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>Core profit in 3Q25 improved QoQ as expected, with QoQ growth likely to continue in 4Q25E–1Q26E on stronger tourism, seasonality, and the tourism boost scheme.</li><li>We maintain Outperform with a 2026E FV of Bt34.75, based on a 3.6% required return.</li><li>3Q25 NP was Bt160mn, excluding FX gains and write-offs related to the closure of Café Amazon Vietnam and other items (-Bt31mn), core profit was Bt192mn, up 2% YoY and 83% QoQ, beating our estimate by 62% thanks to stronger-than-expected GPM improvement in the hotel business.</li></ul>

Core profit in 3Q25 improved QoQ as expected, with QoQ growth likely to continue in 4Q25E–1Q26E on stronger tourism, seasonality, and the tourism boost scheme.We maintain Outperform with a 2026E FV of Bt34.75, based on a 3.6% required return.3Q25 NP was Bt160mn, excluding FX gains and write-offs related to the closure of Café Amazon Vietnam and other items (-Bt31mn), core profit was Bt192mn, up 2% YoY and 83% QoQ, beating our estimate by 62% thanks to stronger-than-expected GPM improvement in the hotel business.

CENTRAL PLAZA HOTEL Plc. (CENTEL): 3Q25 Profit Rose QoQ As Expected...

<ul><li>Core profit in 3Q25E is expected to have risen QoQ.</li><li>It should continue improving through 4Q25E–1Q26E, supported by stronger Chinese tourist arrivals, the high season, domestic tourism stimulus measures the e-Receipt scheme.</li><li>We slightly lower our target price to Bt34.75, based on 2026E FV and a required return of 3.6% under the new macro assumptions (Rf = 1.04%, MRP = 5.81%), from the previous fair value of Bt35.50 based on a required return of 3.6%, Rf of 1.48%, and MRP of 5.26%.</li></ul>

Core profit in 3Q25E is expected to have risen QoQ.It should continue improving through 4Q25E–1Q26E, supported by stronger Chinese tourist arrivals, the high season, domestic tourism stimulus measures the e-Receipt scheme.We slightly lower our target price to Bt34.75, based on 2026E FV and a required return of 3.6% under the new macro assumptions (Rf = 1.04%, MRP = 5.81%), from the previous fair value of Bt35.50 based on a required return of 3.6%, Rf of 1.48%, and MRP of 5.26%.

CENTRAL PLAZA HOTEL Plc. (CENTEL): 3Q25E Core Profit to Have Improved QoQ...

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 9th. We estimate that they had an aggregated short interest worth USD3.4bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Airports of Thailand, PTT GlobalChem, Minor International, SCB X, Delta Electronics, Delta Electronics, Airports Of Thailand, Minor International, Ptt Globalchem.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 9th. We estimate that they had an aggregated short interest worth USD3.4bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Airports of Thailand, PTT GlobalChem, Minor International, SCB X, Delta Electronics, Delta Electronics, Airports Of Thailand, Minor International, Ptt Globalchem.


Thailand Short Interest Weekly (Oct 9th): Airports of Thailand, PTT GlobalChem, Minor International

Cross Asset Strategy

<ul><li>Major US banks reported stronger-than-expected 2Q26 earnings, with Goldman Sachs posting 92% YoY growth and JPMorgan Chase 47% YoY.</li><li>China's imports surged 36% YoY in June, which is expected to support Thailand's electronics exports.</li><li>The government continues to roll out economic stimulus measures, including a Bt220bn large-scale infrastructure investment plan for 2027 (STECON, CK) and a domestic tourism co-payment scheme (CENTEL).</li></ul>

Major US banks reported stronger-than-expected 2Q26 earnings, with Goldman Sachs posting 92% YoY growth and JPMorgan Chase 47% YoY.China's imports surged 36% YoY in June, which is expected to support Thailand's electronics exports.The government continues to roll out economic stimulus measures, including a Bt220bn large-scale infrastructure investment plan for 2027 (STECON, CK) and a domestic tourism co-payment scheme (CENTEL).

Krungthai XSpring Zoom Eng. July 15, 2026

<ul><li>A positive market reaction to SK Hynix, South Korea's leading memory chipmaker, on the Nasdaq is expected to provide a positive sentiment boost for speculative buying in technology stocks across Asian markets.</li><li>Thailand is scheduled to hold trade talks with the US on July 15–17, with the aim of keeping the Section 301 import tariff at 10%.</li><li>The Thai baht is expected to strengthen toward Bt33.14 per US dollar, which could attract further foreign fund inflows.</li></ul>

A positive market reaction to SK Hynix, South Korea's leading memory chipmaker, on the Nasdaq is expected to provide a positive sentiment boost for speculative buying in technology stocks across Asian markets.Thailand is scheduled to hold trade talks with the US on July 15–17, with the aim of keeping the Section 301 import tariff at 10%.The Thai baht is expected to strengthen toward Bt33.14 per US dollar, which could attract further foreign fund inflows.

Krungthai XSpring Zoom Eng. July 13, 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)

CENTRAL PLAZA HOTEL Plc. (CENTEL): 3Q25 Profit Rose QoQ As Expected...

Core profit in 3Q25 improved QoQ as expected, with QoQ growth likely to continue in 4Q25E–1Q26E on stronger tourism, seasonality, and the tourism...

Krungthai XSpring

CENTRAL PLAZA HOTEL Plc. (CENTEL): 3Q25E Core Profit to Have Improved QoQ...

It should continue improving through 4Q25E–1Q26E, supported by stronger Chinese tourist arrivals, the high season, domestic tourism stimulus...

Krungthai XSpring

Thailand Short Interest Weekly (Oct 9th): Airports of Thailand, PTT GlobalChem, Minor International

We analyzed SET short interest report for the past week and highlighted short interest changes in Airports of Thailand (AOT TB), PTT GlobalChem...

Ke Yan, CFA, FRM

Krungthai XSpring Zoom Eng. July 15, 2026

Major US banks reported stronger-than-expected 2Q26 earnings, with Goldman Sachs posting 92% YoY growth and JPMorgan Chase 47% YoY. China's...

Krungthai XSpring

Krungthai XSpring Zoom Eng. July 13, 2026

A positive market reaction to SK Hynix, South Korea's leading memory chipmaker, on the Nasdaq is expected to provide a positive sentiment boost...

Krungthai XSpring

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