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>Core profit in 1Q25 declined YoY, and the 2Q25E figure is expected to weaken QoQ due to entering the low season and the gradual return of wet-leased aircraft.</li><li>In the longer term, pressure arises from the renewal of service and inflight catering contracts at Suvarnabhumi Airport (expiring in 2Q26E), as well as the renovation of Samui Airport, which will take time to increase passenger volume.</li><li>We maintain a Neutral rating with a fair value of Bt19.00, based on a required return of 10.3%.</li></ul>

Core profit in 1Q25 declined YoY, and the 2Q25E figure is expected to weaken QoQ due to entering the low season and the gradual return of wet-leased aircraft.In the longer term, pressure arises from the renewal of service and inflight catering contracts at Suvarnabhumi Airport (expiring in 2Q26E), as well as the renovation of Samui Airport, which will take time to increase passenger volume.We maintain a Neutral rating with a fair value of Bt19.00, based on a required return of 10.3%.

Bangkok Airways - 1Q25 Core Profit Contracted YoY

<ul><li>1Q25E core profit is expected to be unremarkable due to higher tax expenses, and the 2Q25E performance is projected to decline QoQ, driven by seasonal factors and the return of two wet-leased aircraft during late March to April.</li><li>In addition, the absence of new catalysts limits the potential upside, resulting in long-term core EPS growth of just a 4% CAGR — lower than the industry average.</li><li>We maintain a Neutral rating but revise down the fair value to Bt19.00, based on a required return of 10.3%, reflecting our house view’s updated macro assumptions: Rf = 2.07% and MRP = 5.58% (previously Bt25.25, 8.0%, Rf = 2.27%, and MRP = 4.43%).</li></ul>

1Q25E core profit is expected to be unremarkable due to higher tax expenses, and the 2Q25E performance is projected to decline QoQ, driven by seasonal factors and the return of two wet-leased aircraft during late March to April.In addition, the absence of new catalysts limits the potential upside, resulting in long-term core EPS growth of just a 4% CAGR — lower than the industry average.We maintain a Neutral rating but revise down the fair value to Bt19.00, based on a required return of 10.3%, reflecting our house view’s updated macro assumptions: Rf = 2.07% and MRP = 5.58% (previously Bt25.25, 8.0%, Rf = 2.27%, and MRP = 4.43%).

Bangkok Airways - Unexciting 1Q25E Earnings; No New LT Catalysts

<ul><li>We initiate coverage on BA with a Neutral rating.</li><li>While we have a positive view on its fundamentals, with the fair value offering 35% upside, we are concerned about its long-term performance, with an expected 2025-27E core EPS CAGR of +4%, lower than the industry average of +9%.</li><li>The share price may rise in the short term, supported by an expected increase in 1Q25E core profit both YoY and QoQ. </li></ul>

We initiate coverage on BA with a Neutral rating.While we have a positive view on its fundamentals, with the fair value offering 35% upside, we are concerned about its long-term performance, with an expected 2025-27E core EPS CAGR of +4%, lower than the industry average of +9%.The share price may rise in the short term, supported by an expected increase in 1Q25E core profit both YoY and QoQ. 

Bangkok Airways - Limited LT Growth Outlook...

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

<ul>
<li>I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a>. </li>
<li>As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>


I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of Thai Union Group (TU TB). 
As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
In this note, we talk about the not-so-positive aspects of the deal.


I-Tail Corporation Pre-IPO - The Negatives - Non-Uniform Growth

Thematic (Sector/Industry)

<ul><li>The SET Index is expected to trade sideways up today, though momentum is likely to moderate.</li><li>The Cabinet has approved the Khon La Khrueng Plus scheme with a total budget of Bt44bn (in line with expectations).</li><li>The MPC meeting will be held today, with the outcome expected around 2:00 p.m. Bloomberg Consensus expects the policy rate to be cut from 1.50% to 1.25%, the lowest level in three years.</li></ul>

The SET Index is expected to trade sideways up today, though momentum is likely to moderate.The Cabinet has approved the Khon La Khrueng Plus scheme with a total budget of Bt44bn (in line with expectations).The MPC meeting will be held today, with the outcome expected around 2:00 p.m. Bloomberg Consensus expects the policy rate to be cut from 1.50% to 1.25%, the lowest level in three years.

Krungthai XSpring Zoom Eng. October 8, 2025

Thailand

Bangkok Airways Company Limited offers air transportation services. The Company operates flights and airports to various resort destinations in Thailand, Myanmar, Laos, Cambodia, Vietnam, Malaysia, Singapore, China, and Japan.

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Bangkok Airways (BA TB)

Bangkok Airways - 1Q25 Core Profit Contracted YoY

Core profit in 1Q25 declined YoY, and the 2Q25E figure is expected to weaken QoQ due to entering the low season and the gradual return of wet...

Krungthai XSpring

Bangkok Airways - Unexciting 1Q25E Earnings; No New LT Catalysts

We maintain a Neutral rating but revise down the fair value to Bt19.00, based on a required return of 10.3%, reflecting our house view’s updated...

Krungthai XSpring

Bangkok Airways - Limited LT Growth Outlook...

While we have a positive view on its fundamentals, with the fair value offering 35% upside, we are concerned about its long-term performance

Krungthai XSpring

I-Tail Corporation Pre-IPO - The Negatives - Non-Uniform Growth

I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of...

Sumeet Singh

Krungthai XSpring Zoom Eng. October 8, 2025

The MPC meeting will be held today, with the outcome expected around 2:00 p.m. Bloomberg Consensus expects the policy rate to be cut from 1.50% to...

Krungthai XSpring

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