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>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.


<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

<ul>
<li>4Q25 net profit beat estimates, driven by a Bt215mn reversal of industrial estate development costs in Vietnam.</li>
<li>We downgrade to Underperform (from Neutral), reflecting a 5% downside to our 12M forward FV of Bt16.40, based on a 14.7% required return.</li>
<li>Revenue fell 25% YoY but rose 2% QoQ, as land transfers declined to 517 rai (vs. 1.15k rai in 4Q24 and 677 rai in 3Q25).</li>
</ul>


4Q25 net profit beat estimates, driven by a Bt215mn reversal of industrial estate development costs in Vietnam.
We downgrade to Underperform (from Neutral), reflecting a 5% downside to our 12M forward FV of Bt16.40, based on a 14.7% required return.
Revenue fell 25% YoY but rose 2% QoQ, as land transfers declined to 517 rai (vs. 1.15k rai in 4Q24 and 677 rai in 3Q25).


AMATA CORPORATION Plc. (AMATA): Upbeat 4Q25 NP On One-Offs; CP Disappointed

Macroeconomics

<ul><li>SET expected to test resistance at 1,612 after crude oil prices plunged by more than 3%</li><li>Thailand Focus 2026 will highlight the new engines driving economic growth, which is expected to boost investor confidence.</li><li>The MPC is expected to keep the policy rate unchanged at 1.0% and may adopt a more positive view of Thailand's economic growth in 2026.</li></ul>

SET expected to test resistance at 1,612 after crude oil prices plunged by more than 3%Thailand Focus 2026 will highlight the new engines driving economic growth, which is expected to boost investor confidence.The MPC is expected to keep the policy rate unchanged at 1.0% and may adopt a more positive view of Thailand's economic growth in 2026.

Krungthai XSpring Zoom Eng. August 26, 2026

Cross Asset Strategy

<ul>
<li>SET expected to extend gains, supported by fund inflows ahead of Thailand Focus</li>
<li>The US may further expand buybacks of medium- to long-term Treasuries.</li>
<li>Based on five-year statistics (2021-25), the SET delivered an average return of +0.7% during Thailand Focus week (August 26-28, 2026), with an 80% probability of gains.</li>
</ul>


SET expected to extend gains, supported by fund inflows ahead of Thailand Focus
The US may further expand buybacks of medium- to long-term Treasuries.
Based on five-year statistics (2021-25), the SET delivered an average return of +0.7% during Thailand Focus week (August 26-28, 2026), with an 80% probability of gains.


Krungthai XSpring Zoom Eng. August 24, 2026

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)

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

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

AMATA CORPORATION Plc. (AMATA): Upbeat 4Q25 NP On One-Offs; CP Disappointed

We downgrade to Underperform (from Neutral), reflecting a 5% downside to our 12M forward FV of Bt16.40, based on a 14.7% required return.

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 26, 2026

SET expected to test resistance at 1,612 after crude oil prices plunged by more than 3% Thailand Focus 2026 will highlight the new engines driving...

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 24, 2026

SET expected to extend gains, supported by fund inflows ahead of Thailand Focus The US may further expand buybacks of medium- to long-term...

Krungthai XSpring

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