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>(-) Brent crude remains elevated above USD108/bbl after Saudi canceled oil shipments to Europe.</li><li>(-) The baht could weaken to Bt33.50/USD as rising bond yields strengthen the US dollar.</li><li>We expect the SET Index to trade within a volatile range of 1,572-1,585 points, with a negative bias, as investors await clarity from the Fed meeting.</li></ul>

(-) Brent crude remains elevated above USD108/bbl after Saudi canceled oil shipments to Europe.(-) The baht could weaken to Bt33.50/USD as rising bond yields strengthen the US dollar.We expect the SET Index to trade within a volatile range of 1,572-1,585 points, with a negative bias, as investors await clarity from the Fed meeting.

Krungthai XSpring Zoom Eng. September 16, 2026

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

<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

Thematic (Sector/Industry)

<ul><li>Tourist arrivals declined 3% YoY in August 2026, as short-haul arrivals continued to fall.</li><li>This reflects a structural shift toward higher-quality tourists from the Middle East, the Americas, and Europe rather than a focus on visitor volumes, supporting sustainable long-term ADR growth.</li><li>We therefore maintain our Neutral rating on the sector.</li></ul>

Tourist arrivals declined 3% YoY in August 2026, as short-haul arrivals continued to fall.This reflects a structural shift toward higher-quality tourists from the Middle East, the Americas, and Europe rather than a focus on visitor volumes, supporting sustainable long-term ADR growth.We therefore maintain our Neutral rating on the sector.

Tourism: Strong 4Q26E Growth Largely Priced In - Neutral

<ul><li>The 10-year US Treasury yield eased to 4.78% as markets lowered the probability of a Fed rate hike in September following weak employment data.</li><li>The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) raised its 2026 Thailand GDP growth forecast to 2.1-2.5% from 1.6–2.0%, supported by stronger-than-expected exports.</li><li>We expect the SET Index to rebound toward resistance at around 1,585 points as market headwinds begin to ease.</li></ul>

The 10-year US Treasury yield eased to 4.78% as markets lowered the probability of a Fed rate hike in September following weak employment data.The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) raised its 2026 Thailand GDP growth forecast to 2.1-2.5% from 1.6–2.0%, supported by stronger-than-expected exports.We expect the SET Index to rebound toward resistance at around 1,585 points as market headwinds begin to ease.

Krungthai XSpring Zoom Eng. September 3, 2026

Thailand

Central Plaza Hotel Public Co. Ltd. operates in the hospitality and food businesses. The company manages and owns a diverse portfolio of hotels and resorts under multiple brands in Thailand and internationally, alongside a quick-service restaurant segment through its subsidiary Central Restaurant Group. It was established in 1980 and is headquartered in Bangkok, Thailand.

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Central Plaza Hotel (CENTEL TB)

Krungthai XSpring Zoom Eng. September 16, 2026

(-) Brent crude remains elevated above USD108/bbl after Saudi canceled oil shipments to Europe. (-) The baht could weaken to Bt33.50/USD as rising...

Krungthai XSpring

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

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

Tourism: Strong 4Q26E Growth Largely Priced In - Neutral

Tourist arrivals declined 3% YoY in August 2026, as short-haul arrivals continued to fall. This reflects a structural shift toward higher-quality...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 3, 2026

The 10-year US Treasury yield eased to 4.78% as markets lowered the probability of a Fed rate hike in September following weak employment...

Krungthai XSpring

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