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.

Cross Asset Strategy

<ul><li>(-) Brent crude remains elevated above USD108/bbl after Saudi canceled oil shipments to Europe.</li><li>(-) The baht could weaken to Bt33.50/USD as rising bond yields strengthen the US dollar.</li><li>We expect the SET Index to trade within a volatile range of 1,572-1,585 points, with a negative bias, as investors await clarity from the Fed meeting.</li></ul>

(-) Brent crude remains elevated above USD108/bbl after Saudi canceled oil shipments to Europe.(-) The baht could weaken to Bt33.50/USD as rising bond yields strengthen the US dollar.We expect the SET Index to trade within a volatile range of 1,572-1,585 points, with a negative bias, as investors await clarity from the Fed meeting.

Krungthai XSpring Zoom Eng. September 16, 2026

Equity Bottom-Up

Bangkok Dusit Medical Services / Equity Bottom-Up

<ul><li>Concern over the COVID-19 outbreak causes us to revise down the profit forecasts.</li><li>We expect revenue growth to be slower in the next 3-4 months, reducing BDMS's revenue in 2020E by 2-3% from the previous forecast.</li><li>We revise down the revenue forecasts by 3% in 2020-2021E to reflect the impact from COVID-19.</li></ul>

Concern over the COVID-19 outbreak causes us to revise down the profit forecasts.We expect revenue growth to be slower in the next 3-4 months, reducing BDMS's revenue in 2020E by 2-3% from the previous forecast.We revise down the revenue forecasts by 3% in 2020-2021E to reflect the impact from COVID-19.

COVID-19 Outbreak to Affect 1H20E Earnings

United States

Black Knight, Inc. operates as a holding company. The Company, through its subsidiaries, provides integrated technology, work flow automation, data, and analytic solutions to the mortgage and real estate industries. Black Knight serves clients in the United States and India.

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Black Knight (BKI US)

Krungthai XSpring Zoom Eng. September 16, 2026

(-) Brent crude remains elevated above USD108/bbl after Saudi canceled oil shipments to Europe. (-) The baht could weaken to Bt33.50/USD as rising...

Krungthai XSpring

COVID-19 Outbreak to Affect 1H20E Earnings

Concern over the COVID-19 outbreak causes us to revise down the profit forecasts. We expect revenue growth to be slower in the next 3-4 months,...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)