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>The SET Index is expected to move sideways, with the resistance at 1,650/1,660 points and the support at 1,630/1,617 points.</li><li>We recommend trading buy on BH, AS and IVL.</li><li>Yesterday, foreign investors continued to be net buyers in the SET at Bt6,141.06mn, raising the cumulative buying in August to Bt41,177.63mn and the YTD buying to Bt158,528.42mn.</li></ul>

The SET Index is expected to move sideways, with the resistance at 1,650/1,660 points and the support at 1,630/1,617 points.We recommend trading buy on BH, AS and IVL.Yesterday, foreign investors continued to be net buyers in the SET at Bt6,141.06mn, raising the cumulative buying in August to Bt41,177.63mn and the YTD buying to Bt158,528.42mn.

Equity Bottom-Up

<ul><li>BBIK offers the strongest growth potential in the technology sector, underpinned by its Digital Excellence and Delivery (Dx) business with one of the largest developer bases in Thailand and a solid outlook.</li><li>Net profit in 2025E is projected to rise 16% YoY to Bt349mn, the highest in the sector, despite a flat industry backdrop.</li><li>We initiate coverage with a Buy rating and a fair value of Bt27, based on a 7% required return, implying a 2026E P/E of 14x (–1.5SD) and a 3-year PEG of 1.11x.</li></ul>

BBIK offers the strongest growth potential in the technology sector, underpinned by its Digital Excellence and Delivery (Dx) business with one of the largest developer bases in Thailand and a solid outlook.Net profit in 2025E is projected to rise 16% YoY to Bt349mn, the highest in the sector, despite a flat industry backdrop.We initiate coverage with a Buy rating and a fair value of Bt27, based on a 7% required return, implying a 2026E P/E of 14x (–1.5SD) and a 3-year PEG of 1.11x.

BLUEBIK GROUP Plc. (BBIK): Top Performer In The Sector

<ul><li>BBIK reported a 1Q25 net profit of Bt72mn (+10% YoY, -30% QoQ), in line with market expectations.</li><li>In the short term, the company may face economic volatility, which could lead to customers delaying investments in new technologies.</li><li>We are currently reviewing our earnings forecasts, rating, and target price for BBIK.</li></ul>

BBIK reported a 1Q25 net profit of Bt72mn (+10% YoY, -30% QoQ), in line with market expectations.In the short term, the company may face economic volatility, which could lead to customers delaying investments in new technologies.We are currently reviewing our earnings forecasts, rating, and target price for BBIK.

Bluebik Group - Earnings in Line with Market Expectations

Central Pacific Financial Corp / Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to weaken, with the support levels at 1,177/1,171 points (10-day EMA) and the resistance at 1,197/1,204 points.</li><li>As such, the medium- to long-term view remains bullish, and any weakness is seen as a buying opportunity — we recommend investing in selective stocks.</li><li>Today's FOMC meeting is thus expected to maintain the current rate (in line with the consensus).</li></ul>

Technically, the SET Index is expected to weaken, with the support levels at 1,177/1,171 points (10-day EMA) and the resistance at 1,197/1,204 points.As such, the medium- to long-term view remains bullish, and any weakness is seen as a buying opportunity — we recommend investing in selective stocks.Today's FOMC meeting is thus expected to maintain the current rate (in line with the consensus).

<ul><li>The SET Index is expected to weaken, with the resistance at 1,630/1,640 points and the support at 1,614 points (10/25-day EMA)/1,608 points (50-day EMA).</li><li>We suggest trading buy on ASIAN, TFG and JMART.</li><li>Negative momentum will be generated from China's lockdown of a major city where the production bases of chips and autos are located.</li></ul>

The SET Index is expected to weaken, with the resistance at 1,630/1,640 points and the support at 1,614 points (10/25-day EMA)/1,608 points (50-day EMA).We suggest trading buy on ASIAN, TFG and JMART.Negative momentum will be generated from China's lockdown of a major city where the production bases of chips and autos are located.

Thailand

Bluebik Group Public Company Limited is a leading consultancy specializing in end-to-end digital transformation services. The company provides a range of services including management consulting, digital excellence and delivery, strategic project management office (PMO), big data implementation, and data analytics. Bluebik Group also offers expertise in cybersecurity, digital trust, and ERP advisory and implementation. The company was founded in 2013 and is headquartered in Bangkok, Thailand.

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Bluebik Group (BBIK TB)

Market Outlook

The SET Index is expected to move sideways, with the resistance at 1,650/1,660 points and the support at 1,630/1,617 points. We recommend trading...

Krungthai XSpring

BLUEBIK GROUP Plc. (BBIK): Top Performer In The Sector

We initiate coverage with a Buy rating and a fair value of Bt27, based on a 7% required return, implying a 2026E P/E of 14x (–1.5SD) and a 3-year...

Krungthai XSpring

Bluebik Group - Earnings in Line with Market Expectations

In the short term, the company may face economic volatility, which could lead to customers delaying investments in new technologies.

Krungthai XSpring

US FOMC Meeting

Technically, the SET Index is expected to weaken, with the support levels at 1,177/1,171 points (10-day EMA) and the resistance at 1,197/1,204...

Krungthai XSpring

Market Outlook

The SET Index is expected to weaken, with the resistance at 1,630/1,640 points and the support at 1,614 points (10/25-day EMA)/1,608 points...

Krungthai XSpring

Price Gauge

52-week Range

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