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 emergence of virtual banks in Thailand still faces challenges in proving their success, as traditional banks have already invested heavily in IT and developed applications with features increasingly comparable to those of virtual banks.</li><li>The three virtual banks expected to launch in 2026E are likely to remain small, with a market share of just 1.1–1.2% of total loans and deposits in the system.</li><li>Ultimately, whether or not virtual banks materialize, the Thai banking sector is already entering the digital and AI era.</li></ul>

The emergence of virtual banks in Thailand still faces challenges in proving their success, as traditional banks have already invested heavily in IT and developed applications with features increasingly comparable to those of virtual banks.The three virtual banks expected to launch in 2026E are likely to remain small, with a market share of just 1.1–1.2% of total loans and deposits in the system.Ultimately, whether or not virtual banks materialize, the Thai banking sector is already entering the digital and AI era.

Banking: Virtual Banks and the Thai Banking Landscape

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

JSW Cement Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jsw-cement-limited" target="_blank" data-smartkarma-citation="entities:43870:1" rel="noopener">JSW Cement Limited (9858514Z IN)</a> raised about US$410m in its India IPO.</li>
<li>JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



JSW Cement Limited (9858514Z IN) raised about US$410m in its India IPO.
JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


JSW Cement IPO Trading - Overall Demand Lags Recent Listings

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jsw-cement-limited" target="_blank" data-smartkarma-citation="entities:43870:1" rel="noopener">JSW Cement Limited (9858514Z IN)</a> is looking to raise about US$410m in its India IPO. The IPO has been downsized from US$480m with primary component cut to US$160m from US$180m.</li>
<li>JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.</li>
</ul>



JSW Cement Limited (9858514Z IN) is looking to raise about US$410m in its India IPO. The IPO has been downsized from US$480m with primary component cut to US$160m from US$180m.
JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.


JSW Cement IPO - RHP Updates, Peer Comp and Thoughts on Valuations

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>The Reserve Bank of India (RBI), in its latest monetary policy committee (MPC) meeting, maintained status quo on policy rates while also retaining its neutral stance</li><li>While the RBI maintained its FY26 forecast for GDP growth at 6.5%, we believe that the RBI’s forecasts are subject to downside risks unless the system sees a meaningful rebound in bank credit growth</li><li>Although asset yields have seen reasonably quick transmission by banks (71bps on fresh loans), aggregate bank credit growth has been clocking at sub-10% over the past few months</li></ul>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.

The Reserve Bank of India (RBI), in its latest monetary policy committee (MPC) meeting, maintained status quo on policy rates while also retaining its neutral stanceWhile the RBI maintained its FY26 forecast for GDP growth at 6.5%, we believe that the RBI’s forecasts are subject to downside risks unless the system sees a meaningful rebound in bank credit growthAlthough asset yields have seen reasonably quick transmission by banks (71bps on fresh loans), aggregate bank credit growth has been clocking at sub-10% over the past few monthsContent 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.

Leveraged Financials: Transmission Underway, Searching for Growth Catalysts

<ul><li>Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 1,635/sh is premised on (1) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams, (2) recovery in the O2C margin, and (3) potential for further value unlocking in the digital and retail businesses</li><li>RIL’s consolidated Q1FY26 EBITDA stood at INR 429.0bn (+10.7% YoY, -2.1% QoQ) and APAT at INR 180.7 bn (+2.4% YoY, +4.7% QoQ), below our estimates, due to lower-than-expected O2C margin and lower-than-expected crude oil throughput.</li><li>JSW Steel: We maintain BUY on JSW Steel (JSWS) with a revised target price of INR 1,120/share</li></ul>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.

Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 1,635/sh is premised on (1) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams, (2) recovery in the O2C margin, and (3) potential for further value unlocking in the digital and retail businessesRIL’s consolidated Q1FY26 EBITDA stood at INR 429.0bn (+10.7% YoY, -2.1% QoQ) and APAT at INR 180.7 bn (+2.4% YoY, +4.7% QoQ), below our estimates, due to lower-than-expected O2C margin and lower-than-expected crude oil throughput.JSW Steel: We maintain BUY on JSW Steel (JSWS) with a revised target price of INR 1,120/shareContent 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.

HSIE Results Daily: Reliance Industries, JSW Steel, Union Bank of India, AU Small Finance Bank...

India

AU Small Finance Bank Limited operates as a commercial bank. The Bank offers financial products and services such as savings and current accounts, term deposits, debit cards, insurance, government banking, retail loans, and microfinance lending. AU Small Finance Bank serves customers in India.

AU Small Finance Bank Limited (AUBANK IN)

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AU Small Finance Bank Limited (AUBANK IN)

Banking: Virtual Banks and the Thai Banking Landscape

The three virtual banks expected to launch in 2026E are likely to remain small, with a market share of just 1.1–1.2% of total loans and deposits in...

Krungthai XSpring

JSW Cement IPO Trading - Overall Demand Lags Recent Listings

JSW Cement raised about US$410m in its India IPO. We have covered various aspects of the deal in our previous note. In this note, we will talk...

Akshat Shah

JSW Cement IPO - RHP Updates, Peer Comp and Thoughts on Valuations

JSW Cement is looking to raise about US$410m in its India IPO. In this note, we talk about the RHP updates, peer comp and implied valuations in the...

Akshat Shah

Leveraged Financials: Transmission Underway, Searching for Growth Catalysts

The Reserve Bank of India (RBI), in its latest monetary policy committee (MPC) meeting, maintained status quo on policy rates while also retaining...

HDFC Securities

HSIE Results Daily: Reliance Industries, JSW Steel, Union Bank of India, AU Small Finance Bank...

RIL’s consolidated Q1FY26 EBITDA stood at INR 429.0bn (+10.7% YoY, -2.1% QoQ) and APAT at INR 180.7 bn (+2.4% YoY, +4.7% QoQ), below our estimates

HDFC Securities

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