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>KBANK has been re-added to the portfolio.</li><li>We estimate its net profit growth at a CAGR of 5.2% during 2025-27E, supported by provisions returning to normal levels.</li><li>The average portfolio return increased by 0.20%, outperforming the SET Index (-0.55%), driven by a strong gain in SCB (+3.1%) and stocks in the meat sector (BTG, CPF).</li></ul>

KBANK has been re-added to the portfolio.We estimate its net profit growth at a CAGR of 5.2% during 2025-27E, supported by provisions returning to normal levels.The average portfolio return increased by 0.20%, outperforming the SET Index (-0.55%), driven by a strong gain in SCB (+3.1%) and stocks in the meat sector (BTG, CPF).

<ul><li>BTG and CPF are added to the portfolio thanks to the expected strong 1Q25E earnings on the back of rising swine prices in Thailand and Vietnam.</li></ul>

BTG and CPF are added to the portfolio thanks to the expected strong 1Q25E earnings on the back of rising swine prices in Thailand and Vietnam.

Krungthai Xspring KTX TACTICAL PICKS - April 10, 2025 (Eng.)

<ul><li>We add BTG to the portfolio to benefit from 1Q25E earnings growth, both QoQ and YoY, driven by rising swine prices and lower raw material costs.</li><li>TCAP is attractive from a tactical investment perspective as its ERP is approaching the average +2 S.D.</li><li>KTX's Tactical Picks portfolio is constructed within SET100 Index constituents.</li></ul>

We add BTG to the portfolio to benefit from 1Q25E earnings growth, both QoQ and YoY, driven by rising swine prices and lower raw material costs.TCAP is attractive from a tactical investment perspective as its ERP is approaching the average +2 S.D.KTX's Tactical Picks portfolio is constructed within SET100 Index constituents.

<ul><li>Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance at 1,460/1,464 points and the support at 1,448/1,440 points.</li><li>This is expected to create positive sentiment for the first trading day of the Chinese stock market today after the long holiday.</li><li>Investment strategy: We recommend GLOBAL, HMPRO and BCP.</li></ul>

Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance at 1,460/1,464 points and the support at 1,448/1,440 points.This is expected to create positive sentiment for the first trading day of the Chinese stock market today after the long holiday.Investment strategy: We recommend GLOBAL, HMPRO and BCP.

Monitor the Direction of the Chinese Stock Market After the Long Holiday

<ul><li>KTX maintains a Neutral rating with a 12M fair value of Bt24.14, based on the earnings yield method and a required return of 4.1%.</li><li>The valuation metrics suggest a positive view on the long-term trend, which is expected to turn around to profit, alongside a neutral view on the current fundamentals.</li><li>The tactical upside risk is limited.</li></ul>

KTX maintains a Neutral rating with a 12M fair value of Bt24.14, based on the earnings yield method and a required return of 4.1%.The valuation metrics suggest a positive view on the long-term trend, which is expected to turn around to profit, alongside a neutral view on the current fundamentals.The tactical upside risk is limited.

Upbeat 2Q24 Earnings Turnaround; Momentum in 3Q24E

United Kingdom

BTG plc was an international specialist healthcare company that developed and commercialized products targeting critical care, cancer, and other disorders. Its portfolio included interventional medicine products for liver tumors, emphysema, blood clots, and varicose veins, alongside specialty pharmaceuticals. The company was headquartered in London, United Kingdom, and was founded in 1948 as the National Research Development Corporation, later becoming BTG in 1998.

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

BTG (BTG LN)

KTX Tactical Picks

KBANK has been re-added to the portfolio. We estimate its net profit growth at a CAGR of 5.2% during 2025-27E, supported by provisions returning...

Krungthai XSpring

Krungthai Xspring KTX TACTICAL PICKS - April 10, 2025 (Eng.)

BTG and CPF are added to the portfolio thanks to the expected strong 1Q25E earnings on the back of rising swine prices in Thailand and Vietnam.

Krungthai XSpring

KTX Tactical Picks

We add BTG to the portfolio to benefit from 1Q25E earnings growth, both QoQ and YoY, driven by rising swine prices and lower raw material...

Krungthai XSpring

Monitor the Direction of the Chinese Stock Market After the Long Holiday

Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance at 1,460/1,464 points and the support at 1,448/1,440...

Krungthai XSpring

Upbeat 2Q24 Earnings Turnaround; Momentum in 3Q24E

KTX maintains a Neutral rating with a 12M fair value of Bt24.14, based on the earnings yield method and a required return of 4.1%. The valuation...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)