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>The US and Iran have reached a draft agreement to extend the ceasefire by another 60 days, while the Strait of Hormuz is set to fully reopen for commercial shipping.</li><li>US Core PCE inflation, which excludes food and energy, rose 3.3% YoY in April, in line with market expectations, following a 3.2% increase in March.</li><li>The MSCI Rebalance will take effect after today's market close. MRDIYT and TFG will be added to the MSCI Global Small Cap Index, while TOA will be removed.</li></ul>

The US and Iran have reached a draft agreement to extend the ceasefire by another 60 days, while the Strait of Hormuz is set to fully reopen for commercial shipping.US Core PCE inflation, which excludes food and energy, rose 3.3% YoY in April, in line with market expectations, following a 3.2% increase in March.The MSCI Rebalance will take effect after today's market close. MRDIYT and TFG will be added to the MSCI Global Small Cap Index, while TOA will be removed.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>The company’s long-term business potential remains intact on the back of increasing content via 2W premiumization and electrification (~30-40% more content than ICE), which is also being led by successful entry into newer segments</li><li>We expect margin expansion (barring FY27) to be supported by increase in exports mix and exit of the low-margin wheel assembly business</li><li>However, we remain cautious on near-term headwinds arising from higher raw material costs and geopolitical tensions, which could slow down the growth of customers.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

The company’s long-term business potential remains intact on the back of increasing content via 2W premiumization and electrification (~30-40% more content than ICE), which is also being led by successful entry into newer segmentsWe expect margin expansion (barring FY27) to be supported by increase in exports mix and exit of the low-margin wheel assembly businessHowever, we remain cautious on near-term headwinds arising from higher raw material costs and geopolitical tensions, which could slow down the growth of customers.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ASK Automotive (Initiating Coverage): Long-Term Potential to Beat Near-Term Volatility. ADD

<ul><li>The index's ability to hold above its support suggests it still has a chance to move toward 1,500 points, as it remains in an upward trend and continues to trade above all short-term EMA lines.</li><li>When DELTA surged, the index rose, and when it weakened, the index fell. Eventually, DELTA rebounded from negative territory, allowing the index to reverse course and close slightly higher.</li><li>Therefore, we recommend buying on dips and selling into strength. Although the index is expected to trend higher, trading volume may decline during this period.</li></ul>

The index's ability to hold above its support suggests it still has a chance to move toward 1,500 points, as it remains in an upward trend and continues to trade above all short-term EMA lines.When DELTA surged, the index rose, and when it weakened, the index fell. Eventually, DELTA rebounded from negative territory, allowing the index to reverse course and close slightly higher.Therefore, we recommend buying on dips and selling into strength. Although the index is expected to trend higher, trading volume may decline during this period.

Krungthai XSpring Technical Eng. April 29, 2026

<ul><li>Thailand re-enters the top 25 of the 2026 Foreign Direct Investment Confidence Index (FDICI), which will help attract capital inflows.</li><li>Incentives for residential, corporate, and industrial solar PV installations, allowing excess electricity to be sold back to the state, are positive for solar rooftop service providers (GUNKUL, WHAUP).</li><li>Middle East tensions persist amid the ceasefire, marked by Iran's seizure of two vessels, alongside the unexplained departure of the U.S. Secretary of the Navy.</li></ul>

Thailand re-enters the top 25 of the 2026 Foreign Direct Investment Confidence Index (FDICI), which will help attract capital inflows.Incentives for residential, corporate, and industrial solar PV installations, allowing excess electricity to be sold back to the state, are positive for solar rooftop service providers (GUNKUL, WHAUP).Middle East tensions persist amid the ceasefire, marked by Iran's seizure of two vessels, alongside the unexplained departure of the U.S. Secretary of the Navy.

Krungthai XSpring Zoom Eng. April 23, 2026

<ul><li>The second round of negotiations between the U.S. and Iran in Pakistan may take place on the morning of April 23.</li><li>The Minister of Finance is leading a "Team Thailand" delegation to the U.S. to invite three major semiconductor companies to invest in Thailand.</li><li>Short-term economic stimulus measures are still pending budget source identification.</li></ul>

The second round of negotiations between the U.S. and Iran in Pakistan may take place on the morning of April 23.The Minister of Finance is leading a "Team Thailand" delegation to the U.S. to invite three major semiconductor companies to invest in Thailand.Short-term economic stimulus measures are still pending budget source identification.

Krungthai XSpring Zoom Eng. April 21, 2026

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Ask Automotive (7175293Z IN)

Krungthai XSpring Zoom Eng. May 29, 2026

The US and Iran have reached a draft agreement to extend the ceasefire by another 60 days, while the Strait of Hormuz is set to fully reopen for...

Krungthai XSpring

ASK Automotive (Initiating Coverage): Long-Term Potential to Beat Near-Term Volatility. ADD

We expect margin expansion (barring FY27) to be supported by increase in exports mix and exit of the low-margin wheel assembly business

HDFC Securities

Krungthai XSpring Technical Eng. April 29, 2026

The index's ability to hold above its support suggests it still has a chance to move toward 1,500 points, as it remains in an upward trend and...

Krungthai XSpring

Krungthai XSpring Zoom Eng. April 23, 2026

Thailand re-enters the top 25 of the 2026 Foreign Direct Investment Confidence Index (FDICI), which will help attract capital inflows.

Krungthai XSpring

Krungthai XSpring Zoom Eng. April 21, 2026

The Minister of Finance is leading a "Team Thailand" delegation to the U.S. to invite three major semiconductor companies to invest in Thailand.

Krungthai XSpring

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