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.

Thematic (Sector/Industry)

<ul><li>Technically, the SET Index is expected to trend higher, with resistance at 1,219 (75-day EMA) and 1,235 points and the support at 1,205 and 1,200 points.</li><li>The index is buoyed by progress in US-China trade talks over the past weekend, where both sides agreed to lower tariffs for 90 days — US tariffs on Chinese imports will drop to 30% (from 145%), while China will impose 10% tariffs on US goods (down from 125%).</li><li>In the short term, the market is still waiting for confirmation of where the peak of Wave 1 (out of 5 in the Elliott Wave uptrend) will occur, before entering a Wave 2 correction phase, typically retracing 50–61.8% of Wave 1. </li></ul>

Technically, the SET Index is expected to trend higher, with resistance at 1,219 (75-day EMA) and 1,235 points and the support at 1,205 and 1,200 points.The index is buoyed by progress in US-China trade talks over the past weekend, where both sides agreed to lower tariffs for 90 days — US tariffs on Chinese imports will drop to 30% (from 145%), while China will impose 10% tariffs on US goods (down from 125%).In the short term, the market is still waiting for confirmation of where the peak of Wave 1 (out of 5 in the Elliott Wave uptrend) will occur, before entering a Wave 2 correction phase, typically retracing 50–61.8% of Wave 1. 

KTX Zoom: US-China Trade War -  MAY 13, 2025

<ul><li>Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,200/1,192 points and the resistance at 1,215/1,219 points (75-day EMA).</li><li>In the short term, the market is still waiting for confirmation of where the peak of Wave 1 (of the 5-wave upward structure in the Elliott Wave theory) will form before entering a correction phase.</li><li>Wave 2 is expected to retrace around 50–61.8% of Wave 1’s length. </li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,200/1,192 points and the resistance at 1,215/1,219 points (75-day EMA).In the short term, the market is still waiting for confirmation of where the peak of Wave 1 (of the 5-wave upward structure in the Elliott Wave theory) will form before entering a correction phase.Wave 2 is expected to retrace around 50–61.8% of Wave 1’s length. 

KTX Zoom: China’s Trade Balance - MAY 9, 2025

<ul><li>We expect certain healthcare service stocks and healthcare-related stocks to rebound and outperform the market, driven by the rapid spread of influenza.</li><li>This is likely to boost health awareness and increase demand for healthcare services. At the same time, the previous decline in these stocks has made their valuations more attractive.</li><li>For healthcare stocks, we recommend BDMS, PR9, CHG, and BCH. Meanwhile, healthcare-related stocks that could benefit from positive sentiment include STGT, MEGA, and OKJ.</li></ul>

We expect certain healthcare service stocks and healthcare-related stocks to rebound and outperform the market, driven by the rapid spread of influenza.This is likely to boost health awareness and increase demand for healthcare services. At the same time, the previous decline in these stocks has made their valuations more attractive.For healthcare stocks, we recommend BDMS, PR9, CHG, and BCH. Meanwhile, healthcare-related stocks that could benefit from positive sentiment include STGT, MEGA, and OKJ.

Influenza Outbreak Supporting Recovery of Healthcare Stocks - FEBRUARY 20, 2025

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Thonburi Healthcare Group / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thonburi-healthcare-group-pcl" target="_blank" data-smartkarma-citation="entities:24386:1" rel="noopener">Thonburi Healthcare Group (THG TB)</a> has underperformed most of its peers over the last six months. Thus far this year, the company’s financial performance also remained unimpressive.</li>
<li>Despite a healthy 29% YoY increase in normalized medical services revenue, normalized net profit decreased 8% YoY in 3Q23 as the company experienced significantly higher financial costs.</li>
<li>Although the company is repaying debts, debt level is still elevated and is expected to remain so in the near-term due to upcoming capex plans.</li>
</ul>



Thonburi Healthcare Group (THG TB) has underperformed most of its peers over the last six months. Thus far this year, the company’s financial performance also remained unimpressive.
Despite a healthy 29% YoY increase in normalized medical services revenue, normalized net profit decreased 8% YoY in 3Q23 as the company experienced significantly higher financial costs.
Although the company is repaying debts, debt level is still elevated and is expected to remain so in the near-term due to upcoming capex plans.


