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>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

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 Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: five stocks remain, nine new join the fray</li>
<li>Since inception, it has gained 141% versus the SET 100 Index’s return of 67%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: five stocks remain, nine new join the fray
Since inception, it has gained 141% versus the SET 100 Index’s return of 67%


The Stocks to Own in Thailand – Vol. 54

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

<ul><li>We downgrade to Neutral (from Outperform) as upside to our 12M FV narrows to +4%, and we revise down our tactical view to Neutral (vs. Very limited downside) amid weaker presales and delays in government permit approvals.</li><li>We believe presales peaked in 2024, and with no new industrial customers and low data center (DC) exposure, presales and transfers are likely to decline, pressuring 2026–28E EPS to a –11% CAGR, in line with the sector. We cut our FV to Bt16.40, based on a 14.7% required return (from Bt20.00 / 11.7%).</li><li>Our valuation shows that 12M operating performance is the key FV driver; faster presales and transfers would add upside to the share price.</li></ul>

We downgrade to Neutral (from Outperform) as upside to our 12M FV narrows to +4%, and we revise down our tactical view to Neutral (vs. Very limited downside) amid weaker presales and delays in government permit approvals.We believe presales peaked in 2024, and with no new industrial customers and low data center (DC) exposure, presales and transfers are likely to decline, pressuring 2026–28E EPS to a –11% CAGR, in line with the sector. We cut our FV to Bt16.40, based on a 14.7% required return (from Bt20.00 / 11.7%).Our valuation shows that 12M operating performance is the key FV driver; faster presales and transfers would add upside to the share price.

AMATA Corporation Plc. (AMATA): Presales Show Early Signs of Delay and Softness

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)

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

The Stocks to Own in Thailand – Vol. 54

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: five stocks remain, nine new join...

A. Stotz Investment Research

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

AMATA Corporation Plc. (AMATA): Presales Show Early Signs of Delay and Softness

Our valuation shows that 12M operating performance is the key FV driver; faster presales and transfers would add upside to the share price.

Krungthai XSpring

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