Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>ASEAN has underperformed Asia in 2026, but Singapore (up 24%) and Thailand (up 28%) are stand-out outperformers. Both have benefitted from AI capex, but many other drivers have supported Singapore.</li>
<li>Both Markets have had significant EPS estimate upgrades driven by tech hardware, industrials and process industries. For Thailand, basic materials and energy have also chipped in significantly.</li>
<li>Screening stocks on strong growth, reasonable valuations, healthy balance sheets and EPS upgrades over past 6 months, we highlight 5 stocks in Singapore and 6 in Thailand.</li>
</ul>


ASEAN has underperformed Asia in 2026, but Singapore (up 24%) and Thailand (up 28%) are stand-out outperformers. Both have benefitted from AI capex, but many other drivers have supported Singapore.
Both Markets have had significant EPS estimate upgrades driven by tech hardware, industrials and process industries. For Thailand, basic materials and energy have also chipped in significantly.
Screening stocks on strong growth, reasonable valuations, healthy balance sheets and EPS upgrades over past 6 months, we highlight 5 stocks in Singapore and 6 in Thailand.


ASEAN Champions of 2026: Singapore and Thailand - Deep Dive Yields Interesting Stock Ideas

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.

Technical Analysis

Delta Electronics (Thailand) / Technical Analysis

<ul>
<li>Despite concerns across Asian markets over escalating Middle East tensions and the prospect of further Fed rate hikes, the SET advanced as the lack of domestic negative catalysts encouraged buying in banking stocks, DELTA, KCE and CCET, allowing the index to close higher despite a sixth consecutive day of foreign net selling.</li>
<li>The index's rebound from the 1,587-point support has revived expectations of a technical rebound.</li>
<li>We maintain a positive outlook and expect the index to move sideways with an upward bias.</li>
</ul>


Despite concerns across Asian markets over escalating Middle East tensions and the prospect of further Fed rate hikes, the SET advanced as the lack of domestic negative catalysts encouraged buying in banking stocks, DELTA, KCE and CCET, allowing the index to close higher despite a sixth consecutive day of foreign net selling.
The index's rebound from the 1,587-point support has revived expectations of a technical rebound.
We maintain a positive outlook and expect the index to move sideways with an upward bias.


Krungthai XSpring Technical Eng. September 1, 2026

<ul><li>2Q26 results for the 116 companies covered by Bloomberg Consensus showed combined net profit of Bt331.87bn, up 25.7% QoQ and 21.8% YoY, beating Bloomberg Consensus estimates by 15.3%.</li><li>1H26 earnings account for approximately 56% of the full-year 2026E forecast (50% of the full-year estimate excluding the Energy and Petrochemical sectors).</li><li>As a result, there remains slight upside risk to the 2026 earnings estimates.</li></ul>

2Q26 results for the 116 companies covered by Bloomberg Consensus showed combined net profit of Bt331.87bn, up 25.7% QoQ and 21.8% YoY, beating Bloomberg Consensus estimates by 15.3%.1H26 earnings account for approximately 56% of the full-year 2026E forecast (50% of the full-year estimate excluding the Energy and Petrochemical sectors).As a result, there remains slight upside risk to the 2026 earnings estimates.

Special Report: Strong 2Q26 Earnings Beat Supports SET Earnings Upgrades

<ul><li>The SET Index was supported by strong 2Q26 earnings, with HANA, CCET, and CRC leading the gains, alongside advances in DELTA and the commerce, food, finance, and banking sectors.</li><li>This boosted investor confidence and helped the index maintain its upward momentum without a significant reversal.</li><li>We recommend buying on dips, as the index has shown an ability to rebound quickly following sharp pullbacks.</li></ul>

The SET Index was supported by strong 2Q26 earnings, with HANA, CCET, and CRC leading the gains, alongside advances in DELTA and the commerce, food, finance, and banking sectors.This boosted investor confidence and helped the index maintain its upward momentum without a significant reversal.We recommend buying on dips, as the index has shown an ability to rebound quickly following sharp pullbacks.

