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 valuation metrics have increased the attractiveness of the current fundamentals to undervalued (from neutral previously).</li><li>The latest stock price shows upside of 5% while the long-term growth outlook remains strong (with three-year profit growth projected at a CAGR of 15%).</li><li>The tactical upside risk remains limited. Hence, we maintain a Neutral rating with a fair value of Bt33.37, based on a required return of 3.3%, reflecting the target PER of 30x.</li></ul>

The valuation metrics have increased the attractiveness of the current fundamentals to undervalued (from neutral previously).The latest stock price shows upside of 5% while the long-term growth outlook remains strong (with three-year profit growth projected at a CAGR of 15%).The tactical upside risk remains limited. Hence, we maintain a Neutral rating with a fair value of Bt33.37, based on a required return of 3.3%, reflecting the target PER of 30x.

CP AXTRA - 3Q24E Core Profit Growth Expected at 31% YoY and Flat QoQ

Thematic (Sector/Industry)

<ul><li>The SET Index today is expected to weaken, with the support at 1,230/1,222 points (25-day EMA) and the resistance at 1,247 points (10-day EMA)/1,255 points.</li><li>Foreign fund outflows continue in the short term.</li><li>Semiconductor producers led the technology sector lower, down -1.88%.</li></ul>

The SET Index today is expected to weaken, with the support at 1,230/1,222 points (25-day EMA) and the resistance at 1,247 points (10-day EMA)/1,255 points.Foreign fund outflows continue in the short term.Semiconductor producers led the technology sector lower, down -1.88%.

Krungthai XSpring Zoom Eng. August 20, 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 Aug 15th. 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, Muangthai Capital, Bangkok Dusit, PTT GlobalChem, CP ALL, CP ALL, Bangkok Dusit, Muangthai Capital.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Aug 15th. 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, Muangthai Capital, Bangkok Dusit, PTT GlobalChem, CP ALL, CP ALL, Bangkok Dusit, Muangthai Capital.


Thailand Short Interest Weekly (Aug 15th): Intouch, Muangthai Capital, Bangkok Dusit, PTT GlobalChem

<ul><li>2Q25 net profit was Bt6.8bn, in line with expectations, including a foreign exchange loss of Bt237mn.</li><li>The CVS business recorded sales of Bt118bn (+5% YoY, +3% QoQ) with SSSG of -0.8% (strongest in April but weakened in May-June due to the rainy season, fewer tourists, and the domestic economic slowdown, leading to a 4% YoY drop in daily customer traffic per store, despite a 3.5% increase in average spending per bill).</li><li>The 3Q outlook is the low season for the CVS business, during which the company typically runs sales promotions to stimulate demand.</li></ul>

2Q25 net profit was Bt6.8bn, in line with expectations, including a foreign exchange loss of Bt237mn.The CVS business recorded sales of Bt118bn (+5% YoY, +3% QoQ) with SSSG of -0.8% (strongest in April but weakened in May-June due to the rainy season, fewer tourists, and the domestic economic slowdown, leading to a 4% YoY drop in daily customer traffic per store, despite a 3.5% increase in average spending per bill).The 3Q outlook is the low season for the CVS business, during which the company typically runs sales promotions to stimulate demand.

CP ALL Plc. (CPALL): 2Q25 Core Profit Grew 14% YoY but Declined 7% QoQ...

<ul><li>The SET surged in line with other Asian bourses, buoyed by expectations of a Fed rate cut and the MPC’s 0.25% policy rate reduction.</li><li>The index rebounded sharply and advanced further, supported by rising RSI and MACD, and remains above all short-term EMA lines.</li><li>We recommend selective speculation as the index continues to advance with the potential to rally towards the 1,300-point level.</li></ul>

The SET surged in line with other Asian bourses, buoyed by expectations of a Fed rate cut and the MPC’s 0.25% policy rate reduction.The index rebounded sharply and advanced further, supported by rising RSI and MACD, and remains above all short-term EMA lines.We recommend selective speculation as the index continues to advance with the potential to rally towards the 1,300-point level.

Krungthai XSpring Technical Eng. August 14, 2025

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.

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CP Axtra (CPAXT TB)

CP AXTRA - 3Q24E Core Profit Growth Expected at 31% YoY and Flat QoQ

The valuation metrics have increased the attractiveness of the current fundamentals to undervalued (from neutral previously).

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 20, 2025

The SET Index today is expected to weaken, with the support at 1,230/1,222 points (25-day EMA) and the resistance at 1,247 points (10-day EMA)...

Krungthai XSpring

Thailand Short Interest Weekly (Aug 15th): Intouch, Muangthai Capital, Bangkok Dusit, PTT GlobalChem

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Muangthai Capital (MTC TB),...

Ke Yan, CFA, FRM

CP ALL Plc. (CPALL): 2Q25 Core Profit Grew 14% YoY but Declined 7% QoQ...

The 3Q outlook is the low season for the CVS business, during which the company typically runs sales promotions to stimulate demand.

Krungthai XSpring

Krungthai XSpring Technical Eng. August 14, 2025

The SET surged in line with other Asian bourses, buoyed by expectations of a Fed rate cut and the MPC’s 0.25% policy rate reduction.

Krungthai XSpring

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