Thonburi Healthcare Group (THG TB): High Debt Has Clouded Near-Term Growth Prospect

Bumrungrad Hospital Pub Co / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bumrungrad-hospital-pub-co" target="_blank" data-smartkarma-citation="entities:883:1" rel="noopener">Bumrungrad Hospital Pub Co (BH TB)</a> recorded 48% YoY increase in revenue from hospital operation to THB6 billion in 1Q23, mainly driven by 78% YoY revenue growth from non-Thai patients.</li>
<li>International patients contributed 55% of total revenue in 1Q23. Middle East and Indochina remained the two most important growth drivers, with YoY revenue growth of 147% and 60%, respectively.</li>
<li>The company is constructing a 150-bed boutique hospital in Phuket, one of the world’s most coveted island travel destinations, thereby opening immense opportunity for medical tourism.  </li>
</ul>



Bumrungrad Hospital Pub Co (BH TB) recorded 48% YoY increase in revenue from hospital operation to THB6 billion in 1Q23, mainly driven by 78% YoY revenue growth from non-Thai patients.
International patients contributed 55% of total revenue in 1Q23. Middle East and Indochina remained the two most important growth drivers, with YoY revenue growth of 147% and 60%, respectively.
The company is constructing a 150-bed boutique hospital in Phuket, one of the world’s most coveted island travel destinations, thereby opening immense opportunity for medical tourism.  


Bumrungrad Hospital (BH TB): International Business Is Roaring Back; Greenfield Project Approved

Thailand

Chularat Hospital PCL owns medical centers and hospitals. The Company operates a variety of centers specializing in treatments such as hand surgery, open heart surgery, and strokes as well as providing emergency services and patient care. Chularat Hospital serves the medial industry throughout Thailand.

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Chularat Hospital (CHG TB)

KTX Zoom: US-China Trade War - MAY 13, 2025

Technically, the SET Index is expected to trend higher, with resistance at 1,219 (75-day EMA) and 1,235 points and the support at 1,205 and 1,200...

Krungthai XSpring

KTX Zoom: China’s Trade Balance - MAY 9, 2025

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,200/1,192 points and the resistance at 1,215/1,219...

Krungthai XSpring

Influenza Outbreak Supporting Recovery of Healthcare Stocks - FEBRUARY 20, 2025

We expect certain healthcare service stocks and healthcare-related stocks to rebound and outperform the market, driven by the rapid spread of...

Krungthai XSpring

Thonburi Healthcare Group (THG TB): High Debt Has Clouded Near-Term Growth Prospect

Thonburi struggled to perform well compared to its peers. Despite 29% YoY increase in normalized medical services revenue, normalized net profit...

Tina Banerjee

Bumrungrad Hospital (BH TB): International Business Is Roaring Back; Greenfield Project Approved

In 1Q23, revenue from non-Thai patients grew 78% YoY and 3% QoQ to contribute 67% of total revenue. Bumrungrad is constructing a 150-bed boutique...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KTX Zoom: US-China Trade War - MAY 13, 2025

Technically, the SET Index is expected to trend higher, with resistance at 1,219 (75-day EMA) and 1,235 points and the support at 1,205 and 1,200...

Krungthai XSpring

KTX Zoom: China’s Trade Balance - MAY 9, 2025

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,200/1,192 points and the resistance at 1,215/1,219...

Krungthai XSpring

Influenza Outbreak Supporting Recovery of Healthcare Stocks - FEBRUARY 20, 2025

We expect certain healthcare service stocks and healthcare-related stocks to rebound and outperform the market, driven by the rapid spread of...

Krungthai XSpring

Thonburi Healthcare Group (THG TB): High Debt Has Clouded Near-Term Growth Prospect

​Thonburi struggled to perform well compared to its peers. Despite 29% YoY increase in normalized medical services revenue, normalized net profit...

Tina Banerjee

Bumrungrad Hospital (BH TB): International Business Is Roaring Back; Greenfield Project Approved

In 1Q23, revenue from non-Thai patients grew 78% YoY and 3% QoQ to contribute 67% of total revenue. Bumrungrad is constructing a 150-bed boutique...

Tina Banerjee

Thonburi struggled to perform well compared to its peers. Despite 29% YoY increase in normalized medical services revenue, normalized net profit...