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>Thailand re-enters the top 25 of the 2026 Foreign Direct Investment Confidence Index (FDICI), which will help attract capital inflows.</li><li>Incentives for residential, corporate, and industrial solar PV installations, allowing excess electricity to be sold back to the state, are positive for solar rooftop service providers (GUNKUL, WHAUP).</li><li>Middle East tensions persist amid the ceasefire, marked by Iran's seizure of two vessels, alongside the unexplained departure of the U.S. Secretary of the Navy.</li></ul>

Thailand re-enters the top 25 of the 2026 Foreign Direct Investment Confidence Index (FDICI), which will help attract capital inflows.Incentives for residential, corporate, and industrial solar PV installations, allowing excess electricity to be sold back to the state, are positive for solar rooftop service providers (GUNKUL, WHAUP).Middle East tensions persist amid the ceasefire, marked by Iran's seizure of two vessels, alongside the unexplained departure of the U.S. Secretary of the Navy.

Krungthai XSpring Zoom Eng. April 23, 2026

Equity Bottom-Up

<ul><li>3Q25 NP was Bt6.6bn, beating expectations by 7%, driven by a Bt136mn FX gain.</li><li>Valuation metrics supports a Buy view, as LT growth is above average with a 2-year profit CAGR of 12%.</li><li>3Q25 earnings slightly beat forecasts. CVS profit rose YoY but fell QoQ, and despite softer SSSG, sales GPM improved YoY and QoQ, coming in above expectations.</li></ul>

3Q25 NP was Bt6.6bn, beating expectations by 7%, driven by a Bt136mn FX gain.Valuation metrics supports a Buy view, as LT growth is above average with a 2-year profit CAGR of 12%.3Q25 earnings slightly beat forecasts. CVS profit rose YoY but fell QoQ, and despite softer SSSG, sales GPM improved YoY and QoQ, coming in above expectations.

CP ALL Plc. (CPALL): 3Q25 CVS GPM Beat Expectations – Buy (2026 Fair Value Bt54.00)

<ul><li>The second round of negotiations between the U.S. and Iran in Pakistan may take place on the morning of April 23.</li><li>The Minister of Finance is leading a "Team Thailand" delegation to the U.S. to invite three major semiconductor companies to invest in Thailand.</li><li>Short-term economic stimulus measures are still pending budget source identification.</li></ul>

The second round of negotiations between the U.S. and Iran in Pakistan may take place on the morning of April 23.The Minister of Finance is leading a "Team Thailand" delegation to the U.S. to invite three major semiconductor companies to invest in Thailand.Short-term economic stimulus measures are still pending budget source identification.

Krungthai XSpring Zoom Eng. April 21, 2026

<ul><li>Expect the SET to trend lower in the short term amid ongoing US–Iran posturing.</li><li>Brent crude jumped over 5% this morning as the Strait of Hormuz remains closed—positive for upstream energy (PTTEP, PTT) but negative for oil-sensitive sectors such as transport (PSL, AAV), tourism (ERW, MINT), and construction materials (TASCO, SCC).</li><li>Today’s XD effect is expected to drag the SET Index by ~2.99 points, led by SCB (Bt9.28/share) and CPAXT (Bt0.53/share).</li></ul>

Expect the SET to trend lower in the short term amid ongoing US–Iran posturing.Brent crude jumped over 5% this morning as the Strait of Hormuz remains closed—positive for upstream energy (PTTEP, PTT) but negative for oil-sensitive sectors such as transport (PSL, AAV), tourism (ERW, MINT), and construction materials (TASCO, SCC).Today’s XD effect is expected to drag the SET Index by ~2.99 points, led by SCB (Bt9.28/share) and CPAXT (Bt0.53/share).

Krungthai XSpring Zoom Eng. April 20, 2026

<ul><li>The SET lagged other Asian bourses, which were lifted by expectations of US–Iran peace talks, as pressure from DELTA’s Cash Balance status—alongside weakness in PTTEP and banking stocks—weighed on the index.</li><li>The pullback has not turned the price pattern negative, and the uptrend remains intact, with the index holding above the 5- and 10-day EMAs.</li><li>Accordingly, we continue to recommend selective speculation, with the index likely to move sideways to build a base before the next uptrend.</li></ul>

The SET lagged other Asian bourses, which were lifted by expectations of US–Iran peace talks, as pressure from DELTA’s Cash Balance status—alongside weakness in PTTEP and banking stocks—weighed on the index.The pullback has not turned the price pattern negative, and the uptrend remains intact, with the index holding above the 5- and 10-day EMAs.Accordingly, we continue to recommend selective speculation, with the index likely to move sideways to build a base before the next uptrend.

Krungthai XSpring Technical Eng. April 17, 2026

Thailand

CP ALL PCL operates convenience store chains in Thailand and China.  The Company also owns and operates the a department store chain located primarily in Shanghai city and Chonqing city of China.

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CP ALL (CPALL-R TB)

Krungthai XSpring Zoom Eng. April 23, 2026

Thailand re-enters the top 25 of the 2026 Foreign Direct Investment Confidence Index (FDICI), which will help attract capital inflows.

Krungthai XSpring

CP ALL Plc. (CPALL): 3Q25 CVS GPM Beat Expectations – Buy (2026 Fair Value Bt54.00)

3Q25 NP was Bt6.6bn, beating expectations by 7%, driven by a Bt136mn FX gain.Valuation metrics supports a Buy view, as LT growth is above average...

Krungthai XSpring

Krungthai XSpring Zoom Eng. April 21, 2026

The Minister of Finance is leading a "Team Thailand" delegation to the U.S. to invite three major semiconductor companies to invest in Thailand.

Krungthai XSpring

Krungthai XSpring Zoom Eng. April 20, 2026

Expect the SET to trend lower in the short term amid ongoing US–Iran posturing.Brent crude jumped over 5% this morning as the Strait of Hormuz...

Krungthai XSpring

Krungthai XSpring Technical Eng. April 17, 2026

The pullback has not turned the price pattern negative, and the uptrend remains intact, with the index holding above the 5- and 10-day EMAs.

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)