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

Gulf Energy Development  / Equity Bottom-Up

<ul><li>Over a year of declining interest rates has saved SET-listed companies more than Bt14bn per quarter in interest expenses, as the effective interest rate fell from 4.6% in 3Q24 to 4.2% in 3Q25.</li><li>The policy rate cut from 2.50% in 3Q24 to 1.50% in 3Q25 has filtered through to listed companies, lowering their effective interest rate from its peak of 4.6% in 3Q24 to 4.2% in 3Q25.</li><li>The time-interest-earned (TIE) ratio, calculated as EBIT divided by interest expenses, rose from 2.4x in 4Q24 to 3.4x in 3Q25, while financial leverage declined from 1.7x in 4Q24 to 1.4x in 2Q25.</li></ul>

Over a year of declining interest rates has saved SET-listed companies more than Bt14bn per quarter in interest expenses, as the effective interest rate fell from 4.6% in 3Q24 to 4.2% in 3Q25.The policy rate cut from 2.50% in 3Q24 to 1.50% in 3Q25 has filtered through to listed companies, lowering their effective interest rate from its peak of 4.6% in 3Q24 to 4.2% in 3Q25.The time-interest-earned (TIE) ratio, calculated as EBIT divided by interest expenses, rose from 2.4x in 4Q24 to 3.4x in 3Q25, while financial leverage declined from 1.7x in 4Q24 to 1.4x in 2Q25.

Special Report - Lower Rates Lift SET 20063 EPS; Top Picks: GULF, BCPG, EGCO, LH

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

At the end of June, the <a href="https://www.smartkarma.com/entities/bts-group-holdings-pcl" target="_blank" data-smartkarma-citation="entities:15943:1" rel="noopener">BTS Group Holdings (BTS TB)</a> BTS-W4 warrants saw an exercise period come and go and with that event, some 655.4mm warrants were exercised leaving 611.5mm warrants left to exercise by November.The next event is the July-end dividend and warrant conversion price reset. In the meantime, since I wrote <a href="https://www.smartkarma.com/insights/bts-group-warrants-still-a-pleasant-arb" target="_blank" data-smartkarma-citation="insights:30477" rel="noopener">BTS Group Warrants: Still A Pleasant Arb</a> in late June, the price of the underlying BTS shares has moved up another 5% and the warrants are trading flat.Because the warrants are now 20% in the money, they have less optionality, and therefore the value of the implied put option as of today's close is about 0.03 THB or 3 satang per share (about 0.24%). Most of the day on 17 July the warrants traded 0.02-0.14 baht cheap to intrinsic, suggesting the warrants are 0.05-0.15 baht cheap to their real value. That seems like little extra value, but ignoring the optionality, the warrants are a cheaper way to own the economic exposure to the shares, and you get a free put.

At the end of June, the BTS Group Holdings (BTS TB) BTS-W4 warrants saw an exercise period come and go and with that event, some 655.4mm warrants were exercised leaving 611.5mm warrants left to exercise by November.The next event is the July-end dividend and warrant conversion price reset. In the meantime, since I wrote BTS Group Warrants: Still A Pleasant Arb in late June, the price of the underlying BTS shares has moved up another 5% and the warrants are trading flat.Because the warrants are now 20% in the money, they have less optionality, and therefore the value of the implied put option as of today's close is about 0.03 THB or 3 satang per share (about 0.24%). Most of the day on 17 July the warrants traded 0.02-0.14 baht cheap to intrinsic, suggesting the warrants are 0.05-0.15 baht cheap to their real value. That seems like little extra value, but ignoring the optionality, the warrants are a cheaper way to own the economic exposure to the shares, and you get a free put.

BTS Group Warrants - The Less the Merrier

Thailand

LOCAL TICKER. EXERCISE DATES: LAST BUSINESS DAY OF EVERY QUARTER UP TO MATURITY.

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BTS Group Holdings PCL (BTS-W4 TB)

Special Report - Lower Rates Lift SET 20063 EPS; Top Picks: GULF, BCPG, EGCO, LH

Over a year of declining interest rates has saved SET-listed companies more than Bt14bn per quarter in interest expenses, as the effective interest...

Krungthai XSpring

BTS Group Warrants - The Less the Merrier

At the end of June, the BTS Group Holdings (BTS TB) BTS-W4 warrants saw an exercise period come and go and with that event, some 655.4mm warrants...

Travis Lundy

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