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>We have raised the portfolio's weighting in the energy sector through additions of BCP, GPSC, SPRC, and TOP, while also adding CENTEL.</li>
<li>The rebound in bank stocks lifted the portfolio's average return by 0.12%, broadly in line with the SET's 0.19% gain.</li>
</ul>


The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.
We have raised the portfolio's weighting in the energy sector through additions of BCP, GPSC, SPRC, and TOP, while also adding CENTEL.
The rebound in bank stocks lifted the portfolio's average return by 0.12%, broadly in line with the SET's 0.19% gain.


KTX Tactical Picks - July 23, 2026 (Eng.)

<ul><li>A sharp rebound in energy stocks lifted our portfolio's average return by 2.62%, outperforming the SET Index's 0.88% gain.</li><li>Consequently, several of our holdings have hit our take-profit threshold of a holding-period return (HPR) exceeding 20%.</li><li>Additionally, we have replaced KBANK (HPR: -1.0%) with GLOBAL, as KBANK no longer meets our ranking criteria.</li></ul>

A sharp rebound in energy stocks lifted our portfolio's average return by 2.62%, outperforming the SET Index's 0.88% gain.Consequently, several of our holdings have hit our take-profit threshold of a holding-period return (HPR) exceeding 20%.Additionally, we have replaced KBANK (HPR: -1.0%) with GLOBAL, as KBANK no longer meets our ranking criteria.

KTX Tactical Picks - July 15, 2026 (Eng.)

<ul>
<li>No changes have been made to the investment positions in the KTX Tactical Picks portfolio today.</li>
<li>The portfolio benefited from the rebound in energy (BCP, GUNKUL, and TOP) and the ICT sector (TRUE), lifting its average return by 0.55%.</li>
<li>Meanwhile, the SET Index slipped 0.06%, pressured by electronics stocks amid the global selloff in technology shares.</li>
</ul>


No changes have been made to the investment positions in the KTX Tactical Picks portfolio today.
The portfolio benefited from the rebound in energy (BCP, GUNKUL, and TOP) and the ICT sector (TRUE), lifting its average return by 0.55%.
Meanwhile, the SET Index slipped 0.06%, pressured by electronics stocks amid the global selloff in technology shares.


KTX Tactical Picks - July 14, 2026 (Eng.)

<ul><li>4Q25 net profit was Bt2.2bn, in line with expectations, surging YoY and +100% QoQ (vs. large negative one-off items in 4Q24 and 3Q25).</li><li>We reiterate Buy and raise our 12M FV to Bt42.00 (from Bt40.00), based on a 14% required return (from 15.3%).</li><li>2025 core profit rose 67% YoY to Bt10.2bn, mainly driven by strong 4Q25 earnings (~40% of full-year core profit).</li></ul>

4Q25 net profit was Bt2.2bn, in line with expectations, surging YoY and +100% QoQ (vs. large negative one-off items in 4Q24 and 3Q25).We reiterate Buy and raise our 12M FV to Bt42.00 (from Bt40.00), based on a 14% required return (from 15.3%).2025 core profit rose 67% YoY to Bt10.2bn, mainly driven by strong 4Q25 earnings (~40% of full-year core profit).

Bangchak Corporation Plc. (BCP): Strong 4Q25 Core And Net Profits

<ul><li>4Q25E core profit likely grew strongly YoY and QoQ, driven by a high market GRM base (~USD10.5/bbl) and stronger-than-expected Monsoon contributions.</li><li>We maintain a Buy call with a 12M FV of Bt40.00, based on a required return of 15.3% (from Bt43.00; 14.2% earlier).</li><li>We expect 4Q25E core profit of Bt4.3bn (+141% YoY, +36% QoQ), driven by record crude runs, a high market GRM base, and strong BCPG earnings from Monsoon and US CCGT.</li></ul>

4Q25E core profit likely grew strongly YoY and QoQ, driven by a high market GRM base (~USD10.5/bbl) and stronger-than-expected Monsoon contributions.We maintain a Buy call with a 12M FV of Bt40.00, based on a required return of 15.3% (from Bt43.00; 14.2% earlier).We expect 4Q25E core profit of Bt4.3bn (+141% YoY, +36% QoQ), driven by record crude runs, a high market GRM base, and strong BCPG earnings from Monsoon and US CCGT.

BANGCHAK CORPORATION Plc. (BCP): 4Q25E Core And NP Surge; Strong 3Y Earnings Outlook

Thailand

Bangchak Corporation is a Thai energy conglomerate engaged in petroleum refining, marketing, and distribution of petroleum products, alongside renewable energy, biofuels, and green technologies. The company operates two world-class refineries and a network of over 2,000 service stations, while also investing in solar, wind, and hydropower. It was founded in 1984 and is headquartered in Bangkok, Thailand.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Bangchak Corporation (BCP TB)

KTX Tactical Picks - July 23, 2026 (Eng.)

The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts. We have raised...

Krungthai XSpring

KTX Tactical Picks - July 15, 2026 (Eng.)

A sharp rebound in energy stocks lifted our portfolio's average return by 2.62%, outperforming the SET Index's 0.88% gain. Consequently, several...

Krungthai XSpring

KTX Tactical Picks - July 14, 2026 (Eng.)

No changes have been made to the investment positions in the KTX Tactical Picks portfolio today. The portfolio benefited from the rebound in...

Krungthai XSpring

Bangchak Corporation Plc. (BCP): Strong 4Q25 Core And Net Profits

4Q25 net profit was Bt2.2bn, in line with expectations, surging YoY and +100% QoQ (vs. large negative one-off items in 4Q24 and 3Q25).

Krungthai XSpring

BANGCHAK CORPORATION Plc. (BCP): 4Q25E Core And NP Surge; Strong 3Y Earnings Outlook

4Q25E core profit likely grew strongly YoY and QoQ, driven by a high market GRM base (~USD10.5/bbl) and stronger-than-expected Monsoon contributions.

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)