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 maintain a “BUY” rating, as the current share price offers 24% upside to our new fair value (FV).</li><li>ASK’s 3Q25E net profit is estimated at Bt110mn (+88% YoY, –9% QoQ), with earnings to be released on Nov-7.</li><li>The expected YoY growth is supported by a low base and lower provisioning (–34% YoY, +2% QoQ).</li></ul>

We maintain a “BUY” rating, as the current share price offers 24% upside to our new fair value (FV).ASK’s 3Q25E net profit is estimated at Bt110mn (+88% YoY, –9% QoQ), with earnings to be released on Nov-7.The expected YoY growth is supported by a low base and lower provisioning (–34% YoY, +2% QoQ).

Asia Sermkij Leasing Plc. (ASK): Expect 3Q25E Earnings Up YoY But Down QoQ

Thematic (Sector/Industry)

<ul><li>The SET Index is expected to move sideways today, with the support at 1,285/1,268 and the resistance at 1,300/1,313.</li><li>Thailand’s headline inflation fell -0.72% YoY in September, below market expectations of –0.6% YoY, marking the sixth consecutive month of decline.</li><li>The program is expected to boost 4Q25 GDP by 0.3–0.4%.</li></ul>

The SET Index is expected to move sideways today, with the support at 1,285/1,268 and the resistance at 1,300/1,313.Thailand’s headline inflation fell -0.72% YoY in September, below market expectations of –0.6% YoY, marking the sixth consecutive month of decline.The program is expected to boost 4Q25 GDP by 0.3–0.4%.

Krungthai XSpring Zoom Eng. October 7, 2025

<ul><li>We revise our investment weighting on the title loan sector to Neutral, reflecting a more cautious stance among operators, slower loan growth, and efforts to reduce D/E ratios to mitigate risks and brace for uncertainty.</li><li>For the truck hire- purchase segment, we also maintain a Neutral weighting.</li><li>While an earnings rebound is clearly underway, policy uncertainty regarding taxation remains a risk to the sector’s full recovery. </li></ul>

We revise our investment weighting on the title loan sector to Neutral, reflecting a more cautious stance among operators, slower loan growth, and efforts to reduce D/E ratios to mitigate risks and brace for uncertainty.For the truck hire- purchase segment, we also maintain a Neutral weighting.While an earnings rebound is clearly underway, policy uncertainty regarding taxation remains a risk to the sector’s full recovery. 

Industry Update: Finance & Securities - May 28, 2025

<ul><li>Asian bourses ended mixed, while the Thai stock market lacked fresh catalysts. With the 1Q25 earnings season concluded, investors are now awaiting the outcome of US-China trade negotiations.</li><li>As a result, the SET Index traded within a narrow range before closing slightly higher, supported by rebounds in DELTA, banking, and energy stocks.</li><li>However, the index still posted a 1.25% decline from the previous week.</li></ul>

Asian bourses ended mixed, while the Thai stock market lacked fresh catalysts. With the 1Q25 earnings season concluded, investors are now awaiting the outcome of US-China trade negotiations.As a result, the SET Index traded within a narrow range before closing slightly higher, supported by rebounds in DELTA, banking, and energy stocks.However, the index still posted a 1.25% decline from the previous week.

<ul><li>The SET edged higher for the second consecutive day, despite ongoing profit-taking pressure and the lack of new catalysts, as well as the impact from the MSCI rebalancing.</li><li>DELTA's rebound played a key role in supporting the index, while the market focused on the 1Q25 earnings and DR (depositary receipt) stocks.</li><li>The index remains on track to test the resistance at 1,221 points.</li></ul>

The SET edged higher for the second consecutive day, despite ongoing profit-taking pressure and the lack of new catalysts, as well as the impact from the MSCI rebalancing.DELTA's rebound played a key role in supporting the index, while the market focused on the 1Q25 earnings and DR (depositary receipt) stocks.The index remains on track to test the resistance at 1,221 points.

Thailand

Asia Sermkij Leasing Public Company Limited provides auto hire purchase services for new and used automobiles, including passenger and commercial cars, in Thailand. The company also offers auto and machine leasing, personal loans, factoring services, insurance brokerage, and auto registration and tax renewal services. It was founded in 1984 and is headquartered in Bangkok, Thailand.

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Asia Sermkij Leasing (ASK TB)

Asia Sermkij Leasing Plc. (ASK): Expect 3Q25E Earnings Up YoY But Down QoQ

We maintain a “BUY” rating, as the current share price offers 24% upside to our new fair value (FV). ASK’s 3Q25E net profit is estimated at Bt110mn...

Krungthai XSpring

Krungthai XSpring Zoom Eng. October 7, 2025

Thailand’s headline inflation fell -0.72% YoY in September, below market expectations of –0.6% YoY, marking the sixth consecutive month of decline.

Krungthai XSpring

Industry Update: Finance & Securities - May 28, 2025

We revise our investment weighting on the title loan sector to Neutral, reflecting a more cautious stance among operators, slower loan growth, and...

Krungthai XSpring

Technical Analysis - MAY 19, 2025

Asian bourses ended mixed, while the Thai stock market lacked fresh catalysts. With the 1Q25 earnings season concluded, investors are now awaiting...

Krungthai XSpring

Technical Analysis - MAY 15, 2025

The SET edged higher for the second consecutive day, despite ongoing profit-taking pressure and the lack of new catalysts, as well as the impact...

Krungthai XSpring

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