Krungthai XSpring Technical Eng. August 18, 2026

Kiatnakin Phatra Bank / Technical Analysis

<ul><li>The swift recovery above the 1,600-point level reinforces the index's bullish price pattern and keeps the 1,650-point target firmly in sight.</li><li>The breakout has also established 1,600 as a key support level, while technical indicators have moderated following the recent rally, leaving room for further upside.</li><li>We continue to recommend buying on weakness, as the market awaits fresh catalysts after recent gains were driven primarily by sustained foreign buying.</li></ul>

The swift recovery above the 1,600-point level reinforces the index's bullish price pattern and keeps the 1,650-point target firmly in sight.The breakout has also established 1,600 as a key support level, while technical indicators have moderated following the recent rally, leaving room for further upside.We continue to recommend buying on weakness, as the market awaits fresh catalysts after recent gains were driven primarily by sustained foreign buying.

Krungthai XSpring Technical Eng. July 10, 2026

Thailand

Cal-Comp Electronics (Thailand) provides electronics manufacturing services (EMS) for original equipment manufacturing (OEM) and original design manufacturing (ODM) markets. The company manufactures computer peripherals like printers and external hard drives, telecommunication products such as set-top boxes and Bluetooth headsets, and smart appliances. Headquartered in Bangkok, Thailand, the company was established on December 4, 1989.

Cal-Comp Electronics (Thailand) (CCET TB)

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Cal-Comp Electronics (Thailand) (CCET TB)

ASEAN Champions of 2026: Singapore and Thailand - Deep Dive Yields Interesting Stock Ideas

ASEAN has underperformed in 2026, but SG & TH stand out with strong performance driven by AI capex and industrial boost. Our screen reveals 5...

Manishi Raychaudhuri

Krungthai XSpring Technical Eng. September 1, 2026

Despite concerns across Asian markets over escalating Middle East tensions and the prospect of further Fed rate hikes, the SET advanced as the...

Krungthai XSpring

Special Report: Strong 2Q26 Earnings Beat Supports SET Earnings Upgrades

2Q26 results for the 116 companies covered by Bloomberg Consensus showed combined net profit of Bt331.87bn, up 25.7% QoQ and 21.8% YoY, beating...

Krungthai XSpring

Krungthai XSpring Technical Eng. August 18, 2026

The SET Index was supported by strong 2Q26 earnings, with HANA, CCET, and CRC leading the gains, alongside advances in DELTA and the commerce,...

Krungthai XSpring

Krungthai XSpring Technical Eng. July 10, 2026

The swift recovery above the 1,600-point level reinforces the index's bullish price pattern and keeps the 1,650-point target firmly in sight. The...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ASEAN Champions of 2026: Singapore and Thailand - Deep Dive Yields Interesting Stock Ideas

​ASEAN has underperformed in 2026, but SG & TH stand out with strong performance driven by AI capex and industrial boost. Our screen reveals 5...

Manishi Raychaudhuri

Krungthai XSpring Technical Eng. September 1, 2026

Despite concerns across Asian markets over escalating Middle East tensions and the prospect of further Fed rate hikes, the SET advanced as the...

Krungthai XSpring

Special Report: Strong 2Q26 Earnings Beat Supports SET Earnings Upgrades

2Q26 results for the 116 companies covered by Bloomberg Consensus showed combined net profit of Bt331.87bn, up 25.7% QoQ and 21.8% YoY, beating...

Krungthai XSpring

Krungthai XSpring Technical Eng. August 18, 2026

The SET Index was supported by strong 2Q26 earnings, with HANA, CCET, and CRC leading the gains, alongside advances in DELTA and the commerce,...

Krungthai XSpring

Krungthai XSpring Technical Eng. July 10, 2026

The swift recovery above the 1,600-point level reinforces the index's bullish price pattern and keeps the 1,650-point target firmly in sight. The...

Krungthai XSpring

ASEAN has underperformed in 2026, but SG & TH stand out with strong performance driven by AI capex and industrial boost. Our screen reveals 5...