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

Equity Bottom-Up

<ul>
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Turnaround in North America: The company is experiencing a return to organic growth in its key North American market, a significant positive shift after several quarters of decline, suggesting improving sentiment and demand.</li>
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Niche Market Leadership: <a href="https://smartkarma.com/entities/bts-group-ab">BTS Group</a> has a strong position in the specialized market of customized business simulations and experiential learning, serving a blue-chip client base that includes over 60 of the U.S. Fortune 100 companies.</li>
 <li>
Navigating AI Transformation: The advent of AI presents both a significant opportunity and a potential threat. While AI could enhance service delivery and efficiency, it also introduces uncertainty regarding its long-term impact on consulting demand and business models.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Turnaround in North America: The company is experiencing a return to organic growth in its key North American market, a significant positive shift after several quarters of decline, suggesting improving sentiment and demand.
  
Niche Market Leadership: BTS Group has a strong position in the specialized market of customized business simulations and experiential learning, serving a blue-chip client base that includes over 60 of the U.S. Fortune 100 companies.
  
Navigating AI Transformation: The advent of AI presents both a significant opportunity and a potential threat. While AI could enhance service delivery and efficiency, it also introduces uncertainty regarding its long-term impact on consulting demand and business models.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

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>We expect Thai listed companies' earnings per share (EPS) to have bottomed out and re-enter an upward YoY trajectory in 2H26, providing a key catalyst for the SET Index to reach KTX's target of 1,705.</li><li>The SET Index is expected to trend higher, with near-term resistance at 1,621, supported by improving domestic fundamentals.</li><li>The government is targeting approximately Bt900bn in foreign direct investment (FDI) through BOI investment promotion measures in 2026, broadly in line with the previous year's level.</li></ul>

We expect Thai listed companies' earnings per share (EPS) to have bottomed out and re-enter an upward YoY trajectory in 2H26, providing a key catalyst for the SET Index to reach KTX's target of 1,705.The SET Index is expected to trend higher, with near-term resistance at 1,621, supported by improving domestic fundamentals.The government is targeting approximately Bt900bn in foreign direct investment (FDI) through BOI investment promotion measures in 2026, broadly in line with the previous year's level.

Thematic (Sector/Industry)

<ul><li>The Fed unanimously voted to keep the policy rate unchanged at 3.50–3.75%, in line with expectations, but signaled one rate hike in 2026.</li><li>US and Iranian media outlets reported that the US and Iran have electronically signed a peace agreement, resulting in the immediate reopening of the Strait of Hormuz.</li><li>Crude oil prices continued to decline, increasing the likelihood that refining margins could fall to single-digit levels.</li></ul>

The Fed unanimously voted to keep the policy rate unchanged at 3.50–3.75%, in line with expectations, but signaled one rate hike in 2026.US and Iranian media outlets reported that the US and Iran have electronically signed a peace agreement, resulting in the immediate reopening of the Strait of Hormuz.Crude oil prices continued to decline, increasing the likelihood that refining margins could fall to single-digit levels.

Krungthai XSpring Zoom Eng. June 18, 2026

<ul><li>The SET Index surged more strongly than expected as buying interest flowed into large-cap stocks, particularly from foreign investors.</li><li>The uptrend remains intact, as reflected by the higher high–higher low pattern and positive signals from the RSI, MACD, and Stochastic indicators.</li><li>We recommend buying on dips and selling into strength, as volatility is likely to increase and the market is still awaiting a clearer positive catalyst to sustain the rally.</li></ul>

The SET Index surged more strongly than expected as buying interest flowed into large-cap stocks, particularly from foreign investors.The uptrend remains intact, as reflected by the higher high–higher low pattern and positive signals from the RSI, MACD, and Stochastic indicators.We recommend buying on dips and selling into strength, as volatility is likely to increase and the market is still awaiting a clearer positive catalyst to sustain the rally.

Krungthai XSpring Technical Eng. June 4, 2026

Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

The purpose of Contrarian Cashflows is to document my investment research and share it with everyone who is interested in value investing. My long term aspiration for Contrarian Cashflows is to become a platform for professional investors and serious amateurs where they can get inspiration and discuss investing-related topics.
I plan to publish one company deep dive per month that is guided by my investment approach. All information I use for my write-ups is publicly available and most of the time directly sourced from public filings issued by the respective companies. To guarantee maximum transparency, for every post I provide a list of all used sources in the resources section.
Contrarian Cashflows is built around the principles of respect, honesty, open-mindedness and a touch of humour. Please consider these principles in any engagement interaction with me, other readers and the content on this blog. Misbehaviour is not tolerated.
If you want to reach out to me directly, the best way is via LinkedIn, Twitter or email. You can find the details at my homepage contrariancashflows.com

Bassett Furniture Inds / Equity Bottom-Up

<ul><li>Bassett Furniture Industries (NASDAQ: BSET) is a 123-year-old, Virginia-headquartered, vertically integrated designer, manufacturer and retailer of residential furniture</li><li>Organized into Wholesale (three US-owned plants supplying its own stores plus ~1,000 independent dealers) and Retail (57 company-owned of 86 total Bassett Home Furnishings stores).</li><li>In October 2022 a private-equity-backed buyer, CSC Generation, offered $21/share cash for the whole company</li></ul>

Bassett Furniture Industries (NASDAQ: BSET) is a 123-year-old, Virginia-headquartered, vertically integrated designer, manufacturer and retailer of residential furnitureOrganized into Wholesale (three US-owned plants supplying its own stores plus ~1,000 independent dealers) and Retail (57 company-owned of 86 total Bassett Home Furnishings stores).In October 2022 a private-equity-backed buyer, CSC Generation, offered $21/share cash for the whole company

Sweden

BTS Group AB is an international consulting and educational company. The Company designs, develops, and markets customized business simulations for top management and key personnel. BTS offers Web-based distance learning solutions, computer-based workshops, and board simulation games that focus on issues facing the organizations. The Company markets worldwide to large corporations.

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BTS Group (BTSB SS)

Primer: BTS Group (BTSB SS) - Aug 2026

Turnaround in North America: The company is experiencing a return to organic growth in its key North American market, a significant positive...

αSK Primers

Krungthai XSpring Zoom Eng. July 6, 2026

We expect Thai listed companies' earnings per share (EPS) to have bottomed out and re-enter an upward YoY trajectory in 2H26, providing a key...

Krungthai XSpring

Krungthai XSpring Zoom Eng. June 18, 2026

The Fed unanimously voted to keep the policy rate unchanged at 3.50–3.75%, in line with expectations, but signaled one rate hike in 2026.

Krungthai XSpring

Krungthai XSpring Technical Eng. June 4, 2026

The SET Index surged more strongly than expected as buying interest flowed into large-cap stocks, particularly from foreign investors.

Krungthai XSpring

Monday Delight: 05/10/2026

Bassett Furniture Industries (NASDAQ: BSET) is a 123-year-old, Virginia-headquartered, vertically integrated designer, manufacturer and retailer...

Contrarian Cashflows

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