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>The 4Q24E core profit is expected to have been the strongest of 2024E, with projected growth of 10% QoQ and 24% YoY.</li><li>Two-year profit growth is anticipated to achieve a CAGR of 13%, driven by higher sales and improved gross margins, supported by both organic growth and business synergy gains from the group’s restructuring efforts.</li><li>Based on the valuation metrics, the outlook has been revised to buy on the current fundamentals (previously neutral), with the stock offering a 29% upside and limited downside risk (previously limited upside).</li></ul>

The 4Q24E core profit is expected to have been the strongest of 2024E, with projected growth of 10% QoQ and 24% YoY.Two-year profit growth is anticipated to achieve a CAGR of 13%, driven by higher sales and improved gross margins, supported by both organic growth and business synergy gains from the group’s restructuring efforts.Based on the valuation metrics, the outlook has been revised to buy on the current fundamentals (previously neutral), with the stock offering a 29% upside and limited downside risk (previously limited upside).

Cp Axtra - Expect 4Q24E Earnings Growth YoY and QoQ and 2024E Growth at 24%

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cp-axtra-pcl" target="_blank" data-smartkarma-citation="entities:5577:1" rel="noopener">CP Axtra (CPAXT TB)</a> has seen a heavy impact on its share price following an announcement it would invest THB12-15bn in a mixed-use property project with a related party. </li>
<li>Investing in malls is part of CP Axtra's business although its major focus is on its retail business which includes wholesale under Makro and its Lotus hypermarket and supermarket businesses.  </li>
<li>The sell-off looks overdone but has been clouded by the sale of shares in parent <a href="https://www.smartkarma.com/entities/cp-all-pcl" target="_blank" data-smartkarma-citation="entities:13889:1" rel="noopener">CP ALL</a> by its vice-chairman ahead of the announcement raising further governance concerns. </li>
</ul>



CP Axtra (CPAXT TB) has seen a heavy impact on its share price following an announcement it would invest THB12-15bn in a mixed-use property project with a related party. 
Investing in malls is part of CP Axtra's business although its major focus is on its retail business which includes wholesale under Makro and its Lotus hypermarket and supermarket businesses.  
The sell-off looks overdone but has been clouded by the sale of shares in parent CP ALL by its vice-chairman ahead of the announcement raising further governance concerns. 


CP AXTRA (CPAXTRA TB) - Governance Concerns over Property Investment

<ul><li>Neutral view on recent deal: In the short term, it may pose downside risk of 2.8% and 1.1% to the 2025-26E profit forecasts due to an immediate increase in interest expenses from higher debt.</li><li>However, revenue generation is expected to begin in 2Q26E. Medium-term risks may arise from intensified competition in the same area, but the long-term prospects are positive for CPAXT, as the project could provide stable income if executed as planned.</li><li>Maintain a Neutral recommendation: The valuation metrics reflect a neutral view on the current fundamentals (the stock price sees 2.4% downside risk from its fair value) and the long- term growth prospects (profit growth expected at a 14% CAGR over the next two years). </li></ul>

Neutral view on recent deal: In the short term, it may pose downside risk of 2.8% and 1.1% to the 2025-26E profit forecasts due to an immediate increase in interest expenses from higher debt.However, revenue generation is expected to begin in 2Q26E. Medium-term risks may arise from intensified competition in the same area, but the long-term prospects are positive for CPAXT, as the project could provide stable income if executed as planned.Maintain a Neutral recommendation: The valuation metrics reflect a neutral view on the current fundamentals (the stock price sees 2.4% downside risk from its fair value) and the long- term growth prospects (profit growth expected at a 14% CAGR over the next two years). 

Cp Axtra - CP Day: CPAXT Investing Bt8bn in Happitat Project

Thematic (Sector/Industry)

<ul><li>The SET Index is expected to rebound today but with limited upside, with the resistance at 1,262 / 1,273 points and the support at 1,250 / 1,235 points.</li><li>On the trade front, President Trump said he had spoken by phone with President Xi Jinping, discussing trade issues and the Russia–Ukraine conflict.</li><li>The Economic Cabinet approved three investment-support measures: i) Thailand Fast Pass, aimed at accelerating large-scale projects such as data centers, industrial-estate development, clean energy, and electronics manufacturing.</li></ul>

The SET Index is expected to rebound today but with limited upside, with the resistance at 1,262 / 1,273 points and the support at 1,250 / 1,235 points.On the trade front, President Trump said he had spoken by phone with President Xi Jinping, discussing trade issues and the Russia–Ukraine conflict.The Economic Cabinet approved three investment-support measures: i) Thailand Fast Pass, aimed at accelerating large-scale projects such as data centers, industrial-estate development, clean energy, and electronics manufacturing.

Krungthai XSpring Zoom Eng. November 25, 2025

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Nov 21st. We estimate that they had an aggregated short interest worth USD2.3bn.</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 Intouch, Gulf Energy Development, Minor International, Advanced Info Service, CP AXTRA NVDR, Minor International, Advanced Info Service, Gulf Energy Development, Cp Axtra Nvdr.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Nov 21st. We estimate that they had an aggregated short interest worth USD2.3bn.
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 Intouch, Gulf Energy Development, Minor International, Advanced Info Service, CP AXTRA NVDR, Minor International, Advanced Info Service, Gulf Energy Development, Cp Axtra Nvdr.


Thailand Short Interest Weekly (Nov 21st): Intouch, Gulf Energy Development, Minor International

Thailand

CP Axtra Public Company Limited operates a retail discount store chain. The Company sells food and consumer products to its registered customers including wholesalers, retailers, small businesses, caterers, and private individuals who hold its member cards. CP Axtra serves customers in Thailand.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

CP Axtra (CPAXT TB)

Cp Axtra - Expect 4Q24E Earnings Growth YoY and QoQ and 2024E Growth at 24%

Two-year profit growth is anticipated to achieve a CAGR of 13%, driven by higher sales and improved gross margins, supported by both organic growth...

Krungthai XSpring

CP AXTRA (CPAXTRA TB) - Governance Concerns over Property Investment

CP Axtra has seen a heavy impact on its share price following an announcement it would invest THB12-15bn in a mixed-use property project called the...

Angus Mackintosh

Cp Axtra - CP Day: CPAXT Investing Bt8bn in Happitat Project

Neutral view on recent deal: In the short term, it may pose downside risk of 2.8% and 1.1% to the 2025-26E profit forecasts due to an immediate...

Krungthai XSpring

Krungthai XSpring Zoom Eng. November 25, 2025

The SET Index is expected to rebound today but with limited upside, with the resistance at 1,262 / 1,273 points and the support at 1,250 / 1,235...

Krungthai XSpring

Thailand Short Interest Weekly (Nov 21st): Intouch, Gulf Energy Development, Minor International

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Gulf Energy Development...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)