Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zixin-group-holdings-limited" target="_blank" data-smartkarma-citation="entities:7007:1" rel="noopener">Zixin Group (ZXGH SP)</a> is an SGX Catalist-listed, vertically integrated sweet potato value chain operator. </li>
<li>The group harnesses proprietary biotechnology across a closed-loop model spanning seedling research and cultivation, food processing, brand building and distribution, and agricultural waste recovery.</li>
<li>We initiate non-rated coverage on Zixin Group. While Zixin’s post-COVID recovery stood out remarkably amongst SGX Catalist names , a key concern for investors remains the firm’s S-chip overhang.</li>
</ul>



Zixin Group (ZXGH SP) is an SGX Catalist-listed, vertically integrated sweet potato value chain operator. 
The group harnesses proprietary biotechnology across a closed-loop model spanning seedling research and cultivation, food processing, brand building and distribution, and agricultural waste recovery.
We initiate non-rated coverage on Zixin Group. While Zixin’s post-COVID recovery stood out remarkably amongst SGX Catalist names , a key concern for investors remains the firm’s S-chip overhang.


Zixin Group Initiation - Valuations Attractive but S-Chip Concerns Linger

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.

Technical Analysis

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,350/1,345 points (10-day EMA) and the resistance at 1,366/1,372 points (200-day EMA), in response to the MSCI Quarterly Review.</li><li>The delisting of stocks from the MSCI indices is expected to have a negative impact.</li><li>We recommend stocks with positive factors: SAWAD, SISB and MC.</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,350/1,345 points (10-day EMA) and the resistance at 1,366/1,372 points (200-day EMA), in response to the MSCI Quarterly Review.The delisting of stocks from the MSCI indices is expected to have a negative impact.We recommend stocks with positive factors: SAWAD, SISB and MC.

MSCI Quarterly Review to Impact Closing Prices Today

<ul><li>TTB and DBS Bank Ltd. (DBS) have announced a two-phase strategic partnership to expand their wealth-management businesses in Thailand.</li><li>We view the development positively, as it represents a capital-light expansion of TTB's wealth-management business.</li><li>Although the near-term earnings impact will depend on the proportion of clients who consent to transfer their portfolios, we believe the deal will strengthen TTB's wealth-management capabilities and non-interest income (non-NII) over the long term.</li></ul>

TTB and DBS Bank Ltd. (DBS) have announced a two-phase strategic partnership to expand their wealth-management businesses in Thailand.We view the development positively, as it represents a capital-light expansion of TTB's wealth-management business.Although the near-term earnings impact will depend on the proportion of clients who consent to transfer their portfolios, we believe the deal will strengthen TTB's wealth-management capabilities and non-interest income (non-NII) over the long term.

TMBTHANACHART Bank Public Company Limited (TTB): Wealth TTB Partners With DBS to Strengthen Wealth-Management Business – Underperform (12M FWD Fair Value Bt2.52)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gke-corporation-limited" target="_blank" data-smartkarma-citation="entities:15893:1" rel="noopener">GKE Corporation (GKEC SP)</a> is an integrated provider of warehousing and logistics solutions that include general cargo storage, dangerous cargo storage, bonded and license warehousing services, amongst others.</li>
<li>It also has strategic investments, which includes an infrastructural materials and services business in China, as well as agriculture and retail and distribution in Singapore.</li>
<li>GKE reported their FY26 results on 30th Jul 26. In this note, we talk about their FY26 earnings update. </li>
</ul>



GKE Corporation (GKEC SP) is an integrated provider of warehousing and logistics solutions that include general cargo storage, dangerous cargo storage, bonded and license warehousing services, amongst others.
It also has strategic investments, which includes an infrastructural materials and services business in China, as well as agriculture and retail and distribution in Singapore.
GKE reported their FY26 results on 30th Jul 26. In this note, we talk about their FY26 earnings update. 


GKE Corporation - FY26 Earnings Update - Record Revenue Masks Softness in Core Segments

<ul>
<li>Recommending to sell ASML01 with a return of 0.3% and stop-loss DELL19 with a return of -0.8%.</li>
<li>Meanwhile, we recommend opening new positions in DBS19, a Depositary Receipt (DR) underlying a leading Singaporean financial institution, and EXPE06, a DR underlying a leading travel booking platform.</li>
<li>KTX Tactical DR Port gained an average total return of +0.38%, as Thai DR prices have not yet been impacted by the pullbacks in tech stocks during the stock exchange's 2-day market holiday.</li>
</ul>


Recommending to sell ASML01 with a return of 0.3% and stop-loss DELL19 with a return of -0.8%.
Meanwhile, we recommend opening new positions in DBS19, a Depositary Receipt (DR) underlying a leading Singaporean financial institution, and EXPE06, a DR underlying a leading travel booking platform.
KTX Tactical DR Port gained an average total return of +0.38%, as Thai DR prices have not yet been impacted by the pullbacks in tech stocks during the stock exchange's 2-day market holiday.


KTX Tactical DR Picks - July 30, 2026 (Eng.)

Singapore

DBS Group Holdings Ltd is an investment holding company that provides a comprehensive range of commercial banking and financial services, primarily in Asia, through its subsidiary DBS Bank Ltd. Its key services include consumer banking, wealth management, and institutional banking. The company serves individual consumers, institutional clients, government-linked companies, large corporations, and small and medium-sized businesses. DBS Group Holdings Ltd is headquartered in Singapore and was founded in 1968.

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DBS (DBS19 TB)

Zixin Group Initiation - Valuations Attractive but S-Chip Concerns Linger

We initiate non-rated coverage on Zixin Group. While Zixin’s post-COVID recovery stood out remarkably amongst SGX Catalist names , a key concern...

Evolve Capital Advisory Pte Ltd

MSCI Quarterly Review to Impact Closing Prices Today

Technically, the SET Index is expected to move sideways down, with the support at 1,350/1,345 points (10-day EMA) and the resistance at...

Krungthai XSpring

TMBTHANACHART Bank Public Company Limited (TTB): Wealth TTB Partners With DBS to Strengthen Wealth-Management Business – Underperform (12M FWD Fair Value Bt2.52)

TTB and DBS Bank Ltd. (DBS) have announced a two-phase strategic partnership to expand their wealth-management businesses in Thailand. We view the...

Krungthai XSpring

GKE Corporation - FY26 Earnings Update - Record Revenue Masks Softness in Core Segments

GKE reported their FY26 results on 30th Jul 26. In this note, we talk about their FY26 earnings update and share our thoughts.

Evolve Capital Advisory Pte Ltd

KTX Tactical DR Picks - July 30, 2026 (Eng.)

Recommending to sell ASML01 with a return of 0.3% and stop-loss DELL19 with a return of -0.8%. Meanwhile, we recommend opening new positions in...

Krungthai XSpring

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