for the insurance sector, particularly TLI and BLA.</li></ul>

Ongoing escalation in the Middle East, following renewed military clashes between the US and Iran, has lifted Brent crude oil prices to USD84/bbl, still within our 2026 forecast range.The electronics sector is expected to remain under pressure from the ongoing sell-off in technology stocks.The government's planned reforms to healthcare regulations and the civil servant medical benefits scheme, aimed at containing fiscal spending, are expected to provide positive sentiment for the insurance sector, particularly TLI and BLA.

Krungthai XSpring Zoom Eng. July 20, 2026

<ul>
<li>The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.</li>
<li>There have been no changes to the portfolio holdings today.</li>
<li>The outperformance of banking stocks in the portfolio helped limit the portfolio's average return decline to 0.25%, outperforming the SET's 0.80% decline, as the index was weighed down by selling pressure in the electronic components and tourism sectors.</li>
</ul>


The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.
There have been no changes to the portfolio holdings today.
The outperformance of banking stocks in the portfolio helped limit the portfolio's average return decline to 0.25%, outperforming the SET's 0.80% decline, as the index was weighed down by selling pressure in the electronic components and tourism sectors.


Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

<ul>
<li>Amata provides direct leverage to massive foreign direct investment flowing into ASEAN, acting as an irreplaceable infrastructure proxy for global supply chain diversification.</li>
<li>First-Quarter 2026 net profit surged 67% year-over-year, supported by a historic 21.5 billion baht backlog and compounding, high-margin utility revenues.</li>
<li>A transformative 1-gigawatt data center partnership positions Amata at the epicenter of Southeast Asia’s digital expansion, unlocking massive recurring energy and utility income streams.</li>
</ul>


Amata provides direct leverage to massive foreign direct investment flowing into ASEAN, acting as an irreplaceable infrastructure proxy for global supply chain diversification.
First-Quarter 2026 net profit surged 67% year-over-year, supported by a historic 21.5 billion baht backlog and compounding, high-margin utility revenues.
A transformative 1-gigawatt data center partnership positions Amata at the epicenter of Southeast Asia’s digital expansion, unlocking massive recurring energy and utility income streams.


1GW Toll-Bridge: LONG Amata to Capitalize on the Trillion-Dollar 'China Plus One' Capital Flight

<ul><li>We maintain an Underperform rating, while revising our fair value to Bt20.90 based on a required return of 11.3% (from Bt16.40/14.7%), reflecting updated macro assumptions and ERP adjustments using a revised regression framework.</li><li>We expect 1Q26E core profit to be flat YoY and QoQ, with weak presales of only 106 rai, driven by just two customers, and delays in obtaining licenses for overseas investment (particularly outside China).</li><li>We expect AMATA to report its 1Q26E core profit on May 14 at an unexciting Bt842mn, flat YoY and QoQ, alongside weak presales of 106 rai (from just two DC customers in Chonburi industrial estate), below our earlier expectations.</li></ul>

We maintain an Underperform rating, while revising our fair value to Bt20.90 based on a required return of 11.3% (from Bt16.40/14.7%), reflecting updated macro assumptions and ERP adjustments using a revised regression framework.We expect 1Q26E core profit to be flat YoY and QoQ, with weak presales of only 106 rai, driven by just two customers, and delays in obtaining licenses for overseas investment (particularly outside China).We expect AMATA to report its 1Q26E core profit on May 14 at an unexciting Bt842mn, flat YoY and QoQ, alongside weak presales of 106 rai (from just two DC customers in Chonburi industrial estate), below our earlier expectations.

AMATA CORPORATION Plc. (AMATA): 1Q26E Uninspiring: Flat Earnings And Weak Presales

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.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Five stocks remain, nine stocks added into portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 333% versus MSCI ASEAN’s 83%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Five stocks remain, nine stocks added into portfolio
Since its inception, the portfolio has generated a before-fee total return of 333% versus MSCI ASEAN’s 83%


Thailand

Amata Corporation is a leading developer and operator of industrial estates, specializing in planning, developing, managing, and marketing integrated industrial cities. The company also provides industrial utilities such as power, water, and natural gas. It is headquartered in Bangkok, Thailand, and was founded on March 6, 1989.

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Amata Corporation (AMATA TB)

Krungthai XSpring Zoom Eng. July 20, 2026

Ongoing escalation in the Middle East, following renewed military clashes between the US and Iran, has lifted Brent crude oil prices to USD84/bbl,...

Krungthai XSpring

KTX Tactical Picks - July 7, 2026 (Eng.)

The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts. There have been...

Krungthai XSpring

1GW Toll-Bridge: LONG Amata to Capitalize on the Trillion-Dollar 'China Plus One' Capital Flight

Amata provides direct leverage to massive foreign direct investment flowing into ASEAN, acting as an irreplaceable infrastructure proxy for global...

Jacob Cheng

AMATA CORPORATION Plc. (AMATA): 1Q26E Uninspiring: Flat Earnings And Weak Presales

We expect 1Q26E core profit to be flat YoY and QoQ, with weak presales of only 106 rai, driven by just two customers, and delays in obtaining...

Krungthai XSpring

The Stocks to Own in ASEAN – Vol. 56

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Portfolio changes: Five stocks remain; nine stocks were...

A. Stotz Investment Research

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