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>TU has fallen out of the ranking criteria, with a holding-period return of -3.9%.</li>
<li>We add BJC, RBF and TCAP to the portfolio.</li>
<li>Strong rebounds in electronics component stocks (HANA, KCE), together with gains in CRC and BCP, lifted the portfolio's average return by 0.60%, outperforming the SET, which fell 0.47% amid selling pressure in DELTA.</li>
</ul>


TU has fallen out of the ranking criteria, with a holding-period return of -3.9%.
We add BJC, RBF and TCAP to the portfolio.
Strong rebounds in electronics component stocks (HANA, KCE), together with gains in CRC and BCP, lifted the portfolio's average return by 0.60%, outperforming the SET, which fell 0.47% amid selling pressure in DELTA.


KTX TACTICAL PICKS - September 10, 2026 (Eng.)

Technical Analysis

<ul><li>Asian markets remained cautious amid the US-Iran conflict and uncertainty over the Fed's interest-rate outlook.</li><li>The index continues to consolidate around support at 1,587 points, remaining in a base-building phase.</li><li>We expect the index to continue trading sideways while awaiting fresh catalysts.</li></ul>

Asian markets remained cautious amid the US-Iran conflict and uncertainty over the Fed's interest-rate outlook.The index continues to consolidate around support at 1,587 points, remaining in a base-building phase.We expect the index to continue trading sideways while awaiting fresh catalysts.

Krungthai XSpring Technical Eng. - September 2, 2026

<ul>
<li>We added BJC and TCAP, replacing CCET and CENTEL (+0.4% holding return), which no longer meet our ranking criteria.</li>
<li>The portfolio gained 1.6%, outperforming the SET (+0.6%).</li>
<li>Growth was driven by a broad rally led by energy names, offsetting weakness in AMATA, KTB, and PTT.</li>
</ul>


We added BJC and TCAP, replacing CCET and CENTEL (+0.4% holding return), which no longer meet our ranking criteria.
The portfolio gained 1.6%, outperforming the SET (+0.6%).
Growth was driven by a broad rally led by energy names, offsetting weakness in AMATA, KTB, and PTT.


KTX Tactical Picks - August 26, 2026 (Eng.)

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>
<a href="https://smartkarma.com/entities/berli-jucker-public-co-ltd">Berli Jucker</a> (BJC) is a highly diversified Thai conglomerate with a long history, operating across four main segments: Packaging, Consumer, Healthcare &amp; Technical, and Modern Retail. The Modern Retail Supply Chain, primarily through its Big C hypermarkets, is the largest revenue contributor.</li>
  <li>The company is facing significant headwinds in its domestic retail business due to intense competition and weak consumer spending, which has pressured profitability and led to negative same-store sales growth.</li>
  <li>Management is pursuing international expansion as a key growth strategy, focusing on Vietnam through the recent acquisition of MM Mega Market. This move aims to diversify revenue streams and capture growth in a high-potential market, with a target of generating 30% of revenue from outside Thailand by 2030.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Berli Jucker (BJC) is a highly diversified Thai conglomerate with a long history, operating across four main segments: Packaging, Consumer, Healthcare &amp; Technical, and Modern Retail. The Modern Retail Supply Chain, primarily through its Big C hypermarkets, is the largest revenue contributor.
  The company is facing significant headwinds in its domestic retail business due to intense competition and weak consumer spending, which has pressured profitability and led to negative same-store sales growth.
  Management is pursuing international expansion as a key growth strategy, focusing on Vietnam through the recent acquisition of MM Mega Market. This move aims to diversify revenue streams and capture growth in a high-potential market, with a target of generating 30% of revenue from outside Thailand by 2030.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Two thirds of the way through the review period, we see one change for the <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-50-index" target="_blank" data-smartkarma-citation="entities:31493:1" rel="noopener">SET 50 Index</a> in December with <a href="https://www.smartkarma.com/entities/kce-electronics-pcl" target="_blank" data-smartkarma-citation="entities:1892:1" rel="noopener">KCE Electronics (KCE TB)</a> replacing <a href="https://www.smartkarma.com/entities/ngern-tid-lor-pcl" target="_blank" data-smartkarma-citation="entities:31103:1" rel="noopener">Ngern Tid Lor (TIDLOR TB)</a>. </li>
<li>There is one close change where <a href="https://www.smartkarma.com/entities/i-tail-corp-pcl" target="_blank" data-smartkarma-citation="entities:36428:1" rel="noopener">I-TAIL (ITC TB)</a> could replace <a href="https://www.smartkarma.com/entities/srisawad-corp-pcl" target="_blank" data-smartkarma-citation="entities:9480:1" rel="noopener">Srisawad Power 1979 (SAWAD TB)</a> in the index.</li>
<li>
<a href="https://www.smartkarma.com/entities/delta-electronics-thailand-pcl-98806732-8ac4-42b2-a565-ba32673d1e5a" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thailand (DELTA TB)</a> is unlikely to be deleted while <a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker (BJC TB)</a> fails liquidity and is unlikely to be added.</li>
</ul>


Two thirds of the way through the review period, we see one change for the SET 50 Index in December with KCE Electronics (KCE TB) replacing Ngern Tid Lor (TIDLOR TB). 
There is one close change where I-TAIL (ITC TB) could replace Srisawad Power 1979 (SAWAD TB) in the index.

Delta Electronics Thailand (DELTA TB) is unlikely to be deleted while Berli Jucker (BJC TB) fails liquidity and is unlikely to be added.


SET50 Index Rebalance Preview: One High Probability Change; Another One Is Close

Thailand

Berli Jucker Public Company Limited is a diversified company manufacturing, distributing, and servicing in packaging, consumer goods, healthcare, and technical supply chains. Its products include glass packaging, aluminum cans, plastic packaging, tissue papers, personal care products, and various food and beverages. The company is headquartered in Bangkok, Thailand, and was founded in 1882.

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Berli Jucker (BJC TB)

KTX TACTICAL PICKS - September 10, 2026 (Eng.)

TU has fallen out of the ranking criteria, with a holding-period return of -3.9%. We add BJC, RBF and TCAP to the portfolio. Strong rebounds in...

Krungthai XSpring

Krungthai XSpring Technical Eng. - September 2, 2026

Asian markets remained cautious amid the US-Iran conflict and uncertainty over the Fed's interest-rate outlook. The index continues to consolidate...

Krungthai XSpring

KTX Tactical Picks - August 26, 2026 (Eng.)

We added BJC and TCAP, replacing CCET and CENTEL (+0.4% holding return), which no longer meet our ranking criteria. The portfolio gained 1.6%,...

Krungthai XSpring

Primer: Berli Jucker (BJC TB) - Aug 2026

Berli Jucker (BJC) is a highly diversified Thai conglomerate with a long history, operating across four main segments: Packaging, Consumer,...

αSK Primers

SET50 Index Rebalance Preview: One High Probability Change; Another One Is Close

KCE could replace TIDLOR in the SET50 in Dec. ITC is a close add and could replace SAWAD. The impact on the stocks is big given the index is...

Brian Freitas

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