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>1Q26 core profit beat expectations, driven by stronger-thanexpected profitability.</li><li>We maintain our Outperform rating and 12M FV of Bt36.50, based on a required return of 4.3%.</li><li>1Q26 net profit came in at Bt2.1bn (+187% YoY, +120% QoQ).</li></ul>

1Q26 core profit beat expectations, driven by stronger-thanexpected profitability.We maintain our Outperform rating and 12M FV of Bt36.50, based on a required return of 4.3%.1Q26 net profit came in at Bt2.1bn (+187% YoY, +120% QoQ).

CENTRAL PLAZA HOTEL Plc. (CENTEL): 1Q26 Core Profit Beat Estimates

Thematic (Sector/Industry)

<ul><li>The US and Iran have reached a draft agreement to extend the ceasefire by another 60 days, while the Strait of Hormuz is set to fully reopen for commercial shipping.</li><li>US Core PCE inflation, which excludes food and energy, rose 3.3% YoY in April, in line with market expectations, following a 3.2% increase in March.</li><li>The MSCI Rebalance will take effect after today's market close. MRDIYT and TFG will be added to the MSCI Global Small Cap Index, while TOA will be removed.</li></ul>

The US and Iran have reached a draft agreement to extend the ceasefire by another 60 days, while the Strait of Hormuz is set to fully reopen for commercial shipping.US Core PCE inflation, which excludes food and energy, rose 3.3% YoY in April, in line with market expectations, following a 3.2% increase in March.The MSCI Rebalance will take effect after today's market close. MRDIYT and TFG will be added to the MSCI Global Small Cap Index, while TOA will be removed.

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Three stocks remain, 11 new join the fray</li>
<li>Since inception, it has gained 112% versus the SET 100 Index’s return of 55%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Three stocks remain, 11 new join the fray
Since inception, it has gained 112% versus the SET 100 Index’s return of 55%


The Stocks to Own in Thailand – Vol. 53

<ul><li>Despite a potential downward revision to company guidance due to Middle East impacts, our more conservative assumptions lead us to maintain our forecast of 2Y core EPS growth at 9% CAGR, below peers.</li><li>We slightly raise our 12M fair value to Bt36.50, based on a required return of 4.3% under revised macro assumptions, using an upward-sloping yield curve with Rf at 1.83% (from Bt36.00 / 4.6% / 1.23%).</li><li>Based on KTX valuation metrics, we maintain an Outperform rating, with 11% upside to our 12M FV and limited technical downside risk.</li></ul>

Despite a potential downward revision to company guidance due to Middle East impacts, our more conservative assumptions lead us to maintain our forecast of 2Y core EPS growth at 9% CAGR, below peers.We slightly raise our 12M fair value to Bt36.50, based on a required return of 4.3% under revised macro assumptions, using an upward-sloping yield curve with Rf at 1.83% (from Bt36.00 / 4.6% / 1.23%).Based on KTX valuation metrics, we maintain an Outperform rating, with 11% upside to our 12M FV and limited technical downside risk.

CENTRAL PLAZA HOTEL Plc. (CENTEL): 1Q26E Solid; Monitor Middle East Risks Longer Term

<ul><li>4Q25 core profit beat our estimate by 11% on higher other income and lower-than-expected interest expense, while revenue and EBITDA margin improved as expected.</li><li>With 2026E guidance broadly in line with our view, we maintain a 2Y core EPS CAGR of 9%, below peers.</li><li>We reiterate a Neutral call, with 2% downside to our 12M FV of Bt36.00 (4.6% required return); tactical outlook is neutral.</li></ul>

4Q25 core profit beat our estimate by 11% on higher other income and lower-than-expected interest expense, while revenue and EBITDA margin improved as expected.With 2026E guidance broadly in line with our view, we maintain a 2Y core EPS CAGR of 9%, below peers.We reiterate a Neutral call, with 2% downside to our 12M FV of Bt36.00 (4.6% required return); tactical outlook is neutral.

Central Plaza Hotel Plc. (CENTEL): Earnings Beat; 2026E Target In Line

Thailand

Central Plaza Hotel Public Company Limited owns and manages hotels and quick service restaurants. The Company operates its hotels under the banner of Centara Hotels & Resorts and franchises western and Japanese quick service restaurants.

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Central Plaza Hotel (CENTEL TB)

CENTRAL PLAZA HOTEL Plc. (CENTEL): 1Q26 Core Profit Beat Estimates

1Q26 core profit beat expectations, driven by stronger-thanexpected profitability. We maintain our Outperform rating and 12M FV of Bt36.50, based...

Krungthai XSpring

Krungthai XSpring Zoom Eng. May 29, 2026

The US and Iran have reached a draft agreement to extend the ceasefire by another 60 days, while the Strait of Hormuz is set to fully reopen for...

Krungthai XSpring

The Stocks to Own in Thailand – Vol. 53

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: Three stocks remain, 11 new join...

A. Stotz Investment Research

CENTRAL PLAZA HOTEL Plc. (CENTEL): 1Q26E Solid; Monitor Middle East Risks Longer Term

Based on KTX valuation metrics, we maintain an Outperform rating, with 11% upside to our 12M FV and limited technical downside risk.

Krungthai XSpring

Central Plaza Hotel Plc. (CENTEL): Earnings Beat; 2026E Target In Line

4Q25 core profit beat our estimate by 11% on higher other income and lower-than-expected interest expense, while revenue and EBITDA margin improved...

Krungthai XSpring